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Artificial Retina Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

A10878
Pages: NA
Jