Artificial Retina Market size is predicted to expand at a notable pace during the forecast period of 2023-2032 due to the rising global incidence of eye-related disorders. According to the U.S. Centers for Disease Control and Prevention (CDC), around 12 million people in the country, falling in the age category of 40 years and above, suffer from vision impairment. Many ocular ailments can cause severe visual impairment, thereby increasing healthcare expenditure on the creation of innovative ophthalmological treatments.
One of the key factors driving the artificial retina market progress is the growing investments in a wide range of ophthalmological R&D projects and technologies across the world. Several companies are taking significant steps to decrease the prevalence of blindness by launching technologically advanced products. For instance, in October 2022, Eyenuk announced that it had secured funds worth USD 26 million in its Series A investment round.
The company will use the fresh funds to increase the reach of its AI product platform that is equipped with additional disease indications and innovative care coordination. These developments may support the demand for artificial retinas, further fueling the market revenue.
In terms of implant, artificial retina market is segmented into epiretinal, subretinal, suprachoroidal, and other implants. The subretinal implant segment will account for a sizeable industry expansion by 2032. The rising usage of these implants is mainly attributed to the advantages offered by them when compared with their counterparts.
Unlike the traditional epiretinal implants, subretinal ones do not need external cameras to capture different images. These implants also have a higher concentration of electrodes, thereby creating more vibrant dark and light images, which in turn, improves visual resolution. These benefits will prompt more patients to opt for subretinal implants.
Based on end-use, global artificial retina market is divided into hospitals, ophthalmic clinics, research institutes, and others. The market size from the ophthalmic clinic segment is expected to record a significant CAGR through 2032. The growing occurrence of eye diseases has increased the patient footfall across these clinics.
Moreover, ophthalmic clinics offer patients access to a variety of innovative medical devices and facilities. The network of these clinics is also expanding at a robust pace to cater to the needs of a growing patient population. For example, in December 2022, UC Davis Health opened a new, state-of-the-art eye facility, the Ernest E. Tschannen Eye Institute. The new facility will provide world-class eye care by focusing on various research & development initiatives.
Europe artificial retina market will witness a robust increase in its valuation during the analysis timeline as the region is heavily investing in massive R&D projects to develop innovative medical technologies.
Some of the major companies involved in global artificial retina industry include Pixium Vision, Nano Retina (Rainbow Medical), and Bionic Vision Technologies, among many others. Numerous business strategies, such as R&D programs, partnerships, and mergers & acquisitions are being employed by these organizations to maintain a leading position in the market.