Ocular Implants Market Size, Share & Industry Analysis, By Product Type (Intraocular Lenses, Glaucoma Implants, Ocular Prostheses, Corneal Implants, and Others), By End-user (Hospitals, Ophthalmic Clinics, and Others), and Regional Forecast, 2019-2032

The global ocular implants market size was valued at USD 5.11 billion in 2018 and is projected to reach USD 11.34 billion by 2032, to grow at a CAGR of 5.9% during the forecast period.

The worldwide population has witnessed an ever-growing awareness regarding the prevalence and treatment options for different ocular diseases. This is predominately attributed to the growing advancements in ophthalmic diagnostic technology, combined with an increase in the accessibility of online tools that educate the public regarding the different treatment options. Moreover, this has led to an increase in the adoption of advanced ocular devices such as artificial eye and glaucoma devices. Technological advancements in ocular implants are one of the predominant factor driving the global market.

MARKET TRENDS

Increasing Importance of Aesthetic Value Has Led to a Rise in the Adoption of Ocular Prosthesis

The ocular prosthesis provides facial aesthetic value for individuals who have suffered trauma to the eye. There are various types of implantable ocular prostheses available in the market which are made of glass, acrylic, and scleral shell. There is an increasing shift towards the adoption of cryolite glass ocular prosthesis. This is owed to the reflection provided by the glass mimicking the natural eye. Additionally, advancements in digital technology have enabled the quick and precise construction of such an ocular prosthesis. These factors have led to a shift towards the acceptance of glass ocular prosthesis in developed countries such as U.S., Germany, and Japan.

MARKET DRIVERS

Increasing Prevalence of Eye Disorders like Cataract and Glaucoma is projected to Fuel the Demand for Ocular Implants

Cataract and glaucoma are the most predominant ocular diseases prevalent in the geriatric population of the world. According to the World Health Organization (WHO), around 20 million people worldwide have blindness due to cataracts. Additionally, according to an article published by the American Academy of Ophthalmology the global prevalence of glaucoma is expected to increase to 76.0 million by 2020 from 64.3 million in 2013. The article also states that the highest prevalence is recorded in Asian countries. China, India, and Japan were among the countries with the highest population of individuals suffering from cataracts. This increase has led to a rise in the adoption of the intraocular lens and glaucoma devices. The above factors, combined with the increasing awareness among the population regarding different types of treatment options, are estimated to bolster the ocular implants market growth in the foreseen years.

Technological Advancements in Ocular Implants to Propel the Market

The market has, in the past few years, witnessed a wide number of technological advancements. For instance, PIXIUM VISION recently introduced PRIMA System, a bionic or artificial eye technology that partially replaces the normal physiological functioning of the photoreceptors of the eye. This is achieved by a wireless sub-retinal implant that transmits visual information to the optical nerve of the brain. The device also consists of a pocket processor, a pair of camera-equipped glasses and a digital projector. This technology is currently undergoing a feasibility trial in the U.S and France for individuals with severe vision loss due to dry atopic form of age-related macular degeneration.

Additionally, the advent of microinvasive glaucoma devices for patients suffering from glaucoma is expected to drive the market. Other such innovations include advanced intraocular lenses and corneal implants that address the concerns of already existing implantable devices. These advanced technologies to treat ocular disorders and diseases are expected to surge the market sales during the forecast years.

MARKET RESTRAINT

Stringent Regulatory Approvals Combined with Recent Product Recalls Could Hamper the Market Growth

Despite the increasing prevalence of cataracts, glaucoma and other ocular disorders, certain factors are restraining the adoption of ocular implants. One of the major factors hampering the growth of the market is lower treatment rates and accessibility of such devices in underdeveloped countries. Furthermore, the stringent regulatory approval process provides hindrance in the timely introduction of products in the market. Combined with this, recent product recalls of ocular implants could further pose a challenge in the adoption of such devices among the population. For instance, in August 2018, Alcon, one of the leaders in this market, had to initiate voluntary product recall of CyPass Micro-Stent device indicated for glaucoma surgery. This was attributed to complications in endothelial loss during the use of the device. Such factors could restraint the growth of the market.

SEGMENTATION

By Product Type Analysis

Intraocular Lenses Segment to Capture the Highest Share in the Global Market

In terms of product type, the market can be segmented into the intraocular lens, glaucoma implants, ocular prosthesis, corneal implants, and others.

The intraocular lens segment held the highest share in the global market in 2018 and is projected to grow at the fastest CAGR during the forecast period. This market trend is credited to factors such as the rising prevalence of cataracts, rapid technological advancements in the product segment, and increasing accessibility of the device type. In the countries of Asia Pacific, such as Japan, China, and India a rise in the awareness of cataracts is anticipated to offer significant opportunities for the growth of the intraocular lens segment during the forecast period.

