Eye Socket Implant Hold Huge Potential To Lower The Prevalence Of Vision Impairment. North America To Witness The Highest Growth
Eye Socket Implant Market is expected to exceed the market valuation of more than US$ XX billion by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). With the rise in vision impairments globally, eye treatments and Eye Socket Implant are becoming more and more common. Majority of people with vision impairment are over the age of 50 years. According to the United Nations, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. With the increase in geriatric population, the number of people needing Eye Socket Implant is also increasing. Uncorrected myopia and presbyopia alone costs about US$ 244 billion and US$ 25.4 billion respectively according to WHO.
Cataract and Unaddressed refractive error are the most common reasons for vision impairments globally. Prevalence of distance vision impairments in 4x higher in low- and middle-income countries as compared to high-income countries. Rates of unaddressed near vision impairments are approximately 80% in eastern, western, and sub-Saharan Africa (low-income regions) and comparatively in North America, Western Europe, Australia and Asia-pacific it is lower than 10% (comparatively higher-income regions). Additionally, there is substantial variation between and within countries depending on eye care services, their affordability and literacy about eye care of the population. For example, vision impairment du to cataract is higher in low- and middle- income countries whereas, diseases such as age-related macular degeneration and glaucoma are more common.
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With the sudden rise of covid-19, all major healthcare companies are investing in R&D for a covid vaccine. There was 6% revenue decline in Zeiss Meditech during fiscal 2019/20. Similar trends were seen by other companies during this time. Eye care professionals need to be near the patients during ocular implant procedures and therefore pose a higher chance of SARS-CoV-2 ocular immunology and inflammation 715 transmission. WHO has given recommendation on standards and PPE to prevent infection among healthcare providers. The American Academy of Ophthalmology (AAO) have given recommendations to avoid non-essential surgical procedures.
Based on product, the Eye Socket Implant Market is segmented into integrated, semi-integrated and non-integrated. Integrated Eye Socket Implant further include aluminum oxide, hydroxyapatite, and others. Non-Integrated Eye Socket Implant further include acrylic, glass and silicon. Acrylic accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Acrylic, also known as Polymethyl methacrylate (PMMA) is a transparent thermoplastic can be used as ocular prosthesis or as replacement intraocular lenses after the treatment of cataracts when the original lens has been removed.
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Based on material, Eye Socket Implant can be porous material or non-porous material. The porous material segment is further divided into natural or synthetic. The porous material segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F. Growing awareness about this disease among people have increased the demand for early treatment. In 2017, there were an estimated 57.5 million people affected with glaucoma worldwide and this number has gone upto 76 million in 2020.
Based on end-user, the market is segmented into hospitals, ophthalmology surgery center, ambulatory surgical center, and specialty clinics. The hospitals segment was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. However, the fastest growing segments are anticipated to be eye institutes with a CAGR of XX% owing to the rising eye care services in the remote areas. The eye care industry is a US$ 25 billion global market and according to a report by Alcon it is expected to grow 4% annually between 2019-2025.
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Additionally, the report provides detailed analysis for major region sincluding North America (the US, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with XX% share. AJL Ophthalmic SA (Addition Technology Inc.), Alcon, Aurolab, Bausch & Lomb, BVI (Physiol), Carl Zeiss, Gulden Ophthalmics, Johnson & Johnson, Morcher GmbH, Staar Surgical are some of the prominent players operating in the global Eye Socket Implant market. Several M&As along with partnerships have been undertaken by these players to make Eye Socket Implants as cost-effective and as widely available as possible.
Eye Socket Implant Market Segmentation
Market Insight, by Product
Market Insight, by Material
- Porous material implants
- Non-porous material implants
Market Insight, by End-User
- Ophthalmology Surgery Center
- Ambulatory Surgical Centers
- Specialty Clinics
Market Insight, by Region
- North America Eye Socket Implant Market
- United States
- Rest of North America
- Europe Eye Socket Implant Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Eye Socket Implant Market
- Rest of Asia-Pacific
- Rest of World Eye Socket Implant Market
Top Company Profiles
- AJL Ophthalmic SA (Addition Technology Inc.)
- Bausch & Lomb
- BVI (Physiol)
- Carl Zeiss
- Gulden Ophthalmics
- Johnson & Johnson
- Morcher GmbH
- Staar Surgical