Artificial Eye Market size would record appreciable growth between 2021 and 2027. The growth would come from various factors including the rise in number of people suffering from complete or partial blindness, growing geriatric populace, technological developments, and rising prevalence of diseases affecting eyesight such as retinal cancer or diabetes.
Artificial eye, also known as a prosthetic eye, helps improve the appearance of people who have lost an eye to a disease or injury. An ocular implant is often wrapped with living tissue or a synthetic cushioning material prior to the placement of the artificial eye.
However, the factors restricting the growth of market are high cost of treatment and availability of relatively cheaper alternative treatments. Expanding medical tourism for economical artificial eye implantation procedures and technological advancements regarding the development of these prosthetics would offer lucrative opportunities for market expansion through 2027.
Furthermore, ongoing R&D activities and investments in product development would propel the market progression. Citing an instance, Scientists at the Hong Kong University of Science and Technology, in 2020, announced developing the world’s 1st 3D artificial eye with capabilities better than current bionic eyes. This would offer a better vision to humanoid robots and new hope to patients with partial or complete visual impairment.
Based on the product type, integrated artificial eye implants segment would grow considerably through the coming years. Integrated implants are made of permeable material such as porous polyethylene, enabling the tissues in the eye socket to grow into the implant, thus making it an effective part of the body. The porous property of integrated implants enables fibrovascular ingrowth throughout the implant making it possible for the insertion of posts and pegs.
In terms of the technology, mechanical segment is set to account for significant gains through 2027 mainly due to increasing cases of ophthalmic ailments and growing geriatric populace. One of the primary factors augmenting the segment growth is the reduced cost of mechanical artificial eye implantation and procedures.
Hospitals are projected to record substantial business share in the overall market through the coming years. These healthcare settings support high budget in comparison to other settings, and also boast skilled and professional staff with knowledge of the subject. Moreover, the robust presence of different artificial eye care hospitals and prosthetic eyes hospitals worldwide would further boost the market value from hospitals.
North America artificial eye market is likely to generate positive growth outcome over the coming years, driven by the growing healthcare sector, favorable government policies, surging healthcare expenditure in the region, and thriving medical tourism. According to CDC, the total annual economic impact of vision problems in the United States is approximately USD 51.4 billion. In addition, increasing prevalence of various vision impairments and chronic diseases that affect the eyes across diverse North American economies would further generate the demand for artificial eyes, thus improving the business prospects.
Various eminent companies operating in the global industry include Erickson Laboratories, Ocular Prosthetics, Integrated Orbital Implants, Advanced Artificial Eyes, and F.AD. MÜLLER SÖHNE OHG amongst others.
These market vendors have been involved in various organic marketing strategies such as partnerships, product launches, facility expansion, and acquisitions and mergers to consolidate their position in the marketplace.
The novel outbreak of coronavirus pandemic during 2020 has had a balanced impact on the overall market demand. The demand for artificial eye treatment significantly reduced during the pandemic phase owing to stringent lockdown norms and movement restrictions by various governments. Moreover, the infection scares disabled people to move to hospitals for treatment, thus producing a decline in the industry growth.
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