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The ocular implants market share is expected to increase by USD 1.82 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.26%.
This ocular implants market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ocular implant market segmentation by product (IOLs, corneal implants, glaucoma implants, and ocular prostheses) and geography (North America, Europe, Asia, and Rest of World (ROW)). The ocular implants market report also offers information on several market vendors, including AJL Ophthalmic SA, Bausch Health Companies Inc., Becton Dickinson and Co., Care Group Sight Solution Pvt. Ltd., Carl Zeiss AG, CorNeat Vision Ltd, EyeD Pharma s.a., F.AD. Muller Sohne GmbH and Co. KG, Glaukos Corp, Gulden Ophthalmics, HOYA Corp., HumanOptics Holding AG, Johnson and Johnson, Morcher GmbH, NIDEK Co. Ltd, Novartis AG, Omni Lens Pvt Ltd, Ophtec BV, Rayner Intraocular Lenses Ltd., and Second Sight Medical Products Inc. among others.
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The increasing prevalence of ophthalmic diseases is notably driving the ocular implants market growth, although factors such as the high cost of premium ocular implants may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ocular implants industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Ocular Implants Market Driver
One of the key factors driving growth in the ocular implant market is the increasing prevalence of ophthalmic diseases. The incidence of ophthalmology diseases such as cataracts, glaucoma, and corneal scarring is increasing. These diseases require diagnosis, and in some cases, patients may have to undergo surgical procedures using ocular implants. Cataract surgery is among the most frequently performed surgical procedures in various developed and developing countries. Hence, the demand for IOLs used in cataract surgery is expected to surge shortly due to factors such as increasing incidence of cataract cases, changing demographic trends, advances in cataract surgery techniques, increasing geriatric population, and reducing surgery costs. The increasing prevalence of cataracts, glaucoma and corneal scarring will drive the demand for ocular implants such as IOLs, ocular prostheses, corneal implants, and glaucoma implants. The availability of reimbursement in developed countries such as Canada, the US, the UK, and Germany for the treatment of ophthalmic diseases will further propel the demand for ocular implants and, thus, the market growth.
Key Ocular Implants Market Trend
Custom-made ocular prostheses is an ocular implants market trend that is expected to have a positive impact in the coming years. Ocular defects caused due to cases such as trauma, surgery, cancer, and anophthalmos or microphthalmos negatively impact the psychological well-being of an individual and act as a social stigma. Customized ocular prostheses, in such cases, can help improve psychological well-being and restore confidence. There is a growing preference for custom-made ocular prostheses, as prefabricated prostheses and stock eye prostheses pose certain disadvantages such as poor fit, constant tissue irritation due to bacterial growth in the accumulated fluid in the tissue-prosthesis interface, and compromised esthetic outcome, which leads to poor eye movement. The growing demand for customized and personalized care will certainly lead to increased use of custom-made prostheses and thus drive market growth during the forecast period.
Key Ocular Implants Market Challenge
The high cost of premium ocular implants will be a major challenge for the ocular implants market during the forecast period. Technologically advanced devices used for ophthalmic surgeries are costly, as they include additional features that are unavailable in conventional devices. The high price of advanced ocular implants such as premium IOLs, glaucoma implants, and corneal implants increases the cost burden on end-users. Resultantly, some end-users fail to accommodate expensive cataract surgery devices. Moreover, there is limited or an absence of health insurance coverage for premium ocular implants, as insurance companies do not consider additional features as a medical necessity. Thus, patients who prefer premium ocular implants must bear out-of-pocket costs even after having medical insurance in the range of $1,500-$3,000 for each eye, depending on the type of ocular implant used. The high cost of ocular implants makes them unaffordable without insurance coverage for most end-users. This is restricting the growth of the global ocular implants market.
This ocular implants market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global ocular implants market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ocular implants market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the ocular implants market encompasses successful business strategies deployed by the key vendors. The ocular implants market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ocular implants market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our report provides extensive information on the value chain analysis for the ocular implants market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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