Normally, eyes should give a lifetime’s service, but sometimes they can be affected by conditions you were born with or which develop as you grow older. Eye or sight problems can occur at any time. Retinal degeneration is one of the sight problems. Retinal degeneration is major reason for blindness in humans and no clinical treatments can cure this medical condition. Retinitis pigmentosa (RP) is rare and inherited eye disorder that causes progressive degeneration of the rod photoreceptor cells of the retina which leads to blindness. Artificial retina is new hope for blind people and helps blind person to see objects. Artificial retina is placed either in the internal surface of the retina or outer surface of retina. There are around 1.5 million people suffering from retinitis pigmentosa which ultimately causes blindness. Approximately, 280 million people with visual impairment and about 40 million people are completely blind.
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Artificial retina manufacturers are making huge financial investments in R&D which is leading to new and innovative product development resulting in driving the growth for the market in turn. According to a recent study report published by the Market Research Future, The Global Market of Artificial Retina is growing steadily and is expected to continue its growth in the near future. Global artificial retina market is expected to grow to US$ 102.9 million by 2023 at CAGR of 2.1%.
Artificial retina manufacturers are collaborating with hospitals to provide product and service which is key driver for the market. MRFR Analysis indicates that Product innovation is a key trend followed in artificial retina market.
Increasing prevalence of visually impaired population coupled with growing healthcare expenditure across developed and developing countries alike is expected to propel the growth of Artificial Retina market in the recent future. A various statistics indicate that, the healthcare sector is expected to contribute substantially towards the overall GDP. Moreover, there has been increase in healthcare spending owing to implementation of Medicare worldwide. Additionally, joint collaborations of medical device companies with government initiated projects are providing an added impetus to the market growth of the global Artificial Retina Market.
However, cumbersome regulatory process coupled with patent related issues, and high R&D expenditure is anticipated to pose a challenge to the market growth.
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Players operating in the market are emphasizing on price level strategy in order to enhance their business presence worldwide. However, the pricing trend could potentially benefit the company on a shorter scale during the forecast period. Most major players stand to gain from investing in R&D activities to capitalize on long-term lucrative opportunities due to patent products and innovative technologies.
Profiled in MRFR Analysis some of the key players in this market are:
- SECOND SIGHT (US)
- Nano Retina (Israel)
- Retina Implant AG (Germany)
- PIXIUM VISION (France)
- Bionic Vision Australia
Artificial Retina Global Market – Segments
The Artificial Retina Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type of Retinal Implant : Comprises Epiretinal Implants, Subretinal Implants, and others.
Segmentation By End User : Comprises Eye hospitals, Research laboratories, and Others.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Artificial Retina Market – Regional Analysis
Considering the global scenario of the market, North America is believed to be the largest market for artificial retina. Moreover the European market is also growing and second largest market for artificial retina. This is primarily attributed to robust healthcare infrastructure and high spending on healthcare R&D in these regions. The healthcare industry in North America is undergoing major transformation following the implementation of various healthcare reforms. Moreover, the region is home to over 10 million visually impaired population seeking effective treatment. Every year, 50 thousand people go blind in North America. Advancements in development of artificial retina is projected to create lucrative growth opportunities for market players in the region.
On the other hand, Asia-Pacific market is expected to grow at the fastest pace in the artificial retina during the forecasted period. Rest of the World is likely to have a limited but steady growth in the artificial retina market.
The region is home to over half of the global visually impaired population. However, the artificial retina market in the region is projected to grow at relatively slower pace through the forecast period. The region is expected to be primarily driven by high demand in Japan, followed by China and India, respectively.
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The report for Global Artificial Retina Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information and strategies of the top key players in the industry. The report also gives a broad study of the different markets segments and regions.
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