Artificial Eye Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3701
Artificial Eye Market size is projected to experience significant growth from 2019 to 2025.
Ophthalmic diseases, defects or injuries adversely affect the psychological wellness of individuals. Also, individuals with moderately shrunken eyeballs or children with anophthalmos or microphthalmos are conditions that may require treatment through artificial eye implantation. Thus, companies are focusing of providing solutions for psychological well-being of patients suffering from above mentioned conditions with artificial eyes.
Increasing cases of ophthalmic defects and injuries will drive the artificial eye market over the forecast period. With technological advancements, the demand for artificial eyes will increase. Rising number of people suffering from complete or partial blindness, growing prevalence of diabetes and the increasing cases of retinal cancer are driving the growth of this market. Such factors will boost the artificial eye market in the forthcoming years.
Furthermore, various reimbursement policies are there that make surgeries affordable to several people. The U.S. and many other countries offer reimbursement cover for medical treatment under various insurance schemes to reduce the economic burden. Reimbursement policies are promoted by government initiatives to assist patients across the globe. This will subsequently increase the demand for artificial eye over the forecast period.
Moreover, growing medical tourism for economical artificial eye implantation procedures and technological developments pertaining to advancement in the artificial eyes are major factors that will drive market growth. However, high cost of artificial eyes and high implantation procedure cost related to the artificial eye could hamper industry growth.
The mechanical segment is expected to have the largest contribution by technology throughout the forecast period owing to rising cases of ophthalmic disorders and rising geriatric population. The key factor contributing to sector growth is the lower cost of mechanical artificial eye. Also, the hospital segment as an end-use contributed to a large percentage of the artificial eye market due to the high budget of hospitals in comparison to the other such settings.
The global artificial eye market is dominated by the U.S. in 2018 owing to the presence of skilled professionals, highly developed healthcare infrastructure, technological advancements as well as the presence of big market players in the region. Also, the huge expenditure on healthcare in this country will fuel market growth.
Japan is expected to witness significant growth in the artificial eye market during the analysis period owing to technological advancements, rising disposable incomes, and increasing developments in the healthcare system. The above-mentioned factors will boost the demand for artificial eyes.
The global artificial eye market is fragmented as several small players and few large players compete for increasing their market share. Rising demand for custom made ocular prothesis and growing prevalence of ophthalmic diseases will continue to drive the global artificial eye market.
Some of the key industry players in the market include Ocular Prosthetics, Advanced Artificial Eyes, F.AD. MÜLLER SÖHNE OHG, Erickson Laboratories, Integrated Orbital Implants, and SECOND SIGHT. Major strategic initiatives adopted by market players include partnerships, mergers, acquisitions and innovative product launch to expand their business product portfolio.
Artificial Eye Market by Product, 2014-2025 (USD Million)
Artificial Eye Market by Technology, 2014-2025 (USD Million)
Artificial Eye Market by End-use, 2014-2025 (USD Million)
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Advanced Artificial Eyes
- Erickson Laboratories
- F.AD. MÜLLER SÖHNE OHG
- Integrated Orbital Implants
- Ocular Prosthetics
- SECOND SIGHT
- Studley Ocular
- Irises unlimited
- Ferdinand A. Förster GmbH
- Neu Micromed International Private limite
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