Artificial Retina Market Overview - 2031
The global artificial retina market size was valued at $2,711.4 Thousand in 2021 and is projected to reach $5,878.4 Thousand by 2031, registering a CAGR of 8.3% from 2022 to 2031.
Artificial retinas are devices that are implanted in the eye to help restore some vision in people who have retinal diseases or injuries. These devices convert visual information into electrical signals that are then sent to the brain, bypassing the damaged part of the retina. There are a few different types of artificial retinas, including those that use a camera and a small machine to process visual information, and those that use electrodes to directly stimulate the remaining cells in the retina. Retinal implants are of three types i.e., subretinal implant, epiretinal implant, and suprachoroidal implant. artificial retina is implanted in those patient that are suffering from retinal diseases such as retinitis pigmentosa, age-related macular degeneration and others.
Market Dynamics
The artificial retina market is expected to witness growth during the analysis period, owing to varied products which are in development currently and are expected to be launched in the next 4-5 years and an increase in prevalence of retinal diseases such as retinitis pigmentosa, diabetic retinopathy. For instance, according to an article published by National Library of Medicine, in August 2022, retinal dystrophy affects 1 in every 4000 people in the U.S., making retinal dystrophy the most common inherited disease of retina. Therefore, a rise in prevalence of retinitis pigmentosa is expected to propel the growth of the market during the forecast period.
In addition, the rise in geriatric population that are vulnerable to eye diseases drives the growth of artificial retina market during the forecast period. For instance, according to the review article “Macular Degeneration” of National Library of Medicine, published in August 2022, age-related macular degeneration (ARMD) is the most common cause of blindness prevalent in developed countries, particularly in people older than 60 years. According to same source, AMRD accounts for 8.7% of all types of blindness worldwide. According to the article published in Geriatric Ophthalmology, in January 2021, 3.6 million individuals, or 18% of people over the age of 70 were visually impaired.
Furthermore, the rise in technological advancement and increase in research and development activities by market key players boost the growth of the market during the forecast period. For instance, PIXIUM VISION, an innovative bionic vision systems company, developing a PRIMA implant (sub-retinal implant) and the implant IRIS II, the only epi-retinal implant with 150 electrodes, intended for patients who have lost sight because of retinitis pigmentosa (RP). In addition, Axorus a France company, engaged in development of subretinal implant for many patients suffering from age-related macular degeneration and retinitis pigmentosa. Therefore, the rise in research and development activities is expected to drive the growth of artificial retina market during the forecast period.
Moreover, the rise in funding for the research and development regarding artificial retina drives the growth of artificial retina market. For instance, in June 2020, LambdaVision, Inc. was selected by NASA for a Small Business Innovation Research (SBIR) Phase II award and received funding of $750,000. The support from NASA will help the company in the development of its protein-based artificial retina.
However, the high cost of artificial retina and disadvantages of retinal implant such as conjunctival erosion, retinal detachment, loss of light perception, and the need for revision surgery restraints the growth of artificial retina market.
COVID-19 Impact on Artificial Retina Market:
Nearly all industries have been impacted by the global public health pandemic COVID-19. The COVID-19 outbreak impacted the distribution of medical care across the globe. During the pandemic disruption in clinical research, production, development, and supply of retinal prosthesis affected the growth of the medical device business of companies. Furthermore, patient visits in ongoing clinical trials have been delayed during the pandemic, due to prioritization of hospital resources toward the COVID-19 outbreak, travel restrictions imposed by governments, and the inability to access sites for initiation and monitoring. For instance, according to the annual report of Vivani Medical Inc, in December 2020, clinical trial for a retina implant designed to restore vision in blind people, to the clinical sites at UCLA (University of California, Los Angeles) and Baylor College of Medicine were temporarily put on hold due to COVID-19.
However, the artificial retina market is expected to witness growth during the forecast period. This is attributed to various factors such as increase in funding for healthcare, increase in R&D activities, economies are recovering, and increase focus in the field of ophthalmology and retina. Furthermore, as the pandemic subsides and many people have vaccinated, it is likely that elective surgeries and non-emergency procedures has resume, which could help the artificial retinal implants market recover during the forecast period. Moreover, many companies which are conducting clinical trials of innovative retina implants are expected to launch their new products in the upcoming next 3 to 4 years, which will drive the growth of artificial retina market during the forecast period.
