The artificial retina market trends show excellent signs of improvement and the industry leaders predict that the market is expected to grow at a huge CAGR of 23.89% during the ongoing forecast period of 2020-2025. By the end of the period in 2028, the global artificial retina market is expected to reach a final market valuation worth USD 24,712.5 million. The artificial retina can be understood as a minimally invasive device that helps treat vision problems prevalent amongst various consumer groups. These are equipped to wirelessly send the signals that help in creating images that are possible to be seen by the users.
COVID 19 Analysis of Artificial Retina Market
The pandemic is a situation that has created a mass public panic followed by deliberate changes in the lifestyle and health preferences as the increased rate of spread followed by fatality is questioning the people about their immunity and respiratory systems. The initial cases were not very severe and were treatable. But, the development of variants and dire consequences like the dropping of oxygen levels is something that took a toll on the lives of the common man. The imposition of lockdown by various global governments led to the skilled people move from one place to another and the businesses were unable to operate because of the absence of labor and the reliable resources to meet the production demand and maintain a proper flow of the supply chain mechanism. Also, the demand was declining as people were focusing more on meeting their necessities like food and medicine.
Hence, to help the artificial retina market revive its operations post the pandemic hit the international borders, the governments have been rolling schemes and regulations to support the functioning of the research and development departments. The artificial retina projects that were at a standstill are now functional and the market players are focusing on developing qualitative solutions that prove to be advantageous for the global target audience during the forecast period of 2021-2028.
Artificial Retina Market Dynamics
The National Eye Institute (NEI) statistics highlight that every 1 in 4,000 individuals are suffering because of retinitis pigmentosa in various global regions. There has been an increase in the incidences of people that suffer from vision impairment issues. For the same, governments across the world are spending on the development of healthcare sectors that promise the artificial retina market to grow at an excellent rate during the period that ends in 2028.
However, there are some issues with which the global artificial retina market growth during the forecast period is coupled. There are existing problems that involve patent issues and the high expenditure associated with the research and development activities on the way will restrain the artificial retina market from growing as per the predictions during the period.
There has been a substantial increase in the number of ophthalmic clinics worldwide combining with the technological advancements that will help in the growth of immense opportunities regarding the artificial retina market for the forecast period that ends in 2028. These clinics are often attributed to the availability of better medical diagnosis and efficient supervision of the diseases that are related to the eye. Also, advancements for effective surgeries and modern technology and infrastructure will help the artificial retina market grow at an excellent rate during the period.
Global Artificial Retina Market, by End User, 2018 & 2025 (USD Million)
Source: MRFR Analysis
Artificial Retina Market Segment Overview
Based on the aim of the competitive market players for the growth of the artificial retina market size, it’s better to understand the market functioning through its segments that are a part of various global locations. The market has been segmented based on the following:
Based on the product type:
The artificial retina market deals in products like epiretinal implants, suprachoroidal implants, and subretinal implants.
Based on the retinal disorder types:
The artificial retina market discusses retinal disorders like retinitis pigmentosa, and age-related macular degeneration (AMD).
Based on distribution channels:
Based on the demand of the target audience and their location in various mushrooming global locations, the market players opt for distribution channels like retail pharmacies, specialty ophthalmology clinics, healthcare centers, and hospitals, amongst others.
Based on the geographical regions:
The artificial retina market has been functional in 5 major regions across the globe for the forecast period. These regions are the North American region, European countries, the APAC region, Latin America, and the Middle East and Africa (MEA).
Asia-Pacific Artificial Retina Market Share, 2025 (%)
Source: MRFR Analysis
Artificial Retina Market Regional Analysis
As far as the regional perspective for the artificial retina project, there has been heavy investment in the research and development activities that have given rise to massive regional competition especially during the forecast period that ends in 2028. Based on the prevalent trends, the report predicts that the European region is likely to come across and give rise to lucrative opportunities that will help the market cover its revenue pocket very well. There is a massive rise in research and development investments and the keen focus of the market players that are a part of this region is the development of medical technology. In December 2020, a Complutense University of the research led by Madrid made strides in solving the issues related to AMD-related blindness.
The rising competition in the global artificial retina market is likely to present the market with positive attributes for growth during the forecast period that ends in 2028. The prominent market players are as follows:
The artificial retina market report helps in discussing the market dynamics like drivers and opportunities that will help the market cover the losses during the pandemic and opt for massive growth during the forecast period that ends in 2028. The report highlights the performance of the segments that are parallel with the rise in the vibrant demands and needs of the target audience. The report highlights the work of the competitive market players in the form of the recent developments undertaken by them during the period that ends in 2028.
Global Artificial Retina Market is projected to grow at a 2.1% CAGR between 2020-2027.
Global Artificial Retina Market is predicted to touch USD 102.9 million by 2023.
Increasing public healthcare expenditure is boosting market growth
Different end user industries of the Artificial Retina Market include eye hospitals, and research laboratories
Key contenders profiled in the artificial retina market include Bionic Vision Australia, Retina Implant AG (Germany), SECOND SIGHT (US), PIXIUM VISION (France), and Nano Retina (Israel.