Jun 17, 2019   SOURCE: PR NewsWire

Global Ocular Implant Market to Surpass US$ 20.2 Billion by 2026

SEATTLE, June 17, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global ocular implant market was valued at US$ 11,697.9 million in 2018, and is projected to exhibit a CAGR of 7.1% during the forecast period (2018 - 2026).

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Key Trends and Analysis of the Global Ocular Implant Market:

Increasing product launches for different type ocular implants that are widely used in ophthalmic surgery to correct ophthalmic deformities is expected to drive global ocular implant market growth. For instance, in February 2019, EyePoint Pharmaceuticals, Inc. launched its YUTIQ in the U.S. YUTIQ is three-year intravitreal micro-insert for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. The product was approved by U.S. FDA in October 2018.

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Moreover, increasing number of research and development activities to develop innovative ocular implant is contributing to growth of global ocular implant market. For instance, in July 2018, Genentech, Inc. announced positive results for Phase II clinical trial study conducted to evaluate the safety and efficacy of the investigational Port Delivery System (PDS) with Ranibizumab, the first-ever eye implant to achieve sustained delivery of a biologic medicine, in people with wet age-related macular degeneration (AMD).

Furthermore, rising number of clinical studies to develop innovative ocular implants to be used in the treatment of ocular disorder such as glaucoma and corneal disease is expected to drive growth of the global ocular implant market. For instance, in July 2018, PolyActiva Pty Ltd initiated phase 1 clinical trial to determine and evaluate the safety, tolerability, and biodegradation of a prostaglandin (PA5108) ocular implant for treatment of open angle glaucoma. The study is estimated to complete in September 2019.

North America is expected to witness lucrative growth of ocular implant market, owing to growing initiatives by market players to establish its product portfolio in North American countries. For instance, in July 2018, Glaukos, based in San Clemente, California, received U.S. FDA approval for its iStent inject Trabecular Micro-Bypass System to launch in the U.S. The novel device is designed to treat mild to moderate primary open-angle glaucoma, is implanted alongside cataract surgeries to reduce intraocular pressure.

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Key Market Takeaways:

    --  The global ocular implant Market is projected to witness CAGR of XX%
        during the forecast period (2018 - 2026), owing to increasing product
        launches for ocular implants. In July 2018, Alcon launched its
        intraocular lens (IOL) portfolio including, Clareon AutonoMe IOL and
        delivery system, designed to provide easy and intuitive control during
        cataract surgery, at the Alcon-hosted Synergeyes clinical symposium in
        Sydney.
    --  Among region, Asia Pacific is expected to show significant growth for
        ocular implant market, owing to increasing initiatives by key players
        involved in development of ophthalmic product. For instance, in May
        2019, SIFI, the Italian developer of therapeutic solutions to treat
        ophthalmic disorders, and Zydus Cadila have been entered into strategic
        collaboration to market innovative IOLs and surgical products developed
        in Italy and licensed in India by SIFI.
    --  Major players operating in the global ocular implant market include
        Novartis AG, Pfizer Inc., Staar Surgical, Johnson & Johnson Services,
        Inc., Bausch & Lomb Incorporated., Morcher GmbH, OSD Medical GmbH,
        Ophtec BV, and ZEISS International.

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SOURCE Coherent Market Insights