Global Ocular Prosthesis Market Insights Forecasts to 2033

• The Global Ocular Prosthesis Market Size was Valued at USD 1.3 Billion in 2023.
• The Market Size is Growing at a CAGR of 8.35% from 2023 to 2033
• The Worldwide Ocular Prosthesis Market Size is Expected to Reach USD 2.9 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the Forecast period

The Global Ocular Prosthesis Market Size is Anticipated to Exceed USD 2.9 Billion by 2033, Growing at a CAGR of 8.35% from 2023 to 2033.

Market Overview

An ocular prosthesis, improves the appearance of people who have lost an eye due to illness or injury. The high cost of therapy, combined with the availability of relatively cheaper treatments, is expected to drive market growth. However, low-cost artificial eye implantation procedures and other technological advancements in the production of these prosthetics will boost industry growth during the forecast period. The global ocular prosthesis market's growth can be attributed to the increasing demand for ocular prosthesis in hospital and clinic applications around the world. There are lucrative opportunities in the ocular prosthesis market at the country level.

Report Coverage

This research report categorizes the market for the global ocular prosthesis market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global ocular prosthesis market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global ocular prosthesis market.

Driving Factors

The market has witnessed a wide range of technological advancements during the forecast period. Also, many technological trends are currently being tested for feasibility around the world for people suffering from severe vision loss caused by the dry atopic form of age-related macular degeneration. Similarly, the introduction of microinvasive glaucoma technology is expected to increase demand for glaucoma patients. Furthermore, there are various types of implacable ocular prostheses available on the market, including glass, plastic, and scleral shell. For those who have suffered eye damage, the ocular prosthesis provides facial aesthetic appeal. There are various types of implacable ocular prostheses available on the market, including glass, plastic, and scleral shell. Hence, the growing trend toward the use of ocular prosthetic plastic or acrylic is boosting the market for ocular prosthesis.

Restraining Factors

The primary factors hampering the growth of the global ocular prosthesis market include stringent regulatory approvals combined with the most recent product recalls. Despite the growing prevalence of cataracts, glaucoma, and other ocular disorders, certain factors limit the use of ocular prosthesis. Lower treatment rates and accessibility of such devices in developing countries are significant limitations to market growth. Furthermore, the stringent regulatory approval process limits the timely introduction of products to the market which may also hamper the market growth during the forecast year.

Market Segmentation

The global ocular prosthesis market share is classified into type, application, and region.

• The plastic or acrylic prosthetic eye segment is expected to hold the largest share of the global ocular prosthesis market during the forecast period.   

Based on the type, the global ocular prosthesis market is categorized into glass prosthetic eye and plastic or acrylic prosthetic eye. Among these, the plastic or acrylic prosthetic eye segment is expected to hold the largest share of the global ocular prosthesis market during the forecast period. The main advantage of a plastic or acrylic prosthesis is that it is more durable than one made of glass.  Concerning the lifetime of the eye prostheses, it should be noted that although a plastic prosthesis is more affordable and durable.

The hospital segment is expected to hold the largest share of the global ocular prosthesis market during the forecast period.   

Based on the application, the global ocular prosthesis market is categorized into hospital, clinic, and others. Among these, the hospital segment is expected to hold the largest share of the global ocular prosthesis market during the forecast period. This is owing to the increasing number of patients opting for ophthalmic surgeries in hospitals as compared to clinics and specialty eye institutes. The rising incidence of refractive disorders, as well as increased spending on healthcare infrastructure, are expected to drive the hospital segment growth over the forecast period.

Regional Segment Analysis of the Global Ocular Prosthesis Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global ocular prosthesis market over the predicted timeframe.

North America is projected to hold the largest share of the global ocular prosthesis market over the forecast period. The rising incidence of eye disorders, sedentary lifestyles, and key players' increased focus on launching products in North America are all major factors driving ocular prosthesis market growth in this North American region. Furthermore, a favorable reimbursement scenario and the availability of technologically advanced products in the region are likely to sustain its growth over the forecast period.

Asia Pacific is expected to grow the fastest in the global ocular prosthesis market during the forecast period. The growth can be attributed to developing countries, such as China and India, which are expected to experience the fastest growth in Asia Pacific as the geriatric population grows significantly. According to China's seventh population census, people aged 60 and up accounted for more than 18.7% of the total population. Other factors driving market growth include an increasing diabetic population, an increase in cataract surgeries, and rising personal and government spending on eye care, which may drive segmental growth during the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global ocular prosthesis market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Bausch & Lomb Inc. (Bausch Health Companies Inc.)
• STAAR Surgical Company
• Morcher GmbH
• Hoya Corporation
• Glaukos Corporation
• Gerresheimer AG
• Alcon Inc.
• Johnson & Johnson
• Carl Zeiss AG
• Shandong Pharmaceutical Glass Co. LTD
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development 

• In June 2022, EyePoint Pharmaceuticals, Inc., pSivida, a Pharmaceutical Company, has received Chinese regulatory approval for an implant to treat a type of eye inflammation, making it the first company in the country to receive approval based solely on real-world data.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Global Ocular Prosthesis Market based on the below-mentioned segments: 

Global Ocular Prosthesis Market, By Type

• Glass Prosthetic Eye
• Plastic or Acrylic Prosthetic Eye

Global Ocular Prosthesis Market, By Application

• Hospital
• Clinic
• Ambulatory Surgical Centers
• Others

Global Ocular Prosthesis Market, By Region

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• Uk
• France
• Italy
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia Pacific
• South America
• Brazil
• Argentina
• Rest of South America
• Middle East & Africa
• UAE
• Saudi Arabia
• Qatar
• South Africa
• Rest of the Middle East & Africa