Global Artificial Retina Market: Industrial Analysis

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Global Artificial Retina Market was valued $xx Mn in 2019 and is expected to $24,715 Mn by 2026, at a CAGR of xx% during the forecast period.
Global Artificial Retina Market Introduction

Individuals who are blind due to retinal diseases have an artificial retina implanted into their eyes. Retinitis pigmentosa (RP) is an inherited eye disorder that causes the rod photoreceptor cells in the retina to degenerate over time, resulting in severe vision loss. According to the World Health Organization (WHO), nearly 1.3 billion people are estimated to have some form of vision impairment. As a result, the market for artificial retina is expected to see significant growth over the forecast period due to the rising prevalence of visually impaired patients.
Global Artificial Retina Market Dynamics

A key artificial retina market trend is product innovation. Over the last few years, the ophthalmic industry has become more competitive. Established ophthalmic product categories have matured, resulting in a small market opportunity for new entrants. In order to increase their global business presence, most companies are focusing on price level strategy. However, during the forecast period, the pricing trend may benefit the company on a smaller scale. The majority of major players stand to benefit from investing in R&D activities in order to take advantage of long-term lucrative opportunities resulting from patent products and innovative technologies.

In recent years, the artificial retina market has seen the emergence of a number of startups, particularly in the high-growth markets of the United States and Israel. In the near future, artificial retina would generate value-oriented customers for these manufacturers. In the near future, the eye care market is expected to grow due to the rising prevalence of visually impaired people combined with rising healthcare expenditure in both developed and developing countries. According to government statistics, the healthcare sector is expected to contribute around 20% to the overall GDP in the United States. Furthermore, due to the implementation of Medicare and Obamacare in the country, healthcare spending has increased. In Europe, a similar trend is evident, albeit at a slower rate.

Medical device companies' joint collaboration with government-sponsored projects is expected to drive the artificial retina market even further. The DOE Artificial Retina Project, for example, is a US government initiative to develop artificial retinas for visually impaired people. Though the industry is expected to grow at an exponential rate, the industry's regulatory process, coupled with patent issues and high R&D spending, may slow overall growth in the coming years. Before entering into a market, companies must evaluate their business models and economic concerns.
Global Artificial Retina Market Segment Analysis

Over the forecast period, the epiretinal implants segment is expected to account for a significant revenue share of xx%. Epiretinal implants are placed on the top surface of the retina, directly stimulating ganglion cells and bypassing all other retinal layers to introduce visual information into the retina. The Argus retinal prosthesis, also known as a bionic eye, was the first epiretinal implant. It is an electronic retinal implant designed to improve the vision of people with severe cases of retinitis pigmentosa (RP). In the coming years, the above-mentioned factors are expected to drive epiretinal implant segment growth.

In the years ahead, the demand for artificial retina in ophthalmic clinics is expected to increase significantly. Ophthalmic clinics specialize in the medical diagnosis and management of complex eye-related diseases, and they provide surgeries, cutting-edge infrastructure, and routine eye care. Ophthalmic clinics also provide advanced eye care treatments such as the Argus II, a retinal implant that restores partial vision to people with late-stage retinitis pigmentosa. Furthermore, the presence of trained healthcare professionals in these facilities is expected to boost artificial retina market growth during the forecast period.

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Global Artificial Retina Market Regional Insights

Over the forecast period, the artificial retina market in the United States is expected to grow at a healthy rate. The US government's increased spending on healthcare research and development is a major driver of the artificial retina market's growth. In addition, the collaboration between the US government and major medical device manufacturers aided in the launch of the Artificial Retina Project. This is a multi-institutional effort to advance the development of an implantable microelectronic retinal prosthesis with the goal of assisting many visually impaired people. Furthermore, the growth of the artificial retina industry in the United States is expected to be aided by an increase in the number of vision-impaired people, as well as increased public awareness of advanced treatment options.

Because of the rising number of visually impaired people in the country, the artificial retina market in India is expected to grow significantly over the forecasted timeframe. Several government initiatives, such as the Ministry of Health and Family Welfare's (MHFW)-sponsored "National Program for Control of Blindness and Visual Impairment," have been working for years to raise community awareness of blindness and visual impairment. Furthermore, in the near future, India's artificial retina industry is expected to benefit from increased government support, improved healthcare infrastructure, and rapid economic development.

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Global Artificial Retina Market Report Scope: Inquire before buying

Global Artificial Retina Market, by Region

• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Artificial Retina Market Key Players

• Aetna Inc.
• Bionic Vision Australia
• BrightFocus Foundation
• Kurzweil Network
• Nano Retina
• Optobionics
• Pixium Vision
• Retina Consultants of Boston
• Retina Implant AG
• Second Sight
• Orient Europharma Co., Ltd
• Tecnosalud SA
• Life Care
• Altris, Inc.

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