Artificial Eye Market to grow by USD 56.43 million between 2024-2028
According to a research report “ Artificial Eye Market” by Technology (Mechanical, Electronic) Product (Integrated prosthetic eye, Non integrated prosthetic eye, Retinal prosthetics) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 56.43 million at a CAGR of 9.18% during the forecast period. The global market for artificial eyes experiences significant growth due to the increasing incidence of ophthalmic conditions, such as refractive errors, glaucoma, and diabetic retinopathy. According to the World Health Organization (WHO), approximately 2.2 billion individuals worldwide suffer from near or distant vision impairment, with over half a billion cases attributable to preventable causes or unaddressed refractive errors and cataracts. These conditions represent substantial opportunities for the artificial eye market..
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By Technology, the Mechanical segment is projected to dominate the market size in 2024.
In the Artificial Eye Market, porous integrated prosthetic eyes are a significant advancement, enabling fibrovascular ingrowth and direct mechanical coupling for enhanced mobility. Historically, attempts at directly attaching implants to prosthetic eyes resulted in infections and inflammation due to non-porous materials. Quasi-integrated implants, with a specially designed anterior surface, have addressed this issue. Current porous integrated prosthetic eyes are fabricated from materials like hydroxyapatite, bioceramic, porous polyethylene, and pegged implants, ensuring a successful market presence.
By Product, Integrated prosthetic eye segment is expected to hold the largest market size for the year 2024.
In the artificial eye market, mechanical technology plays a pivotal role in advanced implants, enabling individuals who are completely blind to perceive light and reflections. These implants incorporate electrodes that stimulate retinal cells and transmit visual data to the brain. Additionally, synthetic retinas with nanoscale light sensors enhance the functionality of these devices. The global demand for mechanical technology in artificial eyes surges due to the launch of superior products.
North America is forecasted to hold the largest market size by region in 2024.
The North American artificial eye market is experiencing significant growth due to escalating per capita healthcare expenditures in countries like the US, Canada, and Mexico. Key drivers include enhanced healthcare infrastructure, government initiatives and financing for ocular diseases and eye care, favorable reimbursement policies, and the burgeoning presence of domestic manufacturers. Technologically advanced ocular prostheses are gaining traction, leading to steady market expansion throughout the forecast period.
The Artificial Eye Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the Hospital Segment, the Artificial Eye Market encompasses advanced solutions for Surgical Procedures related to eye replacement. Medical Coverage plays a crucial role in the affordability of these procedures for patients. Patient Care is prioritized through the use of Outpatient Facilities, ensuring Positive Outcomes for those with Complete Blindness or Vision Impairment due to conditions like Retinitis Pigmentosa, Macular Degeneration, or Age-Related Vision Loss. Innovation in Research and Development is driving the market forward, with advancements in Bionic Eyes and Visual Experience for both Implanted Eyes and External Prosthetics. Global Bionic Eye projects, such as the National Eye Institute's Sight Restoration efforts, aim for Complete Blindness reversal, yielding promising results and furthering the field of Vision Loss treatments. Clinical Trials are underway to explore the potential of these technologies, with the ultimate goal of providing a better quality of life for those affected by Eye Diseases. The aging population's increasing need for Vision Impairment solutions further emphasizes the importance of this market's growth and development.
Market Research Overview
The Artificial Eye market encompasses the development, production, and implementation of Sensory Prostheses, specifically designed for Vision Perception in individuals with Neurological Disorders or Complete Blindness. These devices, also known as Neuroprosthetics or Bionic Eyes, offer Mobility Assistance and Independent Living solutions for patients. Public Awareness and Patient Education are crucial for the Widespread Adoption of these advanced Medical Technologies. Market Expansion is driven by the increasing Incidence Rates of Eye Diseases such as Retinitis Pigmentosa, Macular Degeneration, and Age-Related Vision Impairment, particularly in the Aging Population. Insurance Coverage and Revenue Growth are significant factors influencing the market segments, including Hospital Segments and Outpatient Facilities. Positive Outcomes from Sight Restoration procedures and Clinical Trials contribute to the Acceptance and Adoption of these technologies. Future Prospects include Research Innovation and Development in Neuroscience and Biomedical Research, addressing Barriers such as Specialist Care and Post-Implantation Care. The Global Bionic Eye market presents substantial Growth Opportunities for healthcare providers and surgical procedures, ultimately leading to improved Patient Care and Outcomes.
Contacts
Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
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