Artificial Iris Market Market: Expansion Strategies Set to Generate Substantial Revenue in the Near Future

Artificial iris is made up of thin, foldable and stretchable medical grade silicon. It is custom-sized and colored according to consumer demand. Artificial iris is also known as prosthetic iris. Artificial iris is primarily utilized in the process of replacing the damaged iris in various eye defects as such congenital aniridia and traumatic iris loss and other eye complications. The major purpose of using an artificial iris is it provides minimally invasive procedure where the iris can be implanted with very small incision or surgical injector.
Previously the artificial iris implantation was very rarely used as there were many regulatory challenges in using artificial iris in ophthalmic surgical procedures. For every artificial iris implant procedure the surgeon had to take approval for compassionate use device exemptions (CUDE). However, recently in 2018 the U.S. food and drug administration has approved first ever artificial iris implant CustomFlex, which is specifically used in aniridia patients. 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.

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Artificial iris Market: Drivers and Restraints

The growing number of clinical trials in the U.S. subject to use of artificial iris implants in treating various eye defects and recent food and drug administration (FDA) approval for the first ever artificial iris implant in the U.S. are expected to be the major factors driving the growth of the artificial iris market over the forecast period of 2018–2028. The growing number of eye defects such as congenital aniridia, cosmetic issues, traumatic iris loss etc. in general population is expected propel the demand for artificial iris market over the forecast period.

Besides, a number of artificial iris implants are still under clinical trials phase in the North America region especially in the United States. Which is further anticipated to offer growth opportunities for global artificial iris market. However, side effects associated with implant procedure and number of regulatory restrictions for the use of artificial iris implants is expected to hamper the growth of the global artificial iris market.

Artificial iris Market: Segmentation

Artificial iris Market: Overview

The global artificial iris market is anticipated to show steady growth as the market is still in the initiation phase. Due to increasing demand for the artificial iris implants in North American region manufacturers are mainly focused on clinical trials and development of new iris implants to take advantage of the current market opportunity. Growing incidences of aniridia and other iris defects is increasing majorly in elderly patients.

Hence, with the growing global population, predominantly geriatric population who are more susceptible to have an eye disorders, the market for the artificial iris will probably expand at a steady pace. The recent approval by FDA for artificial iris in the US market for CustomFlex by HumanOptics is foreseen as the of the new market opportunity in the region. Subsequently, it is anticipated to fuel the competition in the artificial iris market.

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Artificial iris Market: Regional Outlook

Geographically, the global artificial iris market are segmented into North America, Latin America, Europe, CIS & Russia, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). Europe is expected to be the dominant regional market for artificial iris owing to the segregation of manufacturers in the region and prolonged history of artificial iris implant surgeries in the European countries. Increasing number of healthcare facilities and medical tourism in Asia-Pacific excluding Japan is expected to offer lucrative growth opportunities.

The artificial iris market in the North America is expected to grow significantly due to the increasing incidents of eye defects coupled with rising inclination towards minimally invasive eye surgery. North America is expected to hold second large share in the global artificial iris market throughout the forecast period.

Artificial iris Market: Key Players

The global market for artificial iris is consolidated with limited number of players, mostly from Europe. Examples of some of the key players operating in the global artificial iris market are Morcher (Germany), Ophtec (Netherlands), HumanOptics (Germany), Intelligent Medical Implants GmbH, and Eye-yon Medical, among others. Majority of these companies have their artificial iris implant in clinical trials.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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