Global Artificial Iris market is anticipated to reach the market valuation of US$ 16.28 million by 2025 expanding at a reasonable CAGR of 6.39% in the course of the forecast period (2019-2025) from US$ 10.61 million in 2019. Iris acts as a diaphragm and controls the size of the pupil, which in turn is responsible for the amount of light that enters into an eye. It also determines the color of the eye. Any damage to the iris can lead to iris defects such as glare and photophobia. Iris defects can be acquired or congenital. Aniridia, coloboma, and heterochromia are some of the iris defects. These defects may also hamper vision and hamper and quality of life.
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As the number of iris defect are escalating the adoption of artificial iris implants are increasing. The escalation in the geriatric population and eye defects associated with aging and also impacting the market. In February 2020, HumanOptics AG has received health insurance approval for its artificial iris Customflex Artificial Iris in the United States. Approval by the state Centers for Medicare and Medicaid Services (CMS) as a reimbursable medical product ensures that costs are covered by health insurance and is an important prerequisite for patients to decide in favor of treatment, according to a company news release.
Iris defects can be corrected using surgical procedures such as suture closure but some of them require artificial iris implants. Fiber and Fiber-free are the two materials from which an artificial iris can be derived. Fiber model is composed of an embedded polyester meshwork layer. This meshwork provides it with ample tear strength to withstand suturing whereas, the fiber-free model is apt for sutureless implant techniques. Both adults and pediatrics can undergo the iris implant procedure however, adult cohorts undergo more than 90% of the procedure.
Artificial iris has two main applications namely therapeutic and cosmetic. Therapeutic surgery is a corrective procedure to implant in the patients suffering from aniridia or coloboma among others. Whereas, people also undergo a cosmetic procedure to change their eye color. Artificial iris is available in numerous colors such as blue, brown, grey, and hazel among others to perfectly match the color of both the iris. Blue color dominated the market as it is highly preferred while undergoing cosmetic procedures. Implantation can be performed in hospitals and eye surgery centers. Hospitals dominated the market as it is one of the major institutions that offer services such as prosthetic implantations and surgeries.
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A regional-level study was also conducted regarding the market penetration of artificial iris. The regions and countries covered included North America (the US, Canada and Rest of North America), Europe (Germany, Netherlands and Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific) and Rest of the World. In 2018, Europe generated the highest revenue accounting for 41% share, followed by North America and Asia-Pacific. Asia-Pacific is expected to witness a CAGR growth of 6.96% during the forecast.
The artificial iris market is niche and still has a lot of potential for market expansion. Some of the major companies dealing in artificial Iris includes are Ophtec, HumanOptics AG, Morcher, ReperNN, VEO Ophthalmics, Spectrum Surgical, Eye-yon Medical, and Pixium Vision. These players are consistently aiming on expanding their product portfolio by numerous product launches and innovations. They are also targeting the market through collaborations thereby strengthening their market position which further offers them growth opportunities as well as the expansion of product innovation and expansion around the globe.
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Global Artificial Iris Market Segmentation
Market Insight, by Material Type
Market Insight, by Color
Market Insight, by Application
Market Insight, by Age Group
Market Insight, by End-User
Market Insight, by Region
Top Company Profiles
Table Of Content:
1 MARKET INTRODUCTION
1.1 Market Definition
1.2 Objective of the Study
1.5 Currency used in the Report
1.6 Scope of the Global Artificial Iris Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for Global Artificial Iris Market Study
2.1.1 Main objective of the Artificial Iris Market Study
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 CURRENT AND PROJECTED SCENARIO OF THE WORLD'S EYESIGHT
5.1 General Overview
5.1.1 Key Facts on the state of the world’s eyesight
5.1.2 Improving the world’s Eyesight; the Goals of Vision 2020
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- the market was valued at US$ 68.92 billion in 2018 and is predicted to reach US$ 98.18 billion by 2025. The market registered a CAGR of 5.24%