Artificial Cornea and Corneal Implant Market size is projected to reach USD 706.4 million by 2030

According to the Market Statsville Group (MSG), the global artificial cornea and corneal implant market size was USD 384.5 million in 2021 and is projected to reach USD 706.4 million by 2030, registering a CAGR of 7.9% from 2022 to 2030. The global artificial cornea and corneal implant market is expected to witness substantial growth in the future, driven by the rise in the geriatric population and surge in the prevalence of eye diseases. In addition, an increase in the prevalence of eye disorders and government initiatives to control visual impairment will boost market growth. However, the high cost of ophthalmology devices and surgical procedures is expected to restrain the market's growth during the forecast period.

Around 10 million people worldwide are reported to suffer from corneal blindness. Therefore, the rise in incidences of corneal blindness is the primary factor that drives the growth of the artificial cornea implant market. Also, the lack of availability of human cornea donors is responsible for the market's robust growth. Furthermore, as the number of trauma cases rises, the risk of eye injury rises as well, propelling the market forward. The chance of nerve regeneration after a human donor cornea transplant is low, whereas the chance of nerve regeneration after a biosynthetic cornea implant is high.

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Global Artificial Cornea and Corneal Implant Market Definition

A corneal transplant is when a cloudy cornea is replaced with a clear donor cornea. Individuals who have donated their eyes for the benefit of others is known as donor tissue. In eye banks, the donor corneas used in transplants are kept fresh. Furthermore, the artificial cornea is an option for transplant patients who cannot tolerate a human donor cornea.

COVID-19 Impact on the Global Artificial Cornea and Corneal Implant Market
The implementation of lockdown due to the COVID-19 outbreak has delayed treatment for ophthalmic disorders for up to six months, thereby having a negative impact on the market. This was attributed to the fact that due to the COVID-19 pandemic, many hospitals across the globe were restructured to increase hospital capacity for patients diagnosed with COVID-19. This has led to the cancellation of many non-essential surgical procedures for eye diseases, such as penetrating keratoplasty and endothelial keratoplasty. Moreover, the quality of care toward patients other than COVID-19 has also decreased.

According to Commonwealth Fund, in April 2020, about a 60% decline was reported in the number of people visiting ambulatory care practices. The novel coronavirus disease 2019 (COVID-19) shows a wide spectrum of clinical presentations, severity, and fatality rates. COVID-19 outbreak has resulted in an increased patient pool across the globe. Furthermore, an increase in incidences of ophthalmic disease and rise in the geriatric population is expected to increase the demand for corneal implants in the future. Thus, this is expected to support the market growth during the forecast period.

Global Artificial Cornea and Corneal Implant Market Dynamics
Drivers: Surge in government initiatives to control visual impairment
Governments are initiating programs that can assess the burden of visual impairment across the globe and assist in developing appropriate guidelines that can effectively manage this burden. For instance, the Centers for Disease Control and Prevention initiated a program, namely, "Vision Health Initiative". It aims to spread awareness regarding eye abnormalities and the latest diagnostic and treatment methods to manage the same. This, in turn, assists in increasing awareness of artificial cornea and corneal implants. In addition, emerging plans to increase awareness related to corneal donation, launched by governments in developing countries, further supplement the market growth.

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Restraints: High cost of ophthalmology devices and surgical procedures
Technological advancements in ophthalmic lasers, such as the development of femtosecond lasers, have reduced surgery time and improved procedural outcomes and convenience. However, high cost of these instruments is expected to restrain their growth. According to a study conducted by the Singapore Eye Research Institute (SERI), cost of a femtosecond laser was $400,000-$550,000. This affects their adoption among end-users, as it is difficult to estimate number of patients choosing femtosecond laser therapy over conventional methods and whether the number of patients choosing the therapy can cover the installation cost of the laser. Similarly, the cost of an OCT (optical coherence tomography) ranges from $70,000 to $120,000, and the cost of new fundus machines ranges from $15,000 to $60,000.

