Corneal Transplantation Market Latest Innovation, Future Scope Trend – The Insight Partners.
Posted by niket gore on August 2nd, 2022
The corneal transplantation market is projected to reach US$ US$ 640.79 million by 2028 from US$ 420.71 million in 2021; it is estimated to grow at a CAGR of 6.2% during 2021–2028.A cornea transplant (keratoplasty) is a surgical treatment that involves removing a portion of the cornea and replacing it with corneal tissue from a donor. The transparent, dome-shaped surface of the eye is known as the cornea. It is a large aspect of the eye's ability to see clearly because it is where light enters the eye. A cornea transplant can enhance the appearance of a damaged or diseased cornea while also restoring vision and reducing pain.
The growth of the corneal transplantation market is attributed to the increasing incidence of eye diseases, and the rising geriatric population. However, the risks associated with Corneal Transplantation and shortage of donor material hampers the market growth.
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The geriatric patient population is growing rapidly worldwide due to a significant rise in the subset of patients older than 80. According to the US Department of Health and Human Services, 54.1 million people were aged 65 and above in 2019 (up from 39.6 million in 2020). The population will reach 80.8 million by 2040 and 94.7 million by 2060. As the number of geriatric people increases, the demands of this group for healthcare services also continue to grow. The aging of an ocular surface and corneal tissues, and the consequent impairment of visual functions lead to severe eye diseases and a significant impact on vision. The conditions that affect these vital parts of the eye place a critical medical and socioeconomic burden on society. Thus, the increase in the population of elderlies is driving the overall growth of the corneal transplant market.
Based on type, the global corneal transplantation market has been segmented into penetrating keratoplasty, Descemet Membrane Endothelial Keratoplasty (DMEK), Descemet Stripping Endothelial Keratoplasty (DSEK), Corneal Limbal Stem Cell Transplant, and others. The penetrating keratoplasty segment held the largest share of the market in 2021 and is anticipated to register the CAGR of 6.4% in the market during the forecast period.
Impact of COVID-19 Pandemic on Corneal Transplantation Market
The global economy was severely affected due to the COVID-19 cases in the region. The rising occurrence rate of coronavirus results in increased stress on the region's healthcare system. During the COVID-19 pandemic, outpatient appointments were avoided as far as possible. This increases the risk of infection for both the patient and the medical staff running the clinic. The COVID-19 pandemic is perplexing healthcare institutions in the region with unprecedented operational and clinical challenges. There has been a shift of priorities from eye disease treatment to COVID-19 diagnosis and treatment devices is leading to a decline in market growth up to a certain extent. Many hospitals and surgical centers had considered cancelling or postponing elective surgeries, including corneal transplantation procedures due to COVID-19. The COVID-19 emergency has undoubtedly aided in encouraging the general population to try out and expand their usage of digital services, particularly to avoid having to visit a health center in person. Corneal donation and transplantation activity dropped substantially when COVID-19 spread rapidly across various regions. Hence, the COVID 19 had somewhat negative impact on the corneal transplantation market before the introduction of COVID-19 vaccine
Corneal Transplantation Market, by Type – 2021 and 2028
Based on indication, the global corneal transplantation market is segmented into fungal corneal ulcer, Fuchs dystrophy, keratoconus, keratitis, and others. The Fuchs dystrophy segment held the largest share of the market in 2021 and is anticipated to register a CAGR of 6.8% in the market during the forecast period.
End User -Based Insights
Based on end user, the Corneal Transplantations market is segmented hospitals, eye clinics, and ambulatory surgical centers. The hospital segment held the largest share of the market in 2021 and is estimated to register the highest CAGR of 6.1% in the market during the forecast period.
Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the corneal transplantation market players focus on the partnership strategy to expand their clientele, which, in turn, permits them to maintain their brand name across the world.
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About the Authorniket gore
Joined: July 6th, 2022
Articles Posted: 309
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