Market.us’s recent report on the ocular implant market is projecting significant growth in the next 10 years, jumping from $14 billion in 2022 to over $24 million by 2032.
Within that same timeframe, the market is expected to see a compound annual growth rate (CAGR) of 5.8%.
Define an ocular implant.
Ocular implants are surgically-implanted devices designated to improve or restore vision or treat such eye conditions as cataracts, glaucoma, and age-related macular degeneration (AMD).
Typically made from polymers, silicone, acrylics, and metals (based on the eye condition needing treatment, types might include intraocular lenses (IOLs and ICLs), cornea, retina, and glaucoma implants used in ophthalmic surgeries.
How are they differentiated?
Ocular implants can be indicated for glaucoma surgery, oculoplasty, drug delivery, AMD, and other applications. By type, they are as follows:
- Intraocular lenses (IOLs)
- Intraocular contact lenses (ICLs)
- Ocular prosthesis
- Glaucoma implants
- Corneal implants
- Intravitreal implants
- Others
What’s causing this growth?
The data reports a number of factors, including technological developments in ocular implants and an increase in age-related disorders in the elderly population.
Further, extensive government support and funding is noted as providing the industry with greater access to capital and, as a result, investment in research, development, and service delivery standards.
Who’s dominating the market?
North America holds an estimated 36% of the market’s revenue share—the most out of all regions. The region is expected to maintain its lead through 2032, largely due to the availability of technologically advanced products.
How about other regions?
In order, Europe (largely driven by Germany, France, and the United Kingdom); Asia Pacific; and the Rest of the World (ROW) Latin America, the Middle East and Africa (MEA) trail behind North America.
To note, the Asia-Pacific market is projected to have the fastest growth—a significant 7.5% CAGR—due to growing healthcare infrastructure and increasing ocular disease awareness.
Within that market, developing nations such as China and India are anticipating the highest development within the region.
Who are the main competitors?
The top 5 key market players include:
- Alcon
- Bausch Health Companies, Inc
- Carl Zeiss AG
- Johnson & Johnson
- Morcher GmbH
What else should I know?
Glaucoma implants lead in revenue share for 2022, with a dominating 26%—largely due to the increase in global glaucoma prevalence. Within the next decade, these implants are expected to continue holding significant market share.
Similarly, the glaucoma surgery category also dominated revenue shares (28%) in 2022, due in part to an increase in public awareness and early treatment.
Any limitations?
Despite the increase in eye disease worldwide, ocular implants are still not widely used. Particularly in developing countries, lower treatment rates and device availability could negatively impact the market’s growth.
Other drawbacks include lengthy regulatory approval processes; recent product recalls (causing consumers to not favor device usage); high costs; limited reimbursement policies; and a shortage of trained eye care professionals.