Why Will APAC Rule the Ocular Implants Market?

The major drivers in the global?ocular implants market?are rising investments in R&D of innovative products, rising geriatric population, surging awareness of comprehensive eye care services, and increasing incidence of ophthalmologic illnesses, including age-related macular degeneration (AMD) and glaucoma. In 2021, the market was valued at $10,079.7 million, and it is predicted to touch $17,279.4 million by 2030. It will grow at an approximately 6% CAGR from 2021 to 2030. However, the outbreak of COVID-19 in 2020 had imposed lockdowns on, postponing the elective surgeries. But the market will recover soon in the coming years.

The swift adoption of technologically advanced devices will provide lucrative opportunities to the?ocular implants market?players, which in turn, will assist them to adapt to the drastically changing market dynamics and the paradigm shifts in the tastes and preferences of consumers, amid the pandemic. As a result, there is an increased commodity uptake with gradual technological advances. These innovations open up closed doors for blind people by improving the accuracy of eye surgeries. Moreover, this will pave the way for an enhanced inclusion of innovative ocular equipment.

Moreover, the glaucoma Implants will exhibit significant growth in the forecast period. This can be credited to the extensive support of private corporations and government, coupled with the advancement of glaucoma-implanted devices. Therefore, all of this will together push the glaucoma awareness among the people. For example, an optical medical technology and pharmaceutical firm named Glaukos Corporation developed various initiatives that cater to the requirements of patients in March 2021. World Glaucoma Week is observed every year to raise awareness regarding the incidence and threats associated with glaucoma.

When segmented on application, the cataract operations will spur the?ocular implants market?growth. Cataract results in the clouding of the eyes’ lens, the criticality of which can lead to permanent blindness. Being the major root of vision impairment, the disease held the biggest market share in 2021, accounting for about 45% of the global market share. Furthermore, as per a government report dated 2021, there were around 65 million cataract patients all around the world. In addition, the category also reaps the benefits of numerous policies led by enterprises and other organizations.

Geographically, APAC will witness the highest CAGR, of at least 6%, in the?ocular implants market?from 2021 to 2030. This is because of the rising geriatric population, who are prone to critical vision ailments and chronic illnesses. Additionally, vision impairment can be a result of ocular diseases. to deal with the rising incidence of chronic eye ailments, the APAC offers suitable patient demographics, wider inclusion of technologically advanced devices, and enhanced healthcare infrastructure.

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Therefore, skyrocketing elderly population levels, coupled with the rising prevalence of chronic eye ailments will augment growth in the market.