Artificial Iris Market Size, Share, Growth, Trends, and Global Industry Analysis:  By Type (Fiber, Fiber Free), By Age Group (Adult, Pediatric), By Application (Therapeutic, Cosmetic), By End-user (Public Hospitals, Private Hospitals) and Region

Artificial Iris Market size was valued at US$ 16.5 million in 2023 and is poised to grow at a significant CAGR of 9.7% from 2024-2030. The natural pupil regulates how much light enters the eye, and those with abnormalities of the pupil or iris may see glare or haloes in intense natural or artificial light. Patients may also want to have their abnormally dilated pupils treated because they are self-conscious about their appearance. Artificial Iris has evolved as a solution to these problems. The rise in the geriatric population, age-related eye abnormalities, and rising demand for minimally invasive surgical treatments may all be factors driving the adoption of the artificial iris.

The United Nations defines population aging as a demographic shift resulting in a higher proportion of older adults. While population aging is speeding up, growth is slowing in some regions and nations. Around 962 million people, or 13% of the world's population, were predicted to be 60 or older as of 2017. An estimated 3% of the population turns 60 or older each year. Other sections of the world will also experience rapid aging, and by 2050, every continent outside Africa will have a population of at least 25% older than 60. Furthermore, according to estimates, there will be 1.4 billion older people globally by 2030, 2.1 billion by 2050, and 3.1 billion by 2100.

Additionally, according to two extensive Scandinavian investigations, between 1 in 40,000 and 72,000 live newborns are found to have classical aniridia. Moreover, 1 in 2077 live births resulted in ocular coloboma. As a result, the market for artificial iris will continue to rise at a constant rate due to the expanding worldwide population, primarily composed of geriatric people who are more prone to eye illnesses. It is therefore anticipated that it will increase competition in the artificial iris sector.

Key Developments

In February 2020, Human Optics AG received health insurance approval for its artificial iris Customflex Artificial Iris in the United States.