Artificial Retina Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4175
Artificial Retina Market size is projected to experience significant growth from 2019 to 2025.
Artificial retina is implanted into the eyes of individuals who are blind due to retinal diseases. Retinitis pigmentosa (RP) is an inherited eye disorder that causes progressive degeneration of the rod photoreceptor cells of the retina and may lead to severe vision impairment. According to the National Eye Institute (NEI), nearly 1 in 4,000 people are affected by retinitis pigmentosa globally. Also, according to the World Health Organization (WHO), it is projected that nearly 1.3 billion individuals live with some form of vision impairment. Thus, increasing prevalence of visually impaired patients will create significant demand for artificial retina market in the forecast period.
Artificial retina manufacturers are making a huge financial investment in research & development (R&D), thus, leading to novel and advanced product development, further driving the market growth. The current innovative developments by various scientists to provide vision to blind patients is further anticipated to support the artificial retinal industry growth. Moreover, researchers developed the world's first ultra-thin artificial retina, a flexible device made using 2-dimensional materials, that can restore sight to millions of people with retinal diseases. Furthermore, artificial retina has proved to be a breakthrough invention for the medical device industry creating alternative for the blind people, thereby offering robust industry growth over the forthcoming years.
However, high cost associated with the artificial retina implantation, that is not cost-effective by low and middle-income class population will impede the market growth to some extent. Moreover, presence of stringent regulatory policies may limit the product approvals, thereby restraining the artificial retina market growth in the coming years.
Epiretinal implants segment is anticipated to hold significant revenue share over the estimation period. Epiretinal implants are placed on the top surface of the retina thus, introducing visual information into the retina by directly stimulating ganglion cells and avoiding all other retinal layers. As a result, these implants can provide visual insight to individuals even if all the other retinal layers have been impaired. The first epiretinal implant, Argus retinal prosthesis also called as a bionic eye, is an electronic retinal implant designed to improve the vision of people with severe cases of retinitis pigmentosa (RP). The above-mentioned reasons will boost epiretinal implants segment growth in the coming years.
The demand for artificial retina in ophthalmic clinics is projected to grow at a substantial rate over the forthcoming years. Ophthalmic clinics are specialized in the medical diagnosis and supervision of complex eye-related diseases and offer surgeries, state-of-the-art infrastructure, and routine eye care treatment. Additionally, ophthalmic clinics offer advanced eye care treatment with modality such as the Argus II, a retinal implant that provides partial sight for individuals with late-stage retinitis pigmentosa. Moreover, availability of trained healthcare professionals in these facilities will accelerate artificial retina market growth in the estimation period.
U.S. artificial retina market is projected to witness lucrative growth over the forecast period. Increasing spending on research and development in the field of healthcare by the U.S. government acts as a major driver for the artificial retina market growth. Additionally, collaboration between the U.S. government with major players of medical devices has helped in the initiation of the Artificial Retina Project. This project is a multi-institutional effort to develop an implantable microelectronic retinal prosthesis further, with an aim to assist many visually impaired individuals. Moreover, rising number of vision impaired people coupled with growing awareness levels amongst the public regarding advanced treatment will boost the U.S. artificial retina industry growth.
India artificial retina market will show momentous growth during the projected timeframe owing to growing number of visually impaired population in the country. Several government initiatives such as “National Programme for Control of Blindness & Visual Impairment”, a sponsored scheme from Ministry of Health and Family Welfare (MHFW) is working since numerous years to enhance community awareness on eye care in India. Moreover, increasing government support, improvisation of healthcare infrastructure and rapid economic development will accelerate India artificial retina industry growth in the foreseeable period.
Some of the key players operating in the global artificial retina market include Nano Retina, Retina Implant AG, Pixium Vision and Bionic Vision Australia among other players. Major strategic alliances adopted by industry players include mergers & acquisitions, partnerships, collaborations, and strategic agreements to enhance financial stability and company growth. Additionally, novel product launch in developed, as well as developing countries by these enterprises, enable them to serve a broader customer base.
Artificial Retina Market, by Type, 2014-2025 (USD Million)
- Epiretinal Implants
- Subretinal Implants
- Suprachoroidal Implants
Artificial Retina Market, by End-use, 2014-2025 (USD Million)
- Ophthalmic Clinics
- Research Institutes
The above information is provided for the following regions and countries:
- North America
- The Netherlands
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Aetna Inc.
- Bionic Vision Australia
- Nano Retina
- Pixium Vision
- Retina Implant AG
- Second Sight
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