Ocular Implants Market To Touch $17,279.4 Million Revenue by 2030, finds P&S Intelligence
NEW YORK, June 16, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, in 2021, the ocular implants market stood at $10,079.7 million, and it is likely to advance at a growth rate of 6.2% in the years to come, to touch $17,279.4 million by the year 2030. This is credited to the augmenting occurrence of ophthalmologic ailments, such as glaucoma and age-based macular degeneration; rising consciousness of inclusive eye care facilities, growing older population, availability of insurance for eye care, and increasing funding for R&D on state-of-the-art products.
Intraocular lenses (IOLs) had the largest share in the ocular implants market, in excess of 45%, in 2021, because of their wide use in treating hypermetropia, myopia, and presbyopia. The total count of patients undergoing surgeries for cataracts has more than tripled over the last 10 years, which has also enhanced the need for this kind of lens. Additionally, the technical advancements and rising eye health consciousness in emerging countries are likely to drive the industry.
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The largest end users of ocular implants are hospitals, which are also projected to observe a healthy growth rate, of over 6%, in the coming years. Hospitals employ accomplished ocular consultants providing an assortment of ophthalmic treatments, which is why they have been seeing an increasing footfall.
Furthermore, specialty eye institutes have a substantial industry share due to the growing number of these organizations and ophthalmologists in emerging economies, such as Thailand, India, the Philippines, and the People's Republic, because of the promising administrative policies and ease with which businesses can operate in these nations.
Regional Analysis of Ocular Implants Market
- In the coming years, the ocular implants market of APAC is likely to record the highest compound annual growth rate, of over 6%. The region is home to a large elderly population prone to diabetes, which can often lead to severe eye diseases.
- North America generated substantial revenue in the year 2021 because of the existence of key players and a surge in the count of eye procedures.
- The U.S is the market leader in North America, as major companies in the nation are emphasizing product launches and seeking approvals for innovative ocular implants. For instance, in March 2022, Alcon launched the Clareon family of IOLs in the U.S.
Browse detailed report on Global Ocular Implants Market Analysis and Demand Forecast Report 2022-2030
The progressions in ocular disease detection technology have given rise to improved product acceptance. These innovative solutions are helping improve eye surgery outcomes and unearthing newer methods to help people with vision problems see better. Therefore, ocular implants market players can leverage the rising acceptance of ground-breaking ocular apparatus, including artificial or bionic eyes and glaucoma devices, for revenue augmentation.
Global Ocular Implants Market Size Breakdown by Segment
- Intraocular Lenses
- Glaucoma Implants
- Corneal Implants
- Age-Related Macular Degeneration
By End User
- Ambulatory Surgery centers
- Specialty Eye Institutes
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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