Corneal Implantable Devices Market : Growth, Trends and Demands Research Report and Forecast 2016 - 2024
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The market for corneal implantable devices has been segmented on the basis of type of implant, distribution channel and geography. Based on type of implant, the market has been segmented into refractive corneal implantable device, corneal reshaping implantable device and small aperture corneal implantable device. It has been estimated that presbyopia affects more than 1 billion people worldwide and since it affects almost all adults as they age, representing a large and continuous market of potential patients for these devices. In April 2015, the U.S. FDA approved the Kamra Corneal Inlay, the first small aperture corneal implantable device for correction of near vision in patients who have not had cataract surgery. Subsequently in June 2016, the U.S. FDA approved the Raindrop Near Vision Inlay, for the improvement of near vision in presbyopia patients. Due to the availability of the Kamra Inlay in 50 countries, and with approximately 20,000 corneal implants of the Kamra Inlay in a year since its launch, the market for small aperture corneal implantable devices is anticipated to grow at the highest CAGR during the forecast period.
Based on distribution channel, the market has been segmented into hospitals, ophthalmic clinics, retail ophthalmic stores and online retail. The ophthalmic clinics segment is anticipated to witness high revenue share owing to a larger proportion of inpatient corneal implant procedures in these clinics and thus a greater demand for corneal implantable devices from this distribution channel.
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Based on geography, the market has been segmented into the following regions: North America, Europe, Latin America, Asia Pacific, Latin America and Middle East and Africa. North America and Europe are expected to be the leading markets in the corneal implantable devices market, owing to larger awareness regarding corneal implants and greater patient adoption for the technique. According to the Office of National Statistics, in the UK, presently there are approximately 80% more people over the age of 65 than in the mid-twentieth century and, as their median age is likely to pass 40 in the near future, the number of people experiencing ocular aging is expected to increase too. Furthermore, it is estimated that there are over 209 million European population suffers from presbyopia and it is projected that by 2030, nearly half of Europe’s population will have presbyopia. This shall propel the market for corneal implantable devices in Europe during the forecast period. However, Asia Pacific represents a vast population with an unmet need in the domain of ocular ageing treatment. In Japan, it has been observed that youth in their 20’s and 30’s are witnessing presbyopia-like symptoms due to overuse of devices and technology such as smartphones. These demographic and lifestyle changes coupled with the highest number of aging population, is anticipated to bolster the corneal implantable devices market in Asia Pacific during the forecast period.
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The market is dominated by few organizations and thus, the competition is intense. The major players operating in this market include ReVision Optics, Inc., Presbia., Neoptics AG and AcuFocus Inc.
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