Ocular implants can be defined as small devices designed for inserting into the eye and delivering the drug locally over a long period. It is massively used as a treatment option, as it is convenient and less invasive.
Ocular implants industry has garnered $10,079.7 million revenue in 2021, and it is projected to generate $17,279.4 million revenue, rising at a rate of 6.2% from 2021 to 2030. The rising incidence of ophthalmologic diseases, including age-related macular degeneration, and glaucoma, the rising network of comprehensive eye care services, and the increasing elderly population propels the industry.
The advancements in ocular diagnostic technology have fuelled product uptake. Advanced technologies help in improving the results of eye surgeries and help in providing vision to blinds. Therefore, the rising adoption of advanced ocular equipment, including bionic or artificial eyes, and glaucoma devices, has provided opportunities for industry players to expand themselves.
The intraocular lenses category holds the largest industry share, of 45%. It is ascribed to the massive usage of intraocular lenses for farsightedness, nearsightedness, and presbyopia treatment. Over the decade, the number of patients receiving cataract surgery has tripled and has resulted in rising demand for lenses.
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Moreover, technological developments and rising awareness in emerging economies are projected to expand the industry.
The rising demand for glaucoma implants is projected to fuel at a rapid pace in the coming years. It is led by the advent of advanced glaucoma-implanted devices, including micro-invasive glaucoma surgery, government initiatives, and private organizations to create awareness on glaucoma.
The corneal implants category is projected to generate significant revenue share in the industry, in the near future. These implants are used for correcting refractive vision and treating keratoconus. Moreover, the rising prevalence of corneal infection has fuelled the industry. The rise in visual disability among the working population, led by cloudy corneas, has resulted in a growing demand for cornea implants.
Types of Ocular Implants
Ocular implants are available in both bioresorbable as well as non-bioresorbable forms.
Bioresorbable implants are safely inserted into the eye of the patient and absorbed over time. These implants often include a drug with a polymer, that degrades and releases a drug.
Biodurable implants can be removed or refiled after the completion of treatment, and they do not break down over time. These implants include encapsulating a pharmaceutical inside a polymer.
The major companies operating in the industry are; Alcon Vision LLC, Johnson & Johnson, HOYA Corporation, Carl Zeiss AG, Glaukos Corporation, AbbVie Inc., and STAAR Surgical Company