Artificial Iris market: Therapeutic Option for Aniridia and Other Eye Conditions
- Artificial iris is a prosthetic iris (the colored part of the eye around the pupil) made of thin, foldable medical-grade silicone
- The device is custom-made and can be sized and colored for each individual patient as per his/her requirement. Artificial iris can be used to treat congenital (genetic disorder in which the iris is completely or partially absent) and traumatic aniridia.
- It can also be used to treat iris defects caused due to other reasons or conditions such as albinism or surgical removal due to melanoma
- High adoption of artificial iris implant is because it is a minimally invasive procedure, wherein the iris can be implanted with very small incision or surgical injector
- The artificial iris itself does not cure or treat the condition, but helps to improve the condition and quality of life. Artificial iris also improves cosmetic appearance of the eye and visual symptoms.
Are you a Start-up willing to make it Big in the Business? Grab an Exclusive PDF Brochure of Report
Key Drivers and Restraints of Global Artificial Iris Market
- Increase in incidence rate of eye defects such as congenital aniridia, cosmetic issues, and traumatic iris loss is the major factor boosting the growth of the global artificial iris market
- An article published by NCBI stated that aniridia is detected in around 1.8/100,000 live births each year and the incidence ranges from 1:40,000 to 1:100,000 globally
- Rise in number of clinical trials aimed at development of advanced products for treatment of various eye defects is the major factor propelling the global artificial iris market
- Moreover, recent regulatory approval for artificial iris implant and growing concerns about improvement of cosmetic appearance of the eye are the other drivers of the global artificial iris market
Regulatory Restrictions for Use of Artificial Iris Implants to Hamper Market Growth
- Artificial iris is still a new concept and approved in limited countries for use due to regulatory restrictions for its application. This factor is projected to restrain the global artificial iris market.
- Side effects associated with implant procedure also hampers the growth of the global artificial iris market
Fiber Free Segment Accounted for Major Market Share
- Based on material, the global artificial iris market can be bifurcated into fiber and fiber free
- The fiber free segment dominated the global artificial iris market in 2018 owing to its feasibility for suture-less implant techniques
- The fiber segment is expected to expand at a higher CAGR during the forecast period due to the property of fiber to provide adequate tear strength to withstand suturing because of a polyester meshwork layer embedded to it.
Adult Segment Dominated Global Market
- In terms of age group, the global artificial iris market can be divided into adult and pediatric
- The adult segment accounted for major market share in 2018. The trend is anticipated to continue during the forecast period owing to large adult population suffering from various eye defects and increase in geriatric population, which is more prone to eye disorders.
Blue to be Highly Lucrative Segment
- Based on color, the global artificial iris market can be classified into blue, brown, and others
- The blue segment dominated the global market in 2018 due to higher preference for this color of iris among people who undergo cosmetic surgery. It is expected to be a highly promising segment during the forecast period owing to rise in cosmetic procedures across the world.
Therapeutic Segment held Significant Share of Global Market
- In terms of application, the global artificial iris market can be bifurcated into therapeutic and cosmetic
- The therapeutic segment is likely to account for major share of the global market during the forecast period owing to increase in population suffering from traumatic iris defects and regulatory approvals for artificial iris for therapeutic application in the past few years
Looking for Regional Analysis or Competitive Landscape, Ask for a Customized Report
Specialty Clinics to be Highly Promising Segment
- Based on end-user, the global artificial iris market can be classified into hospitals, specialty clinics, and others
- The hospitals segment dominated the global market in 2018 owing to rise in number of ophthalmic procedures and availability of better facilities at these settings
- Specialty clinics is likely to be a highly lucrative segment during the forecast period owing to rise in preference of people for specialized care for their health problems and availability of advanced products for treatment of a particular condition at specialty clinics.
Europe to Lead Global Artificial Iris Market
- In terms of region, the global artificial iris market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global artificial iris market in 2018 due to higher number of artificial iris implant surgeries, presence of major companies, people preference for cosmetic procedures for eye color change, and availability of artificial iris implants since many years.
- An article in Healthline Media stated that people in Europe have the widest variety of eye colors. Their eyes range from dark brown to light blue. In general, they have the lightest eye colors.
- North America was the next dominant region in terms of market share in 2018. The market in the region is expected to witness significant growth in the next few years due to the U.S. FDA approval for world’s first artificial iris, CustomFlex, increase in incidence of eye defects, and rise in inclination toward minimally invasive eye surgery.
- Asia Pacific is projected to be a highly lucrative market during the forecast period owing to increase in geriatric population and rise in health care facilities
Key Players Operating in Global Artificial Iris Market
Leading players operating in the global market are:
- HumanOptics AG
- Morcher GmbH
- Ophtec BV
- EyeYon Medical
- Spectrum Surgical
- Reper-NN Ltd.
- VEO Ophthalmics, LLC.
- Pixium Vision
Global Artificial Iris Market: Research Scope
Global Artificial Iris Market, by Material
- Fiber Free
Global Artificial Iris Market, by Age Group
Global Artificial Iris Market, by Color
Global Artificial Iris Market, by Application
Global Artificial Iris Market, by End-user
- Specialty Clinics
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.