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The global artificial eye market is projected to reach a value of USD 56.43 million with a CAGR of 9.18% between 2023 and 2028. The global market experiences growth driven by expanding access in emerging markets like China and India. Factors such as increased awareness of ophthalmic diseases, rising disposable incomes, and a growing geriatric population contribute to this trend.
Additionally, the shift of ocular prosthesis procedures to ambulatory surgery centers (ASCs) from hospitals is a significant trend. ASCs offer cost-effective, high-quality patient care, making them a preferred option for minor ophthalmic procedures. This shift enhances accessibility to vision restoration solutions, driving market growth in the forecast period across the ophthalmology industry.
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The market share growth by the mechanical segment will be significant during the forecast period. Mechanical technology is used in implants to support people who are totally blind in perceiving light and reflections of light. This implant consists of electrodes that stimulate the retinal cells and transmit visual information to the brain. A synthetic retina embedded with nanoscale light sensors is also present in the implants to measure the light passing the lens at the front of the eye.
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The mechanical segment was valued at USD 48.77 million in 2018. Wires that are attached to the back of the retina ferry signals from the sensors to external circuitry for processing the way nerve fibers connect the eyeball to the brain. The new launches of superior products in mechanical technology in the global market surge the demand for the mechanical technology segment. Hence, the mechanical segment will grow in the global market during the forecast period.
Integrated prosthetic eyes are permeable allow fibrovascular ingrowth throughout the implant and help in the insertion of pegs or pots. It improves the mobility of these due to the direct mechanical coupling. In addition, an integrated implant allows the option of pegging for improved mobility of the prosthesis. Consequently, it has the ability to integrate with the overlying them through a peg system. The popular porous implant is porous polyethylene. This material is used due to its properties that demonstrate high tensile strength, biocompatibility, fibrovascular ingrowth, and malleability. Therefore, such factors will drive the growth of the integrated prosthetic eye segment in the global market during the forecast period.
Non-integrated prosthetic eyes are non-porous and do not have a unique apparatus to attach extraocular muscles. Non-integrated prosthetic eyes are most often composed of acrylic polymethyl methacrylate (PMMA), silicone spheres, and glass. PMMA is a transparent thermoplastic that is compatible with human tissue and is available for use as an ocular prosthesis and replacement intraocular lenses to treat cataracts. In addition, with the current economic condition of many developing economies, most individuals in low-middle-income countries are expected to choose non-integrated prosthetic eyes due to cost constraints. This factor is expected to drive the growth of the non-integrated prosthetic eye segment in the market during the forecast period.
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North America is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. In most countries in North America, such as the US, Canada, and Mexico, the per capita public expenditure on healthcare is growing, thereby leading to the rising adoption of ocular devices among people with ocular diseases or early stages of visual impairment.
Moreover, the market in North America is driven by factors like improved healthcare infrastructure, government programs and funding for ocular diseases and eye care, the presence of favorable reimbursement policies in developed countries like the US, and the growing presence of companies manufacturing these in the US and Canada. Hence, such factors increase the demand for these implantations in the region during the forecast period.
The Artificial Eye Market is driven by advancements in Medical Devices, Eye Prostheses, and Ocular Implants. Vision Impairment Solutions, including Customized Prosthetic Eyes, aid in Patient Rehabilitation. Cosmetic Prosthetics contribute to Ocular Health, fulfilling Consumer Demands for quality and satisfaction. Market growth potential is fueled by Research and Development alongside Technological Advancements and Surgical Innovations. Healthcare Industry regulations ensure Regulatory Compliance and uphold Quality Standards. Effective Pricing Strategies and Brand Awareness enhance Marketing Strategies. Clinical Trials validate Artificial Eye efficacy, supported by Rehabilitation Centers and Ophthalmic Clinics. Challenges include maintaining Patient Satisfaction and meeting evolving Consumer Demands while navigating regulatory requirements and market dynamics, highlighting the complexity of this evolving field of Artificial Eye technology.
Increasing access to ocular prostheses in emerging markets acts as a primary driver for market growth. Developing nations like China and India present abundant opportunities for the global market. Factors such as a burgeoning patient pool with ophthalmic conditions leading to blindness, heightened awareness of ocular prostheses, and enhancements in healthcare infrastructure contribute to this growth. Additionally, improved access to healthcare and the establishment of ocular prosthesis centers bolster market expansion.
Furthermore, increased access to ocular prostheses in emerging economies stems from growing awareness of eye diseases, rising disposable incomes, and an aging population. Market players benefit from heightened access to healthcare and advancements in healthcare infrastructure, fostering growth prospects. Such factors collectively propel market growth and trends in the forecast period.
The paradigm shift of ocular prosthesis procedures from hospitals to ambulatory surgery centers is the primary trend shaping market growth. Ambulatory surgery centers (ASCs) are emerging healthcare facilities that provide outpatient services and same-day surgical care. It is a convenient alternative to hospitals. Ophthalmology-related services are one of the largest specialties served in ASCs. Minor ophthalmic procedures can be easily performed in ASCs. Medical procedures performed in ASCs are cost-effective.
Furthermore, ASCs offer good quality patient care and services at decreased costs in comparison with the costs associated with hospitals, which increases the number of ocular prosthesis procedures performed in ASCs when compared with the number of procedures performed at hospitals. Therefore, such factors will drive the growth of the global market during the forecast period.
High device and implantation cost of the artificial eye is a challenge that affects market growth. Artificial eyes and implantation procedures are costly. The high cost of the artificial eye makes it pricey for end-users without insurance coverage. The cost of these typically ranges between USD 2,500 to USD 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 needed to remove the eyes.
In addition, patients with health insurance must bear 10%-50% out-of-pocket costs for doctor visit copays and coinsurance. Hence, many patients are unable to afford the high costs associated with prosthetic eyes, particularly 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. Thus, such factors will lower the growth of the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Advanced Artificial Eyes: The company offers products such as custom prosthetic eyes and digital artificial eyes.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the dynamic landscape of healthcare, the market stands out with its transformative impact driven by innovation in Artificial Ocular Devices and Eye Prosthesis. These advancements are not only revolutionizing Ophthalmology Devices but also reshaping Ocular Rehabilitation practices worldwide. With a focus on Eye Restoration and Vision Restoration, patients are experiencing unprecedented benefits from Eye Surgery and Ophthalmic Surgery procedures. The integration of Artificial Vision and Eye Care Technology is driving profound changes in the industry, offering novel Eye Health Solutions and Ocular Innovations.
The Eye Prosthesis Industry and Ophthalmic Prosthetics market are witnessing substantial growth, buoyed by advancements in Eye Health Devices and Artificial Eye Technology. As market trends and analysis continue to indicate robust market growth and forecasting, comprehensive market research and growth strategies are imperative. With meticulous market forecasting and insightful market analysis and reports, stakeholders can navigate the Ocular Prosthesis Market with confidence, ushering in a new era of Visual Rehabilitation and Eye Health excellence.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Artificial Eye Market Customer Landscape
The market report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Artificial Eye Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.18% |
Market Growth 2024-2028 |
USD 56.43 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.21 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 57% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Artificial-Eyes, Alcon Inc., Artificial-Eyes Pty Ltd., Bionic Vision Technologies, Carl Zeiss Stiftung, 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 Inc., Nano Retina, National Artificial Eye Services, NIDEK Co. Ltd., Nova Eye Medical Ltd., Ocular Prosthetics Inc., PIXIUM VISION, Rocky Mountain Anaplastology Inc., and Vivani Medical Inc. |
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, Market condition analysis for the forecast period. |
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 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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