LONDON, Nov. 28, 2017 /PRNewswire/ — Ocular Implants Market Analysis By Product (Intraocular Lenses, Corneal Implants, Glaucoma Implants, Ocular Prosthesis), By Application (Glaucoma, Drug Delivery), By End-use, And Segment Forecasts, 2014 – 2025
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The global ocular implants market is expected to reach USD 18.4 billion by 2025, growing at a CAGR of 6.7%, according to a new report by Grand View Research, Inc.
The increase in incidence of cataract is a major factor for this market’s growth. Cataract has been identified as a leading cause of blindness globally, and this has encouraged many industry players and government organizations to develop ocular implants.
Technological advancements and increasing acceptance of vision correction coupled with fast adoption of intraocular lenses in cataract surgeries are the factors supporting this market’s growth. For instance, a new collagen glaucoma implant that inhibits the formation of scar and is biodegradable has been developed.
Eye research institutes play a vital role in the technological advancements associated with intraocular lenses. The advent of various advance intraocular lenses and increase in competition amongst players for development of better lenses as well as rise in investment on eye research institutes by government and nongovernment organizations are anticipated to fuel market growth. Hence, owing to the rise in number of clinical trials pertaining to these lenses and increase in government expenditure on R&D, the market is expected to witness lucrative growth in the intraocular segment.
In addition, increase in ophthalmic disorders and demand for better eye implants are creating abundant growth opportunities for this market, which is expected to increase the number of players in the market.
Further Key Findings From the Report Suggest:
• Intraocular lenses, corneal implants, orbital implants, glaucoma implants, and ocular prosthesis are the key segments analyzed in this study. The glaucoma implants segment was identified as the largest and is expected to grow at a CAGR of over 6.0% during the forecast period.
• North America is one of the most lucrative regions for ocular implants due to growing aging population and easy availability of reimbursement facilities, which boost the regional market. The U.S. is most dominating country in this region, owing to a large population having supportive insurance coverage, technological advancements, and aging population, which is more prone to cataract.
• Ophthalmic clinics in developing countries are working toward providing affordable eye care services, which in turn encourages the medical tourism in these countries. As a result, the demand for