Ophthalmic Implants Market

Ophthalmic Implants Market Size

Ophthalmic Implants Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 6% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 11.7 billion and is projected to reach USD 22.2 billion by the completion of 2034.

Ophthalmic implants are medical devices that are inserted into or around the eye to address several vision abnormalities and disorders. These implants include retinal implants, which are designed to help patients with degenerative retinal disorders see again, and intraocular lenses (IOLs), which are used during cataract surgery to replace the cloudy natural lens with a clear artificial one. In addition, some implants function as drug-delivery devices and deliver medication directly to the eye to improve the treatment of chronic illnesses such as glaucoma and age-related macular degeneration. Besides, ophthalmic implants integrate with the architecture of the eyes and improve the quality of life for people with eye problems.

Market Highlights

Ophthalmic Implants Market is expected to grow at a compound annual growth rate (CAGR) of 6% from 2024 to 2034

Ophthalmic implant market is projected to reach USD 22.2 billion over the forecast period, due to the high demand for vision correction and management of eye diseases. Innovations in implant technology, such as modified intraocular lenses and advanced retinal implants, are improving treatment outcomes, along with the well-being of patients. Moreover, the high occurrence of eye disorders, such as cataracts and age-related macular degeneration is propelling growth in the ophthalmic implants market. Several companies are dedicating their efforts to research and development to launch new implants that are more advanced in performance and have a longer lifespan. Furthermore, the growing use of minimally invasive surgical methods benefits the market by reducing recovery times and lowering complications.

Source: Fatpos Global

Ophthalmic Implants Market Segmentation

Intraocular Lenses segment will lead the industry as it is often used to replace hazy lenses

Ophthalmic Implants Market is classified based on the Product into Intraocular Lenses, Glaucoma Implants, Corneal Implants, and Others. The Intraocular Lenses (IOLs) segment is the leading category in the ophthalmic implants industry as IOLs are frequently used to replace the hazy natural lens with a clear artificial lens. This procedure recovers vision and is important for the high number of older people who have vision problems associated with cataracts. The surging number of cataract procedures, along with growth in lens technology, have led to their vast use of IOLs. Furthermore, IOLs hold the top spot due to their wide range of applications and considerable market share, even if other categories like glaucoma and corneal implants are also prominent.

Cataract Surgery segment will lead the market due to the high occurrence of contract surgeries

Ophthalmic Implants Market is divided by Application into Cataract Surgery, Glaucoma Surgery, and Others. The cataract surgery segment is anticipated to lead the ophthalmic implant market due to the growing prevalence of this condition and the vast use of intraocular lenses (IOLs). Cataract surgery is one of the most common eye procedures performed across the world, as cataracts are a major cause of vision impairment among the aging population. The dominance of this segment is due to the success rate and technological innovations in IOLs, such as multifocal and toric lenses. Additionally, the ophthalmic implant industry is influenced by other applications, but not as much as it is by cataract surgery.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Technological Advancements is Driving Growth in the Ophthalmic Implants Market

Innovations in technology substantially contribute to the growth of the ophthalmic implants market. Developments such as customizable IOLs and advanced retinal implants have greatly improved treatment outcomes. Customizable IOLs, such as multifocal and toric lenses, meet the unique visual needs of individuals by addressing various vision problems and astigmatism. Similarly, advancements in retinal implants and drug delivery systems improve the treatment of difficult eye disorders. Besides, continuous research and development are pushing the limits of what ophthalmic implants can accomplish, thereby expanding their adoption.

Increasing Prevalence of Eye Disorders Act as a Catalyst for Market Growth

Ophthalmic implants industry is driven by the growing incidence of eye conditions. As the world population is on the rise, the need for modern treatment options is also increasing, along with disorders like cataracts and age-related macular degeneration (AMD). Older persons are more likely to develop cataracts, which is a major cause of vision impairment, and often require intraocular lens (IOL) replacements. Likewise, the growing frequency of AMD, which is the primary cause of visual loss in the elderly, is increasing the demand for advanced retinal implants and treatments. Thus, to address these visual impairments, healthcare professionals are investing in new technologies and expanding the market for ocular implants.

Restraints

High Cost of Implants in the Market Will Impact the Growth

Ophthalmic implants industry is severely limited by their high cost. The cost of advanced implants, such as those with advanced technologies, may prevent them from being accessible to all people in low- and middle-income nations. This cost barrier can limit market growth and have an impact on patient adoption rates. Additionally, post-operative care and surgical costs might raise the entire cost. Correspondingly, even if technological advancements encourage innovation, their high costs might cause access disparities and impact the vast adoption of novel implant technologies.

Recent Developments

• In June 2024, Alcon launched the AcrySof® IQ Vivity™ extended depth of focus (EDOF) intraocular lens. This lens aims to improve visual outcomes by providing a continuous range of vision and reducing dependence on glasses after cataract surgery.
• In January 2024, Johnson & Johnson Vision introduced the Acuvue Oasys® with Transitions® Light Intelligent Technology™ contact lenses. These lenses adapt to changing light conditions, enhancing comfort and reducing glare for users.
• In March 2024, Bausch + Lomb released the Techno® NovaTorr™ Toric IOL. This advanced intraocular lens is designed to correct astigmatism more effectively and improve visual acuity in cataract surgery patients.
• In April 2024, Carl Zeiss Meditec unveiled the VisuMax® 800 femtosecond laser system, which offers enhanced precision and efficiency for LASIK procedures. This new system aims to provide better visual outcomes and a quicker recovery time for patients.
• In February 2024, Staar Surgical received FDA approval for its Visian® ICL with a new material designed to enhance safety and performance. The updated material aims to improve patient outcomes and expand the lens's applicability for vision correction.

Ophthalmic Implants Market

Key Players:

• Alcon (Novartis)
• Johnson & Johnson Vision
• Bausch + Lomb
• Carl Zeiss Meditec
• Hoya Corporation
• Rayner Intraocular Lenses Ltd
• Staar Surgical Company
• Implantable Vision Correction, Inc. (IVC)
• OptoVue Inc.
• Second Sight Medical Products
• Kowa Company Ltd
• Genentech (Roche)
• Santen Pharmaceutical Co., Ltd
• Ellex Medical Lasers
• MediSpray, Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Ophthalmic Implants Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Given its strongly developed healthcare system, the North American region is expected to dominate the ocular implants market. The region benefits from a strong medical infrastructure, along with huge healthcare spending per capita and an aging population, which increase the need for advanced ophthalmic treatments.

In contrast, the fast-growing healthcare industry and growing disposable incomes in Asia Pacific are likely to contribute to the spectacular growth of the region in the next ten years. The high usage of ocular implants is driven by the vast population base and better access to healthcare facilities across the Asia Pacific region.

Source: Fatpos Global

Impact of COVID-19 on the Ophthalmic Implants Market

COVID-19 pandemic had a large influence on the ophthalmic implants market as it resulted in temporary disruptions in modern treatments as well as a halt in non-urgent eye surgeries due to lockdowns and the burden on the healthcare system. This resulted in a brief slowdown in market growth as cataract procedures and implantations were delayed. However, the epidemic also accelerated the implementation of digital health and telemedicine technologies, such as virtual follow-ups and remote consultations. Therefore, as the healthcare system adjusts and recovers, it is projected that demand for ophthalmic implants will increase. In the years following the pandemic, it is further anticipated that the focus on improving the healthcare system will propel market growth.

Ophthalmic Implants Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and the Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Ophthalmic Implants Market Scope and Segments:

Frequently Asked Questions (FAQ):