Followed by the intraocular lens, glaucoma implants are expected to witness a healthy growth rate in the coming years. This is attributed to the advent of novel glaucoma implantable devices such as MIGS (microinvasive glaucoma devices. The increasing importance of aesthetic value is projected to increase the adoption of the ocular prosthesis during the forecast years. Combined with this the introduction of corneal implants to treat a specific type of keratoconus for refractive error correction will drive the corneal implants and others segment in the forthcoming years.

By End-user Analysis

Hospitals to Capture a Dominant Share in the Market

Based on end-user, the market is grouped into hospital, ophthalmic clinics, and others. The hospital segment generated the highest revenue and captured the largest ocular implants market share in 2018. This is owed to a higher number of patients opting for ophthalmic surgeries in hospitals as compared to clinics and others. An increasing number of people adopting ocular surgeries combined with rising prevalence of refractive errors, cataract and glaucoma surgeries in hospitals are two of the factors driving the growth of the hospital segment. Other predominant aspects, such as evolving healthcare infrastructure in the developing countries and the increasing number of advanced healthcare facilities, are likely to fuel the demand for ocular implants in hospitals. This market trend is expected to be followed by the end of the forecast period.

REGIONAL ANALYSIS

North America generated a revenue of USD 1.75 billion in 2018 and captured the highest market share. This is owed to a rise in higher penetration of advanced ocular implants, higher preference of key market players to launch in the U.S market, and favorable reimbursement policies among others. According to the World Health Organization (WHO), the U.S. is ranked second in terms of number of individuals suffering from cataracts. Additionally, an article published in the Journal of Current Ophthalmology estimated that around 35.1% of individuals in the U.S. below the age of 50 have myopia. These factors are estimated to surge the market growth in this region in the forthcoming years.

Comparatively, as of 2018, Asia-Pacific is anticipated to mature at the fastest growth rate in terms of ocular implants market sales. Increasing the geriatric population and a high prevalence of cataracts and glaucoma in countries such as Japan, China, and India, are the major factors attributed to the region’s growth rate. Rising accessibility of intraocular lens and glaucoma devices combined with increasing awareness regarding ocular disorders are some of the predominant influences augmenting the market growth in the region. Conversely, in European countries such as France, Germany and the U.K. increasing adoption of technologically advanced ophthalmic devices is projected to bolster the ocular implants market revenue. Latin America and the Middle East and Africa held a comparatively lower share in the market. However, Latin America is projected to witness steady growth in the global market during the forecast period.

KEY INDUSTRY PLAYERS

Competitive Novel Pipeline Products and Focus on Mergers and Acquisition Are Major Strategies Adopted by Companies

Alcon is the leader in the global market and is followed by Johnson and Johnson Services, Inc. Johnson and Johnson Services, Inc. also holds a significant share in the market. This is attributed to the higher adoption and sales revenue of these two companies from intraocular lenses in the developed and developing countries. Additionally, Alcon’s glaucoma devices are also widely used in glaucoma surgeries. This high brand value has facilitated these two companies to capture the predominant share in the market. Strategies such as mergers and acquisitions, a strong portfolio of products under development and emphasis on regulatory approvals provide a competitive edge in this market. Other companies in the market include Bausch & Lomb Incorporated, ZEISS International, STAAR SURGICAL, Hoya Corporation, Glaukos, Second Sight, and Allergan among others.

LIST OF KEY OMPANIES PROFILED IN THE REPORT:

• Alcon


• Johnson and Johnson Services, Inc.


• Bausch & Lomb Incorporated


• ZEISS International


• STAAR SURGICAL


• Hoya Corporation


• Glaukos


• Second Sight


• Allergan


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• January 2018: Glaukos Corporation, a leader in the glaucoma surgery devices market, submitted an IDE application to the U.S FDA for the company’s iStent infinite indicated to be used in the treatment of glaucoma.


• March 2019: Novartis announced the spin-off of ownership of Alcon. With this step, Novartis will officially exit from the eye care industry after an eight year run.

REPORT COVERAGE

The ocular implants market report provides an elaborative analysis of numerous factors affecting the global market. The market is quantitatively analyzed from 2019 to 2025 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources. It further offers an analytical depiction of the Ocular Implants market trends and estimations to illustrate the forthcoming investment pockets. Some of them are growth drivers, restraints, competitive landscape, regional market analysis, and challenges. The report can further help stakeholders to gain valuable insights into the market. The report offers a detailed competitive landscape by presenting information on key players, along with their strategies in the market.

The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. These include key insights such as epidemiology of key ocular disorder - for key countries, key industry developments - mergers, acquisitions, and partnerships, an overview of regulatory scenario in key countries/regions, the introduction of new products/ approvals in ocular implant industry, and a snapshot of global ophthalmic surgery deices market among others.

REPORT SCOPE & SEGMENTATION