Ocular Implants Market Revenue Growth Defined by Heightened Product Innovation : Fact.MR

The global ocular implants market is foreseen to accumulate a market value of US$ 19.47 Bn, expanding at a CAGR of 4.5% across the 2022-2032 forecast period, as per a recently published report by Fact.MR. Rising incidences of eye-related disorders contributed by other lifestyle induced diseases is acting as a major growth lever.

From 2015 to 2021, ocular implants sales expanded at a 3.8% CAGR, concluding at around US$ 12 Bn. The growing incidence of eye disorders such as glaucoma, cataract, and age-related macular degeneration is predicted to propel the demand for ocular implants. According to the World Glaucoma Association, an estimated 79.6 million individuals were anticipated to have glaucoma in 2020.

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The outbreak of COVID-19 has created a higher preference among patients to visit specialty eye institutes rather than hospitals in order to avoid crowded places that pose a higher threat of contracting the virus, thereby increasing the demand for specialty clinics. Moreover, the new dynamics involved in the occupation and education system have increased the overall screen-time of individuals, which is expected to contribute to the rising incidence of eye disorder.

Key Market Segments in Ocular Implants Industry Research

By Product
Intraocular Lens
Corneal Implants
Orbital Implants
Glaucoma Implants
Ocular Prosthesis
Others

By Application
Glaucoma Surgery
Oculoplasty
Drug Delivery
Age-related Macular Degeneration
Aesthetic Purpose

By End Use
Hospitals
Specialty Eye Institutes
Clinics

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Key Takeaways from the Market Study

Ocular implants market value to reach US$ 12.54 Bn by the end of 2022

By product, glaucoma implants to account for 25% revenue in the global market

By end-use, hospitals to account for 40% of all ocular implants deployment

Based on application, glaucoma surgery to account for 3 out of 10 ocular implants deployment

Asia Pacific is anticipated to register the highest CAGR of 7.1% over the forecast period

U.S to be an opportunistic market, accounting for over 1/3rd ocular implant sales
"The novel COVID-19 disease disrupted the overall flow and working of some of the major economies across the globe while having an equal impact on the emerging and smaller economies as well. However, in 2022, the market is rapidly growing owing to the major shift towards online education programs and work from the home model leading to a lot more cases of eye disorders.", says a Fact.MR analyst.

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Competitive Landscape

The competitive landscape of the ocular implants market is shaped by product innovation and strategic mergers & acquisitions. Some prominent manufacturers of ocular implants are Alcon; Bausch & Lomb, Inc.; Carl Zeiss AG; Johnson & Johnson; STAAR Surgical Company; Morcher GmbH; Hoya Corporation; and Glaukos Corporation. Front runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:

In August 2021, Alcon, Inc., a subsidiary of Novartis, acquired Ivantis, Inc. and its HydrusMicrostent for surgical glaucoma. The intended acquisition supports Alcon's commitment to further strengthen its industry-leading portfolio across refractive, retina, cataract, and glaucoma.

Which End-User is Prominently Adding to the Overall Market Growth?

The hospitals' segment dominates the market for ocular implants, holding a revenue share of more than 40%. This is due to the increasing number of patients opting for ophthalmic surgeries in hospitals as compared to clinics and specialty eye institutes. The growing incidence of refractive disorders and increasing spending on healthcare infrastructure are factors expected to fuel the growth of the hospitals' segment over the forecast period.

The specialty eye institutes segment is expected to witness significant growth during the forecast period owing to the rising need for eye care services in remote areas. The rising number of ophthalmologists in developing economies is anticipated to have a considerable impact on the market growth with a steep rise in the number of specialty eye institutes. Favorable government initiatives and increasing ease of doing business in several developing countries such as India, Thailand, the Philippines, and China are expected to accelerate the segment growth during the forecast period.

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