Segmental Overview
The artificial retina market is segmented on the basis of product type and region. Based on product type, the market is classified into epiretinal implants, subretinal implants, and others (suprachoroidal implants and scleral cavity implant). Region wise, the market is analyzed across North America and LAMEA.
By Product Type
The subretinal implant segment holds a dominant position in 2021 and would continue to maintain the lead over the forecast period. Owing to availability of subretinal implant, rise in R&D activities for developing advanced Subretinal Implants, and increasing the demand for subretinal implant.
Product Type
Based on product type the artificial retina market is segmented into epiretinal implants, subretinal implants, and others (suprachoroidal implants and scleral cavity implant). On the basis of product type, the market is classified into epiretinal implants, subretinal implants and others. The subretinal implants segment was the highest revenue contributor to the market in 2021 and is the fastest growing segment during the forecast period, owing to availability of subretinal implant, and rise in R&D activities for developing advanced subretinal implants. In addition, subretinal implant has various advantages over epiretinal implants such as subretinal implant does not require any external hardware beyond the implanted micro photodiodes array and have simple design.
By Region
North America has the highest market share in 2021, and is expected to maintain its lead during the forecast period, owing to higher adoption of advanced retina implant, rise in geriatric population suffering from vision impairment diseases such as age-related macular degeneration, availability of well-developed healthcare infrastructure, and increase in prevalence of retinitis pigmentosa.
Regional Analysis
The artificial retinal implants market is studied across North America, and LAMEA. North America accounted for a major share of the artificial retina market in 2021 and is expected to maintain its dominance during the forecast period. The presence of several major players, such as Altris, Inc, Optobionics, LambdaVision, Inc., and Vivani Medical Inc. and advancement in manufacturing technology of artificial retina in the region drive the growth of the market. Furthermore, the rise in number of aged individuals who are highly susceptible to age-related macular degeneration, macular hole, retinal detachment, and the existence of a sophisticated reimbursement structure that aims to reduce expenditure levels, drives the growth of the market. Hence, such factors propel market growth. In addition, the presence of well-established healthcare infrastructure, high purchasing power, and rise in the adoption rate of artificial retina are expected to drive the market growth.
LAMEA is expected to grow at the highest rate during the artificial retina market forecast period. The artificial retina market growth in this region is attributed to rise in prevalence of retinitis pigmentosa, the prevalence of diabetic retinopathy and entry of key players in this region. For instance, Nano Retina, an Israel company engaged in development of advanced nanotechnology devices, offers NR600 Implant (epiretinal implant). The NR600 is a retinal prosthetic system intended to provide electrical stimulation to the retina to induce visual perception in patients with severe to profound vision loss due to degenerative retinal disease. The system consists of an autonomous epiretinal implant with penetrating electrodes, glasses and a clinician station.
Competition Analysis
Competitive analysis and profiles of the major players in the artificial retina market, such as Altris, Inc., Axorus, Bionic Vision Technologies, Labtician Ophthalmics, Inc., LambdaVision, Inc., Nano Retina, Nidek Co., Ltd., Optobionics, Pixium Vision, and Vivani Medical Inc. are provided in this report.
There are some important players in the market such as Bionic Vision Technologies, LambdaVision, Inc., Nidek Co., Ltd., and Vivani Medical Inc. have adopted innovation as key developmental strategy to improve the product portfolio of the artificial retinal implants market.
Some examples of product approval in the market
In March 2021, the Center for Devices and Radiological Health (CDRH) of the U.S. Food and Drug Administration (FDA) approved the Argus 2s Retinal Prosthesis System developed by Second Sight Medical Products, Inc. Argus 2s is a redesigned set of external hardware (glasses and video processing unit) to be used in combination with previously implanted Argus II systems for the treatment of retinitis pigmentosa (RP). Argus II, and now Argus 2s, are approved under a humanitarian device exemption (HDE).
