Worldwide Trends on Artificial Retina Market 2021- Global Size, Segments, Industry Growth and Recent Trends by Forecast to 2023

Research Reports

Jan 23, 2021

Artificial Retina Market Synopsis:

According to the analysis published by Market Research Future (MRFR), the global artificial retina market Global Artificial Retina Market is expected to register a CAGR of 23.89% to reach USD 24,712.25 Million by 2025. The valuation of the market is predicted to reach USD 102.9 Mn towards the end of 2023. The global market is at a nascent stage and is prognosticated to be driven by the rising prevalence of eye disorders.

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At present, approximately 40 million people are completely blind whereas 280 million people have visual impairment. Also, extensive research & development are being undertaken globally for capitalizing on the current gap between demand and supply of advanced eye care facilities. This, in turn, is prognosticated to motivate the growth of the artificial retina market over the next couple of years.

Retinitis pigmentosa (RP) is one of the major disorders responsible for causing blindness. Around 1.5 million people are suffering from the disease and are on the verge of losing complete eyesight. Manufacturers of artificial retinas are focusing on collaborations and partnerships with healthcare organizations for the expansion of their market presence.

Artificial Retina Market Segmentation:

By type of retinal implant, the global artificial retina market has been segmented into epiretinal implants, and subretinal implants.

By end-user, the artificial retina market has been segmented into eye hospitals, research laboratories, and others.

Regional Insights:

The global artificial retina market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Rest of the World. Among these, North America is presently the largest market for artificial retina. It is likely to expand at a healthy pace over the forecast period. The growth can be ascribed to the adoption of novel technologies in the healthcare sector. In addition, the rising patient pool coupled with easy reimbursement policies are likely to drive the expansion of the artificial retina market in the forthcoming years.

Europe is expected to hold the second largest share of the artificial retina market. The factors such as rising healthcare expenditure, firm support by the government for research & development, and the consolidation of developed economies are poised to fuel demand for artificial retina in the region.

Asia Pacific is estimated to become the fastest growing regional artificial retina market. The region covers a constantly evolving healthcare sector backed by the governments. Also, the boom witnessed in the medical tourism of the fast-developing economies coupled with technological developments are poised to propel the expansion of the artificial retina market.

The Middle East & Africa is expected to exhibit limited growth owing to the poor socio-economic conditions of the African regions. However, the developed healthcare sector of the Middle Eastern countries is likely to influence the expansion of the artificial retina market positively over 2023.

Competitive Dashboard:

Some of the key players profiled in this report are Second Sight (US), Retina Implant AG (Germany), Nano Retina (Israel), Pixium Vision (France), Bionic Vision Australia.

Industry News:

In August 2018, Pixium Vision, France, announced that its Prima miniature wireless photovoltaic sub-retinal implant is activated in first five patients and helped them see the light.

In August 2018, researchers from Seoul National University in South Korea, and University of Texas at Austin, the U.S., have developed the first of its kind ultrathin artificial retina that drastically improves visualization technology for the blind people.

In December 2018, Indian Institute of Science (IISc), an institute for research and higher education in science, has signed a Memorandum of Understanding (MoU) with Western Sydney University (WSU), Australia, for the for expanding their ongoing research scope in the area of Neuromorphic engineering. Their ongoing neuromorphic researches include neuromorphic implementation of the retina.

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