In the latest report published by Market Research Future (MRFR), the global corneal surgery devices market is projected to grow at 5.2% CAGR throughout the forecast period (2017-2023).
The magnifying prevalence of ophthalmic disorders has catapulted the market growth for corneal surgery devices. According to World Health Organization (WHO), in 2014, 285 Million people from all over the world were gauged to be visually impaired, out of which 246 Million had low vision, and 39 Million people were completely blind. As much as 82% of the people living with blindness were aged over 50. Therefore, it can be inferred that the growing senile population is also one of the major factors responsible for the growth of corneal surgery devices market during the assessment period.
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Corneal disease is the fourth most common cause of blindness after cataracts, glaucoma and age-related macular degeneration. The growing advancements in the healthcare sector and its mass adoption coupled with government initiatives have propelled the demand for corneal surgery devices and fueled the market growth globally. Other factors responsible for the growth of the market are increased incidence of diabetes, increasing number of corneal surgeries, developments in corneal surgery devices, etc.
Some of the restraints of the market that may slash the growth of the market are expensive treatment, high risk of infection, etc. Moreover, cornea rejection occurs in about 20% of the cases and graft failure may happen any time after the cornea has been transplanted which are the factors that are hampering the market growth.
Global Corneal Surgery Devices Market – Competitive Dashboard:
Some of the noteworthy market players profiled in the report by MRFR are KeraMED (Canada), Bausch & Lomb, Inc. (U.S.), Haag-Streit AG (Switzerland), Topcon Corporation (Japan), Johnson & Johnson Private Limited (U.S.), Cooper Vision (U.S.), Alcon Laboratories Inc. (Switzerland), Abbott Medical Optics Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Ziemer Ophthalmic Systems AG (Switzerland), Essilor International S.A. (France), and, Nidek Co. Ltd. (Japan). The players endeavor to tap the opportunities such as research & development, clinical trials, collaborations, acquisitions, etc. to gain a more significant share in the market control.
The rising demand for cornea exceeds its supply which has inspired a team from Newcastle University in the UK to bioengineer a world-first artificial cornea using 3D printing technology. The cornea is built using a ‘bio-ink’ which comprises stem cells from a healthy donor cornea, alginate gel, and collagen. This solution is then extruded into concentric circles to form an artificial cornea, and the stem cells grow around this scaffolding. The corneas will be ready for human eyes in about five years after going through specific trials. Once this technology is adopted, it can help millions of people regain their eyesight.
Global Corneal Surgery Devices Market – Segmentation
Global Corneal Surgery Devices Market is segmented on the basis of devices types, into diagnostic devices, corneal surgery devices, vision care.
Diagnostic devices are further segmented into fundus cameras, keratometers, corneal topographer, ophthalmic ultrasound imaging systems and other.
On the basis of transplantation type, market is segmented into deep anterior lamellar keratoplasty, penetrating keratoplasty, and synthetic corneas and other. Synthetic corneas are further segmented into boston keratoprosthesis, alphacor, osteo-odonto-keratoprosthesis.
On the basis of procedures, they are segmented into pre-operative examination, penetrating keratoplasty, and lamellar keratoplasty
On the basis of end users, they are segmented into ophthalmic clinics, hospitals and other.
Global Corneal Surgery Devices Market – Regional Analysis
By region, the market is segmented into America, Europe, Asia Pacific, and, Middle East & Africa. The America segment is projected to dominate the market owing to factors like growing geriatric population, developments in the healthcare sector, the concentration of top-notch healthcare service providers, favorable reimbursement policies, etc. The major contributors in this segment are the U.S. and Canada due to the vast prevalence of good quality healthcare centers. The most significant contributor of the segment, the U.S., alone witnesses over 40,000 corneal transplants every year which is fueling the growth of the market coupled with rising buying power of the consumers and economies of scale due to the concentration of prominent hospitals. The Europe segment holds the second position in the global market owing to factors such as expanding penetration of healthcare sector, increasing number of ophthalmic clinics, growing healthcare industry, etc. The major contributors in this segment will be Germany and France, with France leading the market owing to the presence of established pharmaceutical industry.
The Asia Pacific segment will exhibit the highest growth which can be attributed to factors such as standardized medical tourism, increasing prevalence of ophthalmic diseases, availability of better healthcare facilities, growing penetration of healthcare sector in the region, etc. The markets in India, China, and, Malaysia are expected to thrive with India and China leading the Asia Pacific segment across the forecast period.
Gulf nations such as Saudi Arabia and the UAE will be driving the growth of the market in Middle East & Africa segment. Other Middle East nations that will contribute towards the market growth are Kuwait, Jordan, Egypt, and, Iran. The African segment will witness a poor growth owing to weak economic and political conditions, and, underdeveloped healthcare sector. Other regions in this segment are expected to be laggards due to the poor social development and tribal inhabitations in areas such as sub-Saharan Africa.
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