ID: MRFR/MED/2095-CR | February 2020 | Region: Global | 82 pages
Global Artificial Retina Market is expected to register a CAGR of 23.89% to reach USD 24,712.25 Million by 2025. Artificial retina is a minimally invasive device used to treat vision problems such as age-related macular degeneration and retinitis pigmentosa. The artificial retina implanted into the eye receives signals from the small camera located on the eyeglasses, and wirelessly sends signals to the microprocessor to create an image that the patient can see clearly.
The increasing geriatric population with a vision problem and rising prevalence of retinitis pigmentosa diseases is expected to drive the market growth. According to the National Center for Biotechnology Information, 2016, the prevalence of ARMD in the US is anticipated to be about 22 million by 2050, and the global prevalence is expected to be nearly 288 million by 2040. The growing technological advancements and product launches are also anticipated to drive the market growth.
Global Artificial Retina Market, by End User, 2018 & 2025 (USD Million)
Source: MRFR 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 (AMD) and retinitis pigmentosa.
The global artificial retina market, based on the end-user, has been segmented into ophthalmic centers and hospitals.
Asia-Pacific Artificial Retina Market Share, 2025 (%)
Source: MRFR 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 region is likely to dominate the global artificial retina market. This can be attributed to the rising cases of retinitis pigmentosa and a growing geriatric 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 in which around 10% to 15% are neovascular (wet) AMD and ~ 85% to 90% nonexudative (dry) AMD. Moreover, increasing healthcare expenditure is also expected to drive market growth.
The European market for artificial retina is estimated to be the second-largest during the review period. The growing population with a vision problem and increasing healthcare expenditure 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 and had a partial vision problem. Additionally, increasing prevalence of vision impairment and growing healthcare expenditure for eye care is further fueling the market growth.
Asia-Pacific is estimated to be the fastest-growing market owing to the presence of largely populated countries such as China and India, increasing per capita income, and the increase in the number of ophthalmic hospitals and clinics in this region. According to the World Blind Union Asia Pacific Region 2018, it was reported that in China, more than 35 million people have some disability, out of which 17.5 million are vision impairment which includes blindness and various other disabilities. Moreover, increasing geriatric population is also positively affecting the market growth.
The market in the Middle East & Africa is expected to witness steady growth due to investment by healthcare companies and government initiatives to provide healthcare facilities.
The Prominent Players in the Global Artificial Retina Market are Second Sight (US), Pixium Vision (France), and Optobionics (US).
Some of the key strategies followed by players operating in the global artificial retina market were agreements and product approvals & launch.
Global Artificial Retina Market, by Product
Global Artificial Retina Market, by Indication
Global Artificial Retina Market, by Distribution Channel
Global Artificial Retina Market, by Region
Available Additional Customizations
Frequently Asked Questions (FAQ) :
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.