Research report presented by UnivDatos, Emphasis on Material Type (Fiber Artificial Iris, Fiber-free Artificial Iris), Colour (Blue Colour Artificial Iris, Brown Colour Artificial Iris, Other Colour), Application (Cosmetic, Therapeutic), Age Group (Pediatric, Adults), End-Users (Hospitals, Eye Surgery Centers, Others Eye Care Facility) and Geographical analysis (key regions and countries).
As per the research report, Global Artificial Iris Market was valued at US$ 10.61 million in 2018 and is anticipated to reach US$ 16.28 million by 2025 displaying reasonable CAGR of 6.39% over the forecast period (2019-2025). Artificial iris is a prosthetic iris that is primarily utilized in the process of replacing the damaged iris in several eye defects as such congenital aniridia and traumatic iris loss and other eye complications. The FDA approved the first artificial iris implant for patients with congenital aniridia (absence of an iris) or eye damage, called the CustomFlex from HumanOptics AG, a German firm. An artificial iris is implanted when a surgeon makes a small incision and implants it. This Iris is held in place by the anatomical structures of the eye or, if needed, by sutures, and mimics the function of the natural iris. It creates an artificial pupil that reduces the amount of light entering the eye. The surgically implanted prosthetic is made of thin, foldable silicone and is sized and coloured for individual patients, according to the agency. It was shown to be safe and effective in a clinical trial of 389 adults and children with aniridia or other iris defects. The major drivers that will influence the adoption of artificial iris include a growing number of eye defects, escalating geriatric population and eye defects associated with aging and increasing demand for minimally invasive surgical procedures. However, lack of reimbursement will act as a restraint. Moreover, the advent of artificial intelligence will act as an opportunity.
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“Amongst material type, Fibre-free artificial iris dominated the global market in 2018, accounting for 55.4% share”
Based on material type, the market has been divided into fibre and fibre free. In 2018, Fibre-free artificial iris dominated the market. Fibre model is composed of an embedded polyester meshwork layer to provide ample tear strength to withstand suturing whereas, the fibre-free model is suitable for sutureless implant techniques or can be sutured. Fibre artificial iris is expected to witness a CAGR growth of 7.01% during the analysed period.
“Adult cohorts are expected to dominate the age group during the forecast period 2019-2025”
In terms of the patient’s age, the market is divided into Paediatrics and adult cohorts. Paediatrics suffering from congenital aniridia can undergo the procedure for the correction of inborn disorder. In 2018, artificial iris implant was majorly performed on adults, which accounted for more than 90% of cases.
“Artificial Iris was majorly applied for Therapeutics application, followed by Cosmetic application”
Based on application, the market has been bifurcated into cosmetic and therapeutic. Cosmetic applications are for the patients who are self-conscious about the appearance of their eyes with an abnormal pupil. Therapeutic application of the artificial iris is for the patient suffering from traumatic iris defects. In 2018, Cosmetic application segment generated revenue of US$ 2.12 million. However, the Therapeutics application segment is expected to witness a CAGR growth of 6.28% during the analysed period.
“Blue colour iris dominated the market, followed by brown colour in 2018”
Based on colour, the global artificial iris market is bifurcated into brown iris and blue iris and other colour artificial iris. Blue colour dominated the market as it is highly preferred by the patients when undergone cosmetic surgery for the changing of eye colour. The brown colour artificial iris segment is expected to generate revenue of US$ 5.65 million by 2025.
“Amongst end-user, the hospital segment dominated the market in 2018, and is anticipated to dominate Global Artificial Iris market by 2025.”
Based on end-user, the global artificial iris market is segmented into hospitals, eye surgery centres and other end-user. Hospital segment dominated the market as it is one of the major institutions that offer healthcare services such as surgeries and prosthetic implantations. The segment is expected to witness a CAGR growth of 6.1% during the forecast period 2019-2025.
“In 2018, Europe was the largest market for Artificial Iris technology”
For a deep-dive analysis of the overall adoption and penetration of Artificial iris technology, detailed region/country level study was conducted for major region/county including North America (US, Canada, Rest of North America), Europe (Germany, Netherlands, Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific) and Rest of the World. In 2018, Europe represented as the highest revenue-generating region, 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 analyzed period 2019-2025.
Competitive Landscape-Top Market Players
Ophtec, HumanOptics AG, Morcher, ReperNN, VEO Ophthalmics, Spectrum Surgical, Eye-yon Medical and Pixium Vision are some of the prominent players operating in the Global Artificial Iris market. Several product launches, M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
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