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At 7.1% CAGR, Ocular Implant Market to Surpass US$ 20.2 Billion by 2027 | Growing Business of Implants in Upcoming Years
Ocular Implant Market
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Increasing product launches for different types ocular implants that are widely used in ophthalmic surgery to correct ophthalmic deformities is expected to drive global ocular implant market growth. For instance, in February 2019, EyePoint Pharmaceuticals, Inc. launched its YUTIQ in the U.S. YUTIQ is three-year intravitreal micro-insert for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. The product was approved by U.S. FDA in October 2018.
Moreover, increasing prevalence of ocular dysfunction and disorder is expected to drive growth of the global ocular implant market. For instance, in January 2019, according to Glaucoma research foundation, currently, there are over 3 million people in the U.S. that have been diagnosed with glaucoma. The National Eye Institute projects that this number will be increased by 58% and expected to reach 4.2 million by 2030.
Increasing number of research and development activities to develop innovative ocular implant is contributing to growth of global ocular implant market. For instance, in July 2018, Genentech, Inc. announced positive results for Phase II clinical trial study conducted to evaluate the safety and efficacy of the investigational Port Delivery System (PDS) with Ranibizumab, the first-ever eye implant to achieve sustained delivery of a biologic medicine, in people with wet age-related macular degeneration (AMD)
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Development of innovative ocular implants and rising approvals from regulatory authorities for ocular implants and prosthetics is expected to drive growth of global ocular implant market. For instance, in July 2016, Abbott received U.S. Food and Drug Administration (FDA) approval for its Tecnis Symfony Intraocular Lenses, indicated for the treatment of cataracts. This FDA approval includes a version of the lens for people with astigmatism, the Tecnis Symfony Toric IOL. Moreover, in March 2019, Implandata Ophthalmic Products GmbH (Implandata) received CE marking for its next generation EYEMATE-IO 1.1 implantable micro-sensor.
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Detailed Segmentation:
Global Ocular Implant Market, By Implant Type
Intraocular Lenses (IOL)
Aspheric IOLs
Toric IOLs
Multifocal IOLs
Anterior chamber IOLs
Others
Corneal Implants
Glaucoma Implants
Orbital Implants
Ocular prosthesis
Others
Global Ocular Implant Market, By Application:
Glaucoma Surgery
Oculoplasty
Drug Delivery
Age-Related Macular Degeneration (AMD)
Aesthetic purpose
Others
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