Artificial Eye Market: Key Insights
The global artificial eye market will experience significant growth in the coming years. This can be attributed to several factors, including the increased incidence of eye-related diseases and injuries and technological advancements, making these devices more realistic and comfortable.
An aging population is also a contributing factor to the market's growth, as older individuals are more likely to experience eye-related conditions requiring an ocular prosthesis. Additionally, the increasing adoption of ocular prostheses by individuals who have lost an eye due to congenital defects or injuries is also expected to drive market growth.
Artificial Eye Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage:by Type ( Non-Integrated Implants, Integrated Implants ); Technology ( Electronic and Mechanical. ), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Artificial Eye Market Trends and Forecast (2021-2031)
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In terms of technology, the market is witnessing advancements in materials used in manufacturing artificial eyes, such as silicone and acrylic, which are more realistic and comfortable than traditional glass prostheses. Furthermore, 3D printing technology is also becoming more prevalent in manufacturing ocular prostheses, which allows for more precise and customized devices.
The market also has a high potential for growth in developing countries where awareness of artificial eye is low and the cost of treatment is high. This creates an opportunity for the market players to expand their reach and increase their market share.
Increasing Aging Population to Drive Artificial Eye Market
An increasing aging population is one of the key drivers of the artificial eye market growth. As individuals age, they are more likely to experience eye-related conditions that may require an ocular prosthesis. This includes age-related macular degeneration, cataracts, and glaucoma, among the leading causes of blindness and visual impairment in older adults.
The aging population is expected to continue to grow in the coming years, which will, in turn, lead to an increased demand for ocular prostheses. According to the Administration on Aging report, approximately 17 percent of people living in the United States, or more than 1 in 6, were 65 or older in 2020. That represents 55.7 million people, an increase of 15.2 million (38 percent) of people 65 and above since 2010, compared with just 2 percent growth in the under-65 population. This demographic shift will likely drive the demand for ocular prostheses, as older individuals are more likely to require these devices.
Artificial Eye Market: Segmental Overview
The global artificial eye market is segmented on the basis of type and technology. Based on type, the artificial eye market is segmented into non-integrated implants and integrated implants. Based on technology, the artificial eye market is segmented into electronic and mechanical.
Based on technology, the electronic segment held the substantial share of the overall artificial eye market. The electronic segment of the artificial eye market is expected to help drive market growth by increasing demand for bionic eyes, which use a small camera and a microchip to capture images and convert them into electrical signals, which are then sent to the brain via electrodes implanted in the eye. These devices can help individuals who have lost their sight due to certain types of blindness, such as retinitis pigmentosa, and help them in regaining some visual perception. Additionally, electronic artificial eyes are becoming more advanced and sophisticated, more realistic, comfortable, and affordable, increasing market growth and making them more accessible for people who need them.
Artificial Eye Market: Competitive Landscape and Key Developments
Advanced Artificial Eye, The National Artificial Eye Services, Marie Allen Ocularist Ltd, COS-MEDIC PTY LTD, Retina Implant AG, Second Sight, Pixium Vision, Ericksons, International Prosthetic Eye Center, and Integrated Orbital Implants among the key players operating in the artificial eye market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.
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