The Increasing Prevalence of Retinitis Pigmentosa Diseases is Expected to Boost the Growth of the Global Artificial Retina Market at a CAGR of 25.10% During the Forecast Period of 2023 to 2030

Pune, India, February 2023, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Artificial Retina Market.

Market Highlights

Global Artificial Retina Market is expected to register a CAGR of 25.10% during the forecast period (2023-2030), with a market value of USD 33.8 Billion by 2030. Artificial retina is a minimally invasive device that is used to treat vision problems such as age-related macular degeneration and retinitis pigmentosa. The artificial retina implanted into the eye receives signals from a small camera located on the eyeglasses and wirelessly sends signals to the microprocessor to create an image that the patient can see clearly.

Segment Analysis

The Global Artificial Retina Market has been segmented by Type, Indication, and End User. The market, based on type, has been bifurcated into epiretinal implants, subretinal implants, and suprachoroidal implants.

Based on indication, the artificial retina market has been segregated into age-related macular degeneration and retinitis pigmentosa.

The global artificial retina market, based on the end-user, has been segmented into ophthalmic centers and hospitals.

Regional Analysis

The Global Artificial Retina Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The Americas are likely to dominate the global artificial retina market. This can be attributed to the increasing healthcare expenditure and the growing aging population with age-related macular degeneration. According to the American Academy of Ophthalmology, it is estimated that currently, about 15 million people in North American are living with age-related macular degeneration, of which around 10% to 15% are neovascular (wet) AMD and ~ 85% to 90% nonexudative (dry) AMD. Moreover, the rising cases of retinitis pigmentosa are also expected to drive market growth in the region.

The European market for artificial retina is expected to be the second-largest during the review period. A growing population with a vision problem and the growing geriatric population is expected to boost the growth of the regional market. According to the Royal National Institute of Blind People, it was reported that in 2017, around 350,000 people in the UK were registered to be blind or had a partial vision problem. It is also estimated that people with sight loss would increase to 2.7 million by 2030 in the UK. Additionally, the increasing prevalence of vision impairment and growing healthcare expenditure for eye care is also fueling the market growth in Europe.

Asia-Pacific is estimated to be the fastest-growing market owing to the growing geriatric population in Asian countries. According to the report published by the United Nations in 2015, the number of people aged 60 years or above in the world is predicted to grow by 56% between 2015 and 2030. About 66% of the older population out of the total global population would also reside in the Asia-Pacific region. Moreover, the increasing number of ophthalmic hospitals and clinics in this region is also positively affecting the market growth.

The market in the Middle East & Africa is expected to witness steady growth due to the adoption of new innovative technologies by the Middle East and increasing investment by healthcare companies & government initiatives to provide healthcare facilities.

Explore In-depth Details: Artificial Retina Market Research Report

Key Findings of the Study

• The Global Artificial Retina Market is estimated to reach USD 33.8 Billion by 2030 at a CAGR of 25.10% during the assessment period

• The Americas accounted for the largest share of the global artificial retina market due to the rising cases of retinitis pigmentosa

• Based on type, the epiretinal implants segment is expected to account for the largest market share of 79.2%

• Based on indication, the age-related macular degeneration segment is expected to account for the largest market share of 72.1%

• On the basis of end user, the ophthalmic centers segment is expected to account for the largest market share of 65.7%

• Some of the players operating in the artificial retina market are Second Sight, Pixium Vision, and Optobionics, among others

Key Players

MRFR recognizes the following companies as the Key Players in the Global Artificial Retina Market— Second Sight (US), Pixium Vision (France), and Optobionics (US).