Corneal Cross linking Devices Market Size Worth USD 419.62 Million by 2030 at 13.86% CAGR – Report by Market Research Future (MRFR)

New York, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) — Corneal Cross linking Devices Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), “Corneal Cross-linking Devices Market Information by Type, Method, Application, End User and Region—Forecast till 2030”, the market is expected to cross USD 419.62 million by 2030 at a CAGR of 13.86%.

Market Scope:

Keratoconus and post-refractive surgery ectasia are two eye conditions that can be treated using the minimally invasive procedure called corneal cross-linking (CXL). Riboflavin eye drops and a UV light source are both used in this procedure. The collagen molecules and proteoglycans link as a result of the photochemical reaction.

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Report Scope:

Corneal Cross-linking Devices Market Competitive Dynamics:

The global CXL devices market is lucrative for both current market participants and new entrants. The major actors stand to gain from corneal cross-many linking’s benefits, which include extremely effective anesthetic eye drops, a one-hour treatment that almost all patients experience no subsequent vision loss, and better eyesight in three-fourths of patients. These benefits are driving the market for CXL devices forward. Additionally, in order to strengthen their position in the market, the leading players have implemented strategies like acquisitions, expansion, and collaborations.

The prominent players in the global CXL devices market are:

• Glaukos Corporation (US)
• EMAGine AG (Switzerland)
• Peschke GmbH (Switzerland)
• IROMED GROUP Srl (Italy)
• iVIS Technologies (Italy)
• and AJL Ophthalmic S.A. (Spain)

Corneal Cross-linking Devices Market Dynamics:

Market Drivers

The rising incidence and prevalence of keratoconus illnesses and the expansion of the healthcare system are predicted to be the main drivers of the global market for CXL devices. The lack of awareness and treatment-related side effects, however, are expected to limit market expansion. Additionally, it has been noted in numerous research that Asian participants exhibit a higher prevalence than white Caucasians. As a result, it is anticipated that the market for CXL devices will continue to rise as keratoconus conditions become more common.

The large number of goods in the pipeline indicates intensive field R&D and potential future market introductions of more effective solutions. Market expansion is aided by the introduction of fresh, superior items. Several CXL devices are now undergoing clinical testing and are anticipated to be approved soon.

Market Restraints

On the other hand, the increased product launches and development are anticipated to open up profitable potential prospects for market participants in CXL devices.

The market expansion for CXL devices is constrained by the lack of awareness surrounding keratoconus illnesses. Because of lack of knowledge and incorrect diagnoses, many cases of keratoconus go unrecognized and result in major problems.

Furthermore, many developing countries in the Asia-Pacific area, where keratoconus problems are common, have low awareness of them. Similar ignorance was also evident in the countries of Africa and the Middle East. Therefore, a lack of knowledge about keratoconus problems has a detrimental effect on the market expansion for CXL devices.

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Corneal Cross-linking Devices Market COVID-19 Analysis:

Several nations had placed import and export restrictions as a result of the outbreak. Due to the fact that many nations rely on other nations for its technology and raw material supply, this also had an impact on the healthcare sector. During the early part of the pandemic, there was a shortage of the raw ingredients needed to make CXL devices. Additionally, COVID-19 had a large negative impact on the eye care market in 2020 as patients skipped routine eye appointments to avoid getting the virus as well as out of fear after it was determined that the eye was one of the main avenues for viral transmission.

The COVID-19 pandemic has also slightly affected the output and earnings of numerous businesses. The majority of major businesses have their manufacturing facilities spread over numerous regions that were severely impacted by this pandemic as a result of the restrictions that the government imposed to stop viral transmission. Additionally, because to changes in consumer behavior brought on by the pandemic, internet sales of CXL devices and other eye care goods have increased in comparison to sales in brick and mortar stores. Therefore, in order to overcome difficulties brought on by the pandemic, it was necessary for the key players to strategically plan their marketing and sales. By 2021, however, the majority of the players reported a rise in revenue for corneal cross-linking products as supply chains gradually recovered and constraints were eased as a result of rising vaccination rates and falling infection rates around the world.

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Corneal Cross-linking Devices Market Segmentation:

By type

Based on type, the market has been divided into standard corneal cross-linking, corneal cross-linking plus and accelerated cross-linking. Standard corneal cross-linking is expected to expand notably through the review period.

By method

Based on method, the market has been divided into epithelium-off method and epithelium-on method. Epithelium-on Method is likely to record substantial growth over the assessment period.

By application

On the basis of application, the market is segmented into keratoconus, pellucid marginal, degeneration, refractive surgery ectasia, and others. Refractive Surgery Ectasia is poised to expand at a substantial value by the end of the forecast period.

By end-users,

The hospitals segment is likely to retain its dominance over the assessment period.

Corneal Cross-linking Devices Market Regional Analysis:

The North American, European, Asia-Pacific, and Rest of the World regions make up the worldwide CXL devices market.

The growing geriatric population and the presence of many market players in the area are important factors linked to the incidence and prevalence of keratoconus illnesses. This suggests that the region’s demand for corneal cross-linking treatments will increase as the number of patients with keratoconus condition increases.

The demand for CXL devices in Europe is rising as a result of the rise in keratoconus patients in industrialized nations. The market is expanding in Europe as a result of rising keratoconus prevalence and its consequent rise, technological improvements in medicine, and rising demand for CXL devices. Additionally, ongoing research by academic institutions and medical research labs is resulting in new advancements for an efficient treatment in this area.

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The expansion of the market in the Asia-Pacific region is being driven by the rising prevalence of occurrences of eye illnesses. Companies are launching strategic initiatives to create and market novel patient care choices. As a result, it is anticipated that the CXL device market would expand. Many new start-ups are emerging to provide CXL with greater accuracy solutions. One of the main factors driving the growth of the CXL devices market in the Asia Pacific region is this, along with an increase in government spending on healthcare infrastructure.

The market for CXL devices had the smallest market share for the remainder of the world. This is linked to a lack of funding and the region’s sparse supply of medical facilities. The growth rate is anticipated to increase over the next several years due to an increase in strategic efforts by both public and private companies. Additionally, there has been a historical increase in the quantity of corneal cross-linking procedures done on keratoconus patients.

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