Some examples of funding in the market
In June 2020, LambdaVision, an innovative biotechnology company developing a novel treatment to help patients regain sight, has been selected by NASA for a Small Business Innovation Research (SBIR) Phase II award, worth $750,000 over two years. With the continued support of NASA, LambdaVision will advance the development of its protein-based artificial retina. This award complements a recent $5M NASA Commercialization Award received by LambdaVision and its partner, Space Tango, for continued work on the International Space Station (ISS) to establish pilot-scale production systems for artificial retina and other future biomedical applications.
Some examples of acquisition in the market
In July 2022, Nidek Co., Ltd. acquired 90% shares of Nidek Medical S.R.L., a sales and service company of ophthalmic devices. This acquisition will help the company to increase the success between Nidek Medical and Nidek.
Some examples of partnership in the market
In September 2021, Bionic Vision Technologies announced a strategic partnership with Cirtec Medical company, a U.S. medical technology company. Under this partnership, Cirtec will assist Bionic Vision Technologies to develop and manufacture the next-generation bionic eye system.
Artificial Retina Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Region |
|
 Key Market Players | Altris, Inc., Pixium Vision,, Bionic Vision Australia,, Bionic Vision Technologies, Labtician Ophthalmics, Inc., Nano Retina, Vivani Medical Inc., Optobionics, Nidek Co. Ltd.,, LambdaVision, Inc., Nano Retina,, Nidek Co., Ltd., Axorus, Retina Implant AG,, Aetna Inc., Optobionics,, Medtronic, Second Sight,, Pixium Vision, Intelligent Medical implants, |
Analyst Review
In accordance to several interviews conducted, the artificial retina market is expected to witness healthy growth with the rise in research and development for minimally invasive artificial retina systems. In addition, an increase in the number of geriatric populations suffering from age-related macular degeneration leads to high adoption of artificial retina implants which are expected to significantly boost the growth of the artificial retina market. However, the high cost of retinal prosthetics and adverse effects of retinal implantation limit the growth of the market.
According to perspective of CXO’s of leading companies in the market, the global artificial retina market is expected to exhibit high growth potential attributable to factor such as increase in funding from various companies and government sectors to conduct clinical studies for development of artificial retina and increase in research and development activities in ophthalmic industry.
The CXOs further added that North America is expected to witness the highest growth, in terms of revenue, owing to increase in the demand for recently approved artificial retina systems and increase in prevalence of age-related macular degeneration are expected to boost the demand for artificial retina in this region. However, LAMEA is expected to register fastest CAGR during the forecast period due to development of healthcare facilities, increase in research activities for developing low-cost artificial retina systems, and rise in public–private investments in the healthcare sector.
The total market value of the Artificial retina market is $2,711.4 thousand in 2021.
The forecast period for Artificial retina market is 2022 to 2031
The market value of Artificial retina market in 2021 is $5,878.4 thousand.
The base year is 2021 in Artificial retina market
Top companies such as Altris, Inc., Axorus, Bionic Vision Technologies, Labtician Ophthalmics, Inc., LambdaVision, Inc., Nano Retina, Nidek Co., Ltd., Optobionics, Pixium Vision, and Vivani Medical Inc. held a high market position in 2021.
The subretinal implants segment was the highest revenue contributor to the market in 2021 and is the fastest growing segment during the forecast period
An increase in the prevalence of the retinal diseases such as retinitis pigmentosa, diabetic retinopathy, age-related macular degeneration and a rise in technological advancement is anticipated to drive the market in the forecast period.
Yes, the Artificial retina market report provides PORTER Analysis
Artificial retinas are the medical devices used for restoration of sight in retinal degenerative diseases. There are different types of retinal implants available in the market and some are under development such as subretinal implant, epiretinal implant, and others.
COVID-19 outbreak is anticipated to have a negative impact on the artificial retina market in the fiscal year of 2020. Major market players have witnessed a decline in sales, which proves that the market was significantly affected by COVID-19 and the growth of artificial retina declined in 2020.
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