The global ocular implants market size is projected to reach USD 7.94 billion by 2026.Technological advancements have played a key role towards the widespread adoption of ocular implants. According to a report published by Fortune Business Insights, titled “Ocular Implants Market Size, Share & Industry Analysis, By Product Type (Intraocular Lenses, Glaucoma Implants, Ocular Prostheses, Corneal Implants and Others), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2026,” the market was worth USD 5.11 billion in 2018 and will exhibit a CAGR of 5.7% during the forecast period, 2019-2026.
Ocular implants are used in the treatment of eye diseases and disorders. The increasing investment in the research and development of newer products will have a direct impact on the growth of the market in the coming years. The advancements in ophthalmic diagnostic technology has led to a wider product adoption. The ease of accessibility of online tools has educated the public regarding different treatment options will contribute to the growth of the market. Growing adoption of advanced ocular devices such as artificial eye and glaucoma devices has opened up a huge potential for the companies operating in the market. The increasing number of regulatory clearances for ocular devices help major companies generate substantial ocular implants market revenue in the coming years.
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Increasing Number of Regulatory Approvals Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of regulatory approvals for ocular implants by major companies has made the highest impact on the growth of the market. In January 2018, Glaukus Corporation announced that it has submitted an IDE application to the FDA for ‘iStent Infinite.’ The company states that this device can be used in the treatment of glaucoma. The report identifies a few of the major FDA approvals of recent times and states their impact on the growth of the global market.
North America Accounts for the Highest Market Share; Use of Advanced Implants to Aid Growth
The report analyses the ongoing ocular implants market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America currently holds the highest ocular implants market share. The presence of several large scale companies, coupled with the high investment by these companies towards the development and distribution of advanced ocular implants will have a positive impact on the growth of the regional market. As of 2018, the market in North America was worth USD 1.75 billion and this value is projected to increase further in the coming years.
Some of the leading companies that are operating in the global ocular implants market are:
• Johnson and Johnson Services, Inc.
• Bausch & Lomb Incorporated
• ZEISS International
• STAAR SURGICAL
• Hoya Corporation
• Second Sight
• Other Prominent Players
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