Technavio analysts forecast the global artificial eye market to grow at a CAGR of close to 8 during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate during the year-over-year growth.
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Technavio has released a new market research report on the global artificial eye market for the period 2019-2023. (Graphic: Business Wire)
The increasing demand for custom-made ocular prosthesis is one of the major trends being witnessed in the global artificial eye market 2019-2023. The psychological well-being of individuals can be affected by ophthalmic defects or injuries caused due to trauma, ophthalmology diseases, and retinal cancer. Such ophthalmic defects or injuries also act as a social stigma. Hence, artificial eyes that are custom made improve the confidence and improves the psychological wellness of patients. Also, ocular prosthesis requires yearly polishing to ensure a regular surface and to prevent undue friction between eyelids and prosthesis. Thus, growing demand for customized and personalized care of ocular prosthesis will increase the use of custom-made ocular prosthesis and will drive the market for artificial eye during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global artificial eye market is the increasing prevalence of ophthalmic diseases:
Global artificial eye market: Increasing prevalence of ophthalmic diseases
Visual impairment or blindness can be caused due to severe eye damage because of trauma, injury, X-rays, and chemicals. An artificial eye is required in such patients who have lost their eyesight. The incidence of severe eye injuries, congenital eye diseases and other severe eye diseases which are associated with ophthalmic diseases that result in loss of eyes increase the demand for artificial eyes.
According to a senior analyst at Technavio, "In developed countries, ophthalmic diseases cause blindness in 90 out of one million people, and in developing countries, blindness due to ophthalmic diseases occurs in 750 out of one million people annually. Also, AMD is the most common eye condition that causes loss of vision among people aged 65 years and older."
Global artificial eye market: Segmentation analysis
The global artificial eye market research report provides market segmentation by product (integrated prosthetic eye, non-integrated prosthetic eye, and retinal prosthetics) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 56% share. It was followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the increasing prevalence of ophthalmic diseases and technological advances in artificial eyes.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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