Press release
Keratoprosthesis Market to Rise at CAGR of 15.4% to Reach US$ 2.33 Billion by 2034: Fact.MR Study
The global market for keratoprosthesis is expected to reach US$ 553.5 million in 2024 and grow at a high-value CAGR of 15.4% through 2034, reaching US$ 2.33 billion.The growth of the market is largely supported by the growing prevalence of eye disorders. Eye disorders like infectious keratitis, corneal stromal dystrophies, ocular cicatricial pemphigoid, and keratoconus are all contributing to a high demand for keratoprosthesis surgery. Studies show that the incidence of keratoconus is 50-200 per 100,000 individuals, and the United States has an incidence of 54.5 per 100,000 individuals. As the incidence of corneal diseases is increasing, the market for keratoprosthesis is anticipated to experience continued growth in the years to come.
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Segment-Wise Analysis
Biosynthetic Implants to Dominate the Keratoprosthesis Market
The keratoprosthesis market is classified by implant type into synthetic and biosynthetic implants. Biosynthetic implants are anticipated to have the largest market share, mainly because of their improved safety profile and reduced production costs. These factors render biosynthetic implants a favored option over conventional synthetic ones, and hence, they are expected to be in high demand throughout the forecast period.
Hospitals Leading in End-User Segment
The hospital segment is expected to hold 66% of the keratoprosthesis market share in 2024. The growing number of specialized eye clinics and the technical complexity of keratoprosthesis procedures render hospitals the preferred option for both patients and physicians. Hospitals offer access to trained professionals, precision surgical instruments, and transactional eye banks, leading to improved patient outcomes. These aspects are likely to contribute to long-term growth in the hospital segment during the forecast period.
Regional Analysis
Western Europe and North America to Drive Revenue Share
North America is expected to lead the keratoprosthesis market, followed by Western Europe. In Europe, Germany is a prominent market in view of growing healthcare investments and research activities. The United States' opt-out system for organ donation has greatly increased corneal donations, promoting market growth in the region.
Asia Pacific to Exhibit the Highest CAGR
Even though the Asia Pacific region at present is growth-constrained with a lack of skilled doctors, it is also anticipated to be the most profitable market with the highest CAGR. The rising use of keratoprosthesis surgeries and advances in healthcare infrastructure will drive market growth. China and India will soon become major contributors because of their immense population and increased spending on healthcare.
Middle East & Africa to Witness Moderate Growth
The Middle East and Africa are likely to realize steady yet slower growth because of limited technology growth and low adoption rates. Nevertheless, continued health care advancements in some regions of the area may aid in moderate market growth in the long run.
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New Advances in the Keratoprosthesis Market
New advances in keratoprosthesis concentrate on enhancing the integration of implants with host tissue, employing biocompatible material to maximize anatomical results. Researchers are stressing long-term survivability, but companies are confronting post-operative adverse events like glaucoma, extrusion, and infection. The creation of newer materials possessing better optical quality is a focal point of research.
In 2022, CorNeat Vision made the announcement that its CorNeat Kpro implant was undergoing clinical trials with a proposed market launch in 2024. More recently, collagen-based bioengineered corneas have seen increased support owing to their affordability and high compatibility in implantation, leading to safer and more effective surgical processes.
Major players in the keratoprosthesis market are investing heavily in new technologies and product development to establish a competitive advantage. The artificial cornea market is experiencing high competition, with leading players emphasizing product differentiation to meet the increasing demand for sophisticated keratoprosthesis products.
Segmentation of the Keratoprosthesis Market Research
By Implant Type :
Synthetic
Bio-Synthetic
Others
By Disease Indication :
Bullous Keratopathy
Keratoconus
Keratitis
Others
By End Users :
Hospitals
Ambulatory Surgical Centers
Others
By Region :
North America
Easter Europe
Western Europe
East Asia
Latin America
South Asia & Pacific
Eastern Europe
Middle East & Africa
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