Artificial Eye Market Outlook
Artificial Eye Market Outlook is projected to be worth USD 24.8 Million by 2028, registering a CAGR of 9.6% during the forecast period
Artificial eye is an ocular prosthesis that replaces an absent natural eye following an enucleation, evisceration, or orbital exenteration. It fits over an orbital implant and under the eyelids. Increasing number of visually impaired people worldwide has encourage many of the manufacturer for introduction of the new and better treatment for ophthalmic problems. According to WHO, the number of people suffering optic problem are increasing and approximately 90% of the patients are present in developing countries. Increasing number of people suffering from diabetes and rising geriatric population has driven the growth of the market. Beside this development in technology and increasing healthcare expenditure has provided fuel for the growth of the market. On the other hand, high cost, limited surgical professionals and availability of alternative therapy has hindered the growth of the market.
Major Key Players:
The key players for the global Artificial Eye Market are Advanced Artificial Eye (US), The National Artificial Eye Services (NHS) (UK), Marie Allen Ocularist Ltd (Canada), COS-MEDIC PTY LTD (Australia), Retina Implant AG (Germany), Second Sight (US), Pixium Vision (France), Ericksons Custom Made Artificial Eye (Canada), International Prosthetic Eye Center (India)
Segment Analysis
Global Artificial Eye Market is segmented on the basis of type, non-integrated implants, Integrated implants. Integrated implants are further segmented into hydroxyapatite, porous polyethylene, bioceramic, conical orbital implant and other. On the basis of technology, they are segmented into electronic and mechanical and on the basis of end user, the market is segmented into hospitals, ophthalmology clinics and others
Regional Analysis
Geographically, Global artificial eye market is dominated by America which is followed by Europe. Asia Pacific is the fastest growing market for artificial eye. Presence of number of developing economies and increasing aging population in Asia Pacific has boosted the growth of the market. Japan and Australia are the major contributor for the market. According to International Agency for the Prevention of Blindness, 7.6% population in Japan is suffering from diabetes and the prevalence of visual impairment is increasing at the rate of 1.5%. This increasing number of patient and well developed economy has provided support for the growth of the market in Japan. India and China has developing market for artificial eye. Middle East Africa has the least market for the artificial eye. Majority of countries in Africa are poor and people are not able to afford the cost of treatment which has restrained the growth in this region, however Middle East countries like UAE, Kuwait and Qatar are very rich developed countries, and also the major contributor for the market.
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