Eye Socket Implant Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product (Integrated, Semi-Integrated and Non-Integrated); Material (Porous, Non-Porous); End-Users (Hospitals, Ophthalmology Surgery Center, Ambulatory Surgical Center, Specialty Clinics); and Region & Country.
Eye Socket Implant Market is expected to grow at a CAGR of ~7% over the forecast period (2021-2027). The human eye is protected with the help of physiological and anatomical barriers. These help in blocking the entry of xenobiotics and lower the bioavailability of therapeutic agents. Interior and posterior ocular disorder segments need frequent administration of topical eye drop formulation and intravitreal injections to maintain effective tissue drug levels. Eye Socket implants are a solution to this problem. Eye Socket Implant loaded with the drug can release active therapeutic agents and uninterruptedly maintain drug concentrations at the desired site of action. The increase in the aging population all over the world and the growing availability of Medicare reimbursement facilities are increasing the market growth. According to census.gov in the 2030s when baby boomers will be older than 65 years, 21% of the American population will be elderly which is a significant rise from 15% in 2018. In addition to this, the advancement in Eye Socket Implants market technology is also enhancing the market growth.
Additionally, the increase in chronic and eye diseases is also helping the growth in the Eye Socket Implants market. About 3 million Americans are currently suffering from Glaucoma. Additionally, in 2019, 16.5% of the American population was 65 years or older. With this growing elderly population, the number of eye complication due to aging are also increasing. Cataract surgeries are performed more than 2 million times every year in the United States. All this is helping the growth of the Eye Socket Implants market in the region.
Prevalence of Vision Impairment due to Cataract, Refractive Error and Macular Degeneration Globally (%), 1990 & 2010
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 Eye Socket Implants market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Product, Non-Integrated segment holds the major share”
Based on Product, the Eye Socket Implant Market is segmented into integrated, semi-integrated, and non-integrated. Integrated Eye Socket Implant further includes aluminum oxide, hydroxyapatite, and others. Non-Integrated Eye Socket Implant further includes 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 has much higher compatibility with human tissues than glass. Surgeons typically implant more than 6 million lenses per year. The procedure takes less than 30 minutes and a 2-3-week recovery period is required.
“Amongst Material, Porous segment holds the major share”
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 2027. In 2017, there were an estimated 57.5 million people affected with glaucoma worldwide and this number has gone up to 76 million in 2020.
“Amongst End-User, Hospitals segment holds the major share”
Based on End-User, the market is segmented into hospitals, ophthalmology surgery centers, ambulatory surgical centers, 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 remote areas. The number of people above the age of 60 years is expected to become 2.1 billion by 2050. Additionally, by 2050, around 50% of the world will be myopic due to the significant increase of myopia among young children. This trend is due to an increase in the number of people needed Eye Socket implants and boost the growth of the Eye Socket Implant Market.
“North America represents one of the largest markets of Eye Socket Implants market”
For a better understanding of the market dynamics of the Eye Socket Implants market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to an increase in awareness among people about visual impairments and their cures.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
Eye Socket Implants market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Eye Socket Implants market were the three major steps undertaken to create and analyze the adoption of Eye Socket Implants in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Eye Socket Implants market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Eye Socket Implants through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Eye Socket Implants market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, material, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of Eye Socket Implants in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Eye Socket Implants. Further, we conducted factor analysis using dependent and independent variables such as the rise of cataract surgeries and awareness among people. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Eye Socket Implants sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Eye Socket Implants market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Eye Socket Implants across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Eye Socket Implants market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Eye Socket Implants market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Eye Socket Implants market.
The main objective of the Eye Socket Implants Market Study
The current & future market trends of Eye Socket Implants were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Eye Socket Implants in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and their subtypes
- Define and analysis of the regulatory framework for the Eye Socket Implants industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Eye Socket Implants market for the major region
- Major regions studied in the report include North America (U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of World
- Company profiles of the Eye Socket Implants market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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