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The Artificial Eye Market is projected to reach USD 3.33 Billion by 2032 at 7.10% CAGR during the forecast period 2023-2032.
Artificial eye is an ocular prosthesis that replaces an absent natural eye following an enucleation, evisceration, or orbital exenteration. It fits over an orbital implant and under the eyelids. Increasing number of visually impaired people worldwide has encourage many of the manufacturer for introduction of the new and better treatment for ophthalmic problems. According to WHO, the number of people suffering optic problem are increasing and approximately 90% of the patients are present in developing countries. Increasing number of people suffering from diabetes and rising geriatric population has driven the growth of the market. Beside this development in technology and increasing healthcare expenditure has provided fuel for the growth of the market. On the other hand, high cost, limited surgical professionals and availability of alternative therapy has hindered the growth of the market.
Major Key Players:
The Artificial Eye Market Players are Advanced Artificial Eye (US), The National Artificial Eye Services (NHS) (UK), Marie Allen Ocularist Ltd (Canada), COS-MEDIC PTY LTD (Australia), Retina Implant AG (Germany), Second Sight (US), Pixium Vision (France), Ericksons Custom Made Artificial Eye (Canada), International Prosthetic Eye Center (India)
Segment Analysis
Global artificial eye market is segmented on the basis of type, non-integrated implants, Integrated implants. Integrated implants are further segmented into hydroxyapatite, porous polyethylene, bioceramic, conical orbital implant and other. On the basis of technology, they are segmented into electronic and mechanical and on the basis of end user, the market is segmented into hospitals, ophthalmology clinics and others
Regional Analysis
On regional basis, global artificial eye market is segmented into four major regions namely Americas, Europe, Asia Pacific and Middle East and Africa.
Because of its large geriatric population and growing number of people suffering from vision impairment, America leads the global artificial eye industry. According to the American Academy of Ophthalmology, more than a quarter of the population in the United States has a minor or major visual complication, and this figure is steadily increasing due to the growing diabetic population. Because of increased product innovation, increased presence of leading players, increased favorable reimbursement policies, and high acceptance of artificial eye surgeries in this area, North America dominates the artificial eye market. Due to the presence of qualified professionals, highly developed healthcare infrastructure, technological advances, and the presence of large market players in the region, the United States dominates the global artificial eye market. In addition, the country's large healthcare expenditures would drive business growth.
Because of increased construction activities, increased healthcare spending per person, and government support in this area, Europe has the second largest artificial eye market in terms of growth. The European artificial eye market will continue to be driven by rising demand for custom-made ocular prostheses and the the prevalence of ophthalmic diseases.
The artificial eye market in Asia Pacific is rising at the fastest pace. Because of their well-developed healthcare sectors and high health-care spending, Japan and Australia are the leading contributors to the industry. Because of technological advances, the disposable incomes, and the innovations in the healthcare system, Japan is expected to see substantial growth in the artificial eye market during the study era. Artificial eye demand will be boosted by the factors listed above.
Owing to a lack of medical services and weak economic and political conditions, the Middle East and Africa has the smallest market share. The artificial eye market in the Middle East and Africa is dominated by Saudi Arabia, the United Arab Emirates, and Kuwait.
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