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The artificial eye market share is expected to increase by USD 34140.17 thousand from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.16%.
This artificial eye market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers artificial eye market segmentations by product (integrated prosthetic eye, non-integrated prosthetic eye, and retinal prosthetics) and geography (North America, Europe, Asia, and Rest of World (ROW)). The artificial eye market report also offers information on several market vendors, including Advanced Artificial Eyes, Alcon Inc., Bionic Vision Technologies, Carl Zeiss AG, Erickson Laboratories, F.AD. Muller Sohne GmbH and Co. KG, Ferdinand A. Forster GmbH, Integrated Orbital Implants, International Prosthetic Eye Center, Marie Allen Ocularist Ltd., Midwest Eye Laboratories, Molteno Ophthalmic, Nano Retina, National Artificial Eye Services, Ocular Prosthetics Inc., PIXIUM VISION, Rocky Mountain Anaplastology Inc., Second Sight Medical Products Inc., Artificial Eyes Pty Ltd., and NIDEK Co. Ltd among others.
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The increasing prevalence of ophthalmic diseases is notably driving the artificial eye market growth, although factors such as high device and implantation costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial eye industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Artificial Eye Market Driver
The increasing prevalence of ophthalmic diseases is one of the key drivers supporting the artificial eye market growth. Ophthalmic disorders such as glaucoma pose a significant public health concern as the disorder is the second leading cause of blindness after cataracts. It is estimated that 57.5 million people globally are suffering from primary open-angle glaucoma (POAG). People aged above 60 years are more prone to develop glaucoma. By 2040, it is expected that approximately 111.8 million people will suffer from glaucoma. Thus, the growing prevalence of age-related ocular disorders has generated significant opportunities in the field of ophthalmic surgeries, which will drive the growth of the market during the forecast period.
Key Artificial Eye Market Trend
Increasing demand for custom-made ocular prosthesis is one of the key artificial eye market trends contributing to the market growth. An ocular prosthesis acts as an artificial substitute for an enucleated eyeball. It can either be ready-made (stock) or custom-made. A stock prosthesis is available in the market in a standard size, color, and shape. However, a custom-made prosthesis is made of high-quality acrylic material, which can be customized accurately according to the eye socket of the patient, and it is painted to match the color of the other eye. Although the custom-made ocular prosthesis is accepted by many patients, they are required to be maintained carefully by minimizing handling of the prosthesis by patients as frequent removal of an ocular prosthesis may lead to watering of the eye, fluid discharge, eyelid laxity, eyelid eversion, and inadequate space to fit the prosthesis. Thus, the growing demand for customized and personalized care will increase the use of custom-made ocular prosthesis and will drive the artificial eye market during the forecast period.
Key Artificial Eye Market Challenge
High device and implantation costs is one of the factors hampering the artificial eye market growth. The cost of artificial eyes typically ranges between $2,500 to $8,300 depending on the type of the devices and the geographic location. The cost burden further increases with consultation fees by physicians and the costs of surgery required to remove the eyes. For instance, at Kolberg Ocular Prosthetics (Kolberg Custom Artificial Eyes) in California, the cost of custom artificial eyes ranges between $1,800 and $2,500. At D. Danz and Sons, the cost of custom ocular prosthetics ranges between $2,500 and $8,300 in the US. Thus, many patients are unable to afford the high costs associated with prosthetic eyes, especially in most emerging countries such as India, with a large pool of low-middle income population, which is inhibiting the growth of the market during the forecast period.
This artificial eye market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global artificial eye market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the artificial eye market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the artificial eye market encompasses successful business strategies deployed by the key vendors. The artificial eye market is fragmented and the vendors are deploying growth strategies such as brand, quality, and reliability to compete in the market.
To make the most of the opportunities and recover from post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The artificial eye market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the artificial eye market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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57% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the artificial eye market in North America. Market growth in this region will be slower than the growth of the market in Asia.
Improved healthcare infrastructure will facilitate the artificial eye market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 severely impacted the regional market. However, in 2021, due to the introduction of COVID-19 vaccines lifting of lockdowns and rescheduling of the surgical operations contributed to the growth of the regional market.
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The artificial eye market share growth in the integrated prosthetic eye segment will be significant during the forecast period. Evidence suggests that human osteoblasts and fibroblasts appear to grow better on bioceramics when compared with their growth on hydroxyapatite. Therefore, bioceramic is more biocompatible than hydroxyapatite, less expensive than hydroxyapatite, and can be adequately tolerated in the eye socket. Various advantages of integrated prosthetic eyes lead to their increased adoption among individuals with ocular defects. Such factors will drive the growth of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial eye market size and actionable market insights on the post-COVID-19 impact on each segment.
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Artificial Eye Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.16% |
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Market growth 2022-2026 |
$ 34140.17 th |
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Market structure |
Fragmented |
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YoY growth (%) |
7.5 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 57% |
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Key consumer countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Advanced Artificial Eyes, Alcon Inc., Bionic Vision Technologies, Carl Zeiss AG, Erickson Laboratories, F.AD. Muller Sohne GmbH and Co. KG, Ferdinand A. Forster GmbH, Integrated Orbital Implants, International Prosthetic Eye Center, Marie Allen Ocularist Ltd., Midwest Eye Laboratories, Molteno Ophthalmic, Nano Retina, National Artificial Eye Services, Ocular Prosthetics Inc., PIXIUM VISION, Rocky Mountain Anaplastology Inc., Second Sight Medical Products Inc., Artificial Eyes Pty Ltd., and NIDEK Co. Ltd |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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