Artificial Iris Market Set for Rapid Growth and Trend, by 2019-2027

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.

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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

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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.

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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

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.

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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

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