Home > Healthcare & Medical Devices > Artificial Eye Market
Artificial Eye Market size is expected to witness noticeable growth from 2023 to 2032, attributed to the increasing geriatric population, rising number of blind or partially blind individuals, and surge in infections that affect vision, like diabetes and retinal cancer.
Artificial eye, often known as the prosthetic eye, helps improve the look of those who have lost an eye to an illness or injury. The high cost of therapy and the availability of relatively cheaper alternative treatments are expected to hamper the market gains. However, low-cost artificial eye implantation procedures and other technological developments in the production of these prosthetics will drive industry expansion in the coming years.
Product development and other R&D activities carried out by industry leaders will foster revenue in the global artificial eye industry.
Based on end-use, the hospital segment is expected to hold a sizable business share of the artificial eye market by 2032. These healthcare facilities have higher spending budgets compared to other facilities. Another attractive aspect of hospitals is the availability of skilled, knowledgeable, and professional staff. Moreover, the robust presence of diverse artificial eye care hospitals and prosthetic eye hospitals would further improve the share of the segment.
In terms of product type, the market for integrated artificial eye implants is predicted to expand significantly over the next few years. Integrated implants are made of permeable material such as porous polyethylene. These materials enable the tissues in the eye socket to grow into the implant, consequently making it an effective body part. This allows them to function as an integral part of the body. The porosity nature of integrated implants facilitates fibrovascular ingrowth throughout the implant making it possible for the insertion of posts and pegs.
North America artificial eye market is forecasted to experience positive outlook over the coming years due to supportive government policies, expanding healthcare landscape, increasing medical tourism, and rising healthcare costs in the region. According to the CDC, the annual economic impact of vision-related health problems in the United States is around USD 51.4 billion. The frequency of various vision impairments and chronic eye disorders is rising across the diverse economies of North America, which will boost the value for artificial eyes.
On the basis of technology, the artificial eye market share from the mechanical segment is anticipated to collate robust development through 2032. Increasing incidences of ophthalmic diseases and the growing elderly population may influence segment progression. As per a study, there will be an estimated 80 million individuals over the age of 65 years in the U.S. by 2040. The low cost of mechanical prosthetic eye implantation and related operations is one of the main factors boosting demand for this technology.
Advanced Artificial Eyes, Erickson Laboratories, Integrated Orbital Implants, Ocular Prosthetics, and F.AD. MÜLLER SHNE OHG are some of the leading manufacturers in the global artificial eye market. To strengthen their position in the market, these companies are engaging in a variety of organic marketing methods, including collaborations, product launches, facility expansion, and acquisitions and mergers.
Impact of inflation on artificial eye industry forecast
Over the past couple of years, an overall price surge in medical suppliers is witnessed owing to inflation across developed economies. According to the US Bureau of Labor Statistics, producer price indexes for medical supplies and equipment manufacturing was approximately 1.2% in 2021, while this number was over doubled to 3.4% in 2022. Inflation is likely to impact the scenario and supply chain, cash flow, and the purchasing power of people. These factors could hamper the artificial eye market progress, however, long-term planning by companies could help industry expansion in the coming years.