Intracorneal rings are also known as intracorneal ring segment or ICRS. These rings are made of biocompatible and clear plastic and can be safely used in cataract surgery and contact lenses. These are micro thin inserts with different thicknesses. Additionally, these rings are used as alternatives in corneal transplant. Intracorneal rings are designed to reshape the surface of eye, improve the cone shape of and reinforce the cornea. These rings help to improve the shape of cornea and enhance vision in keratoconus patients. Moreover, intracorneal rings eliminate the need of corneal grafts and improve structural integrity of eye. These are mostly used in keratoconus, and low and moderate myopia. Keratoconus is an eye condition characterized by corneal irregularity and loss of vision. Intracorneal rings are used as alternatives in the treatment of keratoconus.

Rise in prevalence of eye diseases such as myopia with retinal damage, cataract, and glaucoma is anticipated to drive the global intracorneal rings market. Additionally, increase in the number of corneal transplantation surgeries and high incidence of acute and moderate myopia are projected to propel the intracorneal rings market. Patients suffering from diabetes are at major risk of developing eye disease and could require eye surgery. Hence, increase in the diabetic population is expected to augment the global intracorneal rings market. However, lack of awareness about intracorneal rings is likely to restrain the intracorneal rings market.

The global intracorneal rings market can be segmented based on technique, indication, end-user, and region. In terms of technique, the intracorneal rings market can be bifurcated into mechanical and femtosecond laser. Growth of the mechanical segment can be attributed to rise in prevalence of cataract, glaucoma, and other eye diseases. Based on indication, the global intracorneal rings market can be classified into myopia, keratoconus, and pellucid marginal degeneration. Growth of the myopia segment can be attributed to factors such as increase in incidence of vision loss and corneal irregularity leading to vision impairment. In terms of end-user, the market can be divided into hospitals, eye clinics, and others.

The global intracorneal rings market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The intracorneal rings market in North America is projected to be driven by rise in prevalence of glaucoma during the forecast period. According to the National Federation of Blind, 0.78% of the total population of the U.S. was suffering from visual disabilities in 2015. Rise in prevalence of cataract, glaucoma, and other eye-related infections are anticipated to propel the intracorneal rings market in Europe from 2018 to 2026. Moreover, increase in incidence of diabetes is expected to augment the intracorneal rings market in the region. According to the State of Nation Eye Health (U.K.) (2016), cataract accounts for 19% and glaucoma accounts for 7% of the cases of vision loss in U.K. According to the Royal National Institutes of Blind People, in 2014, prevalence of diabetes retinopathy was 56.1% in people suffering from type 1 diabetes and 30.0% in people with type 2 diabetes. An article published in Asia Pacific Journal of Ophthalmology stated that 80% to 90% of young people are suffering from myopia. Moreover, diabetes is one of the most prevalent lifestyle diseases in the region. According to the International Diabetes Federation, 72,946,400 people were diagnosed with diabetes in India in 2017.

The global intracorneal rings market is highly fragmented due to the presence of large number of players. Key players operating in the global intracorneal rings market are DIOPTEX, Johnson & Johnson Surgical Vision, Inc., AJL Ophthalmic SA, Spectrum Surgical Pty. Ltd., MEDIPHACOS, Carl Zeiss Meditec AG, Rockmed, Gamma Vision, and Ziemer Ophthalmic Systems AG, among others.

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