The global Ocular Implants Market size is expected to reach USD 22.1 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.8% from 2022 to 2030. Increasing focus on the development of technologically advanced products is expected to drive the market. Additionally, the growing incidence of eye disorders such as glaucoma, cataract, and age-related macular degeneration is predicted to propel the demand for ocular implants. According to the World Glaucoma Association, an estimated 79.6 million individuals were anticipated to have glaucoma in 2020.
Due to the imposition of multiple lockdown
restrictions, travel restrictions, and complete lockdowns in many countries,
the economies worldwide have observed a major loss moving it into a state of
recession. The COVID-19 impact was also strongly felt across the healthcare
systems. While certain markets witnessed a major rise in demand due to the need
for ocular implants in diagnoses and the treatment of COVID-19, certain other
products observed a sharp fall in sales, especially during the peak of the
pandemic. The market belonged to the latter and witnessed a negative impact due
to the outbreak of COVID-19. The cancellation and postponement of elective
surgeries in order to avoid the transmission of the virus to the staff and
patients led to a fall in the sales of ocular implants in 2020.
However, the introduction of vaccines and
specific strategies based on earlier experience to curtail the similar impact
of the third or fourth wave in most countries is helping the market to regain
its growth. Additionally, the outbreak of COVID-19 has created a higher
preference among patients to visit specialty eye institutes rather than
hospitals in order to avoid crowded places that pose a higher threat of
contracting the virus, thereby increasing the demand for specialty clinics.
Moreover, the new dynamics involved in the occupation and education system have
increased the overall screen-time of individuals, which is expected to
contribute to the rising incidence of eye diseases. This, in turn, is expected
to enhance the market growth during the forecast period.
Related Press Release@ Ocular Implants Market Report
Ocular Implants Market Report
Highlights
- The glaucoma implants product segment dominated the market in 2021
owing to the growing incidence of glaucoma globally
- The glaucoma surgery application held the largest revenue share in
2021 and this trend is expected to continue during the forecast period
- By end use, the hospitals segment dominated the market with a
revenue share of more than 40.0% in 2021 due to the increasing number of
hospital admissions across the globe
- The specialty eye institutes end-use segment is expected to witness
significant growth during the forecast period owing to the rising need for
eye care services in remote areas
- Asia Pacific is anticipated to register the highest CAGR of 7.1%
over the forecast period due to the increase in the diabetic population in
this region, which is highly susceptible to developing eye disorders
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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