Global Artificial Eye Market 2019-2023
About this market
The psychological well-being of individuals can be affected by ophthalmic defects or injuries caused due to trauma, ophthalmology diseases, retinal cancer, and individuals with moderately shrunken eyeballs or children with anophthalmos or microphthalmos. Hence, companies are focusing on developing custom-made prosthetic eyes that improve the confidence and improves the psychological wellness of patients. Therefore, the increasing demand for custom-made ocular prosthetics is boosting the overall growth of the artificial eye market. Technavio ‘s analysts predict the artificial eye market to grow at a CAGR of close to 8% by 2023.
Increase the prevalence of ophthalmic diseases
Over the years, the prevalence of ophthalmic diseases has been increasing, which is driving the demand for ocular prosthesis across the world. The incidence of severe injuries, congenital eye diseases, and other severe eye diseases that result in loss of eyes are increasing the demand for artificial eyes, which ultimately drives the global market.
High device and implantation cost
Artificial eyes and implantation procedures are expensive. The high cost of artificial eyes makes it expensive for end-users without insurance coverage. In fact, some medical insurance plans do not cover the entire cost of prosthetic eye implantations. This is expected to be a major challenge for the global artificial eye market.
For the detailed list of factors that will drive and challenge the growth of the artificial eye market during 2019-2023, view our report.
The global artificial eye market appears to be highly fragmented with the presence of several regional and international artificial eye manufacturers who compete to gain higher market position. Some of the factors that are positively impacting the growth of the market are the increasing prevalence of ophthalmic diseases and the growing demand for the custom-made ocular prosthesis. Some of the leading companies in the artificial eye market include Advanced Artificial Eyes, Erickson Laboratories, F.AD. MÜLLER SÖHNE OHG, Integrated Orbital Implants, Ocular Prosthetics, and SECOND SIGHT.
‘With the presence of a considerable number of companies, this market appears to be highly fragmented. Most of the artificial eye suppliers are focused on developing custom-made ocular prosthesis due to the growing demand for personalized and customized eye care.’