Opportunities: Growth in geriatric population
Increase in the geriatric population drive growth of the global market. The geriatric population is majorly susceptible to suffering from eye diseases such as dry eye, fuchs' dystrophy, age-related macular degeneration, and fungal keratitis. In addition, due to aging, nerves, and muscles surrounding eyes become weak and the optic nerve is unable to withstand various affronts, which further increases the eye pressure.

Scope of the Global Artificial Cornea and Corneal Implant Market
The study categorizes the artificial cornea and corneal implant market based on type, transplant type, disease indication, and end-users at the regional and global levels.

By Type Outlook (Revenue, USD Million, 2017-2030)
Human Cornea
Artificial Cornea
By Transplant Type Outlook (Revenue, USD Million, 2017-2030)
Penetrating Keratoplasty
Endothelial Keratoplasty
Anterior lamellar keratoplasty
Keratoprosthesis
By Disease Indication Outlook (Revenue, USD Million, 2017-2030)
Fuchs' Dystrophy
Fungal Keratitis
Keratoconus
Others
By End-Users Outlook (Revenue, USD Million, 2017-2030)
Hospitals & Ambulatory Surgical Center
Specialty Clinics
By Region Outlook (Revenue, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
The Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
The Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of Latin America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA

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The human cornea segment is projected to account for the largest market share, by type
By type, the global artificial cornea and corneal implant market is divided into the human cornea and artificial cornea. In 2021, human cornea accounted for the largest market, having a 75.8% share in the global artificial cornea and corneal implant market. The cornea is a transparent part covering the front portion of the eye. It covers the pupil (opening at the center of the eye), iris (colored part of the eye), and anterior chamber (fluid-filled inside of the eye). The main function of the cornea is to refract or bend light.

Growth in the geriatric population susceptible to eye diseases is expected to drive the market growth. Moreover, technological advancements, coupled with growth in incidences of eye diseases on a global level, further propel the growth of the corneal implants industry. The presence of organizations such as Eye Bank Association of America (EBAA) and the Global Alliance of Eye Bank Associations to promote policies for encouraging effective corneal transplantation render a positive impact on the business growth. Moreover, a rise in awareness regarding eye disease diagnosis is expected to favor the corneal implants industry growth in the coming years.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global artificial cornea and corneal implant market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific holds the highest CAGR of 8.7% in the global artificial cornea and corneal implant market during the forecast period. The Asia-Pacific artificial cornea and corneal implant market is studied across Japan, China, Australia, India, and the Rest of Asia-Pacific. Asia-Pacific represents lucrative opportunities for players operating in the artificial cornea and corneal implant market, attributable to its large population base, several chronic & lifestyle diseases, and rapid rise in prevalence of eye diseases. Growth in the geriatric population base is susceptible to suffering from numerous ophthalmic illnesses, and usage of the artificial cornea in primary healthcare settings such as hospitals is expected to propel the growth of the artificial cornea and corneal implant market during the forecast period.

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Due to its large population base, rising disposable income, and increased patient awareness about corneal donation, Asia-Pacific presents lucrative opportunities for players in the artificial cornea and corneal implant market. The area has become a hotspot for eye diseases like cataracts, glaucoma, AMD (age-related macular degeneration), and refractive errors. China, Japan, and India are among the leading countries that exhibit a high prevalence of eye ailments across Asia-Pacific. Wherein, Japan accounts for the highest cases of glaucoma followed by diabetic retinopathy.

Global Artificial Cornea and Corneal Implant Market Major Players
The artificial cornea and corneal implant market is mildly concentrated in nature with few numbers of global players operating in the market such as:

AJL Ophthalmic
CorneaGen Inc.
CorNeat Vision
LinkoCare Life Sciences AB
Presbia plc
Mediphacos
Aurolab
Cornea Biosciences
DIOPTEX GmbH
EyeYon Medical
The global artificial cornea and corneal implant market are fragmented into a few large players, and other mid-sized manufacturers are focused on developing different artificial cornea and corneal implant. Primary factors that enable these companies to strengthen their market position include sales and availability of products across major regions such as the Americas, Europe, and Asia-Pacific.

Eric Martin
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