Global Artificial Eye Market - Overview
Global artificial eye market Size is growing at a CAGR of 9.6% during forecasted period.
The growing number of people who are blind or partially blind is driving the global artificial eye market. The global artificial eye market is being driven by an increase in the number of people who are blind or partially blind, as well as an aging population. The market is also growing due to the rising prevalence of diseases that affect vision, technological advancements, and the prevalence of diseases such as diabetes. The market's development has been slowed by the high cost of care and the availability of low-cost alternatives. Over the forecast period, the artificial eye market will be driven by rising cases of ophthalmic defects and injuries. The market for artificial eyes is expected to rise as technology advances.
Furthermore, there are a variety of insurance plans that make surgery accessible to a wide range of people. To ease the financial strain, the United States and several other countries have compensation coverage for medical care through different insurance schemes. Government campaigns to help patients all over the world facilitate reimbursement programs. As a result, demand for artificial eyes will rise over the forecast period. Furthermore, rising medical tourism for low-cost artificial eye implantation procedures and technological advancements in artificial eye advancement are major factors driving market growth. However, the high cost of artificial eyes, as well as the high cost of implantation procedures related to artificial eyes, could stifle industry development.
Global Artificial Eye Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global artificial artificial eye cost appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
Marie Allen Ocularist Ltd was founded in 1986 by Marie Allen Drennan. Marie is a Board Certified Ocularist (BCO) with The National Examining Board of Ocularists (NEBO) as well as a Board Approved Diplomate Ocularist (BADO). Marie Allen Ocularist Ltd., creates a caring, sensitive and relaxed environment and puts the patients at ease. The company produces quality and comfortable prosthesis designed to match the companion eye.
Cos-Medic Pty Ltd was established in Brisbane, Australia in 1985 by Trevor Dorahy to manufacture and fit ocular prosthetics. During that time, Cos-Medic built a strong relationship with Australian Ophthalmologists. In 2005, Cos-Medic established a new laboratory, of world standard, in the Watkins Medical Centre Brisbane and in 2006 the Company was awarded an Australian and American patent for a new magnetic pinning system.
Global Artificial Eye Market - Regional Analysis
On regional basis, global artificial eye market is segmented into four major regions namely Americas, Europe, Asia Pacific and Middle East and Africa.
Because of its large geriatric population and growing number of people suffering from vision impairment, America leads the global artificial eye industry. According to the American Academy of Ophthalmology, more than a quarter of the population in the United States has a minor or major visual complication, and this figure is steadily increasing due to the growing diabetic population. Because of increased product innovation, increased presence of leading players, increased favorable reimbursement policies, and high acceptance of artificial eye surgeries in this area, North America dominates the artificial eye market. Due to the presence of qualified professionals, highly developed healthcare infrastructure, technological advances, and the presence of large market players in the region, the United States dominates the global artificial eye market. In addition, the country's large healthcare expenditures would drive business growth.
Because of increased construction activities, increased healthcare spending per person, and government support in this area, Europe has the second largest artificial eye market in terms of growth. The European artificial eye market will continue to be driven by rising demand for custom-made ocular prostheses and the the prevalence of ophthalmic diseases.
The artificial eye market in Asia Pacific is rising at the fastest pace. Because of their well-developed healthcare sectors and high health-care spending, Japan and Australia are the leading contributors to the industry. Because of technological advances, the disposable incomes, and the innovations in the healthcare system, Japan is expected to see substantial growth in the artificial eye market during the study era. Artificial eye demand will be boosted by the factors listed above.
Owing to a lack of medical services and weak economic and political conditions, the Middle East and Africa has the smallest market share. The artificial eye market in the Middle East and Africa is dominated by Saudi Arabia, the United Arab Emirates, and Kuwait.
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