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Artificial Retina Market Size
Artificial Retina Market size is projected to expand at substantial CAGR from 2024 to 2032, owing 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 also cause severe visual impairment, further 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. 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 to increase the reach of its AI product platform that is equipped with additional disease indications and innovative care coordination.
However, the high costs of artificial retina, technological challenges, and potential risks associated with surgical procedures may restrain the market expansion to some extent.
Artificial Retina Market Trends
The rising advancements in microelectrode technology for driving better visual outcomes will also contribute to the industry progression. The integration of AI for enhancing signal processing and improving device performance along with the ongoing research in optogenetics for enabling light-sensitive proteins to stimulate retinal cells will also show promise for future developments.
The increasing collaborations between research institutions and market players is further fueling innovations in the industry. The pursuit of wireless communication is driving the increased patient acceptance of retinal implants. Additionally, efforts to improve biocompatibility, reduce device size, and improve surgical techniques.
Artificial Retina Market Analysis
The market is segmented into epiretinal, subretinal, suprachoroidal, and other implants. The subretinal implant segment will account for a sizeable revenue share by 2032. The rising usage of these implants is mainly attributed to the advantages offered by them when compared to their counterparts.
Unlike the traditional epiretinal implants, subretinal implants do not need external cameras to capture different images. These implants also have a higher concentration of electrodes for creating more vibrant dark and light images, to improves visual resolution. These benefits will prompt more patients to opt for subretinal implants.
Artificial retina market share from the ophthalmic clinics end-use segment is projected to witness significant growth from 2024 to 2032, due to the increasing adoption of retinal implants for treating vision impairment. Increasing advancements in surgical techniques, growing prevalence of retinal diseases, and the increasing aging population will fuel the product demand in the ophthalmic 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 the 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 to provide world-class eye care by focusing on various research & development initiatives.
The Europe artificial retina market size is projected to expand at significant CAGR from 2024 to 2032. The expansion can be attributed to the increasing prevalence of retinal diseases, advancements in medical technology, and rising investments in healthcare infrastructure. Additionally, the growing aging population and awareness about artificial retina technologies.
Artificial Retina Market Share
Several business strategies, such as R&D programs, partnerships, and mergers & acquisitions are increasingly practiced by leading industry players to maintain a dominant global position. For instance, Nidek specializes in providing wide range of equipment for the diagnosis and treatment of retinal diseases, glaucoma, and other vision-impairing diseases.
Some of the major artificial retina companies are:
- Pixium Vision
- Nano Retina (Rainbow Medical)
- Bionic Vision Technologies
Artificial Retina Industry News:
- In July 2022, Nidek Co., Ltd. secured a 90% ownership stake in ophthalmic devices firm Nidek Medical S.R.L. This strategic acquisition aims to enhance collaboration and synergies between Nidek Co., Ltd. and Nidek Medical for fostering greater success for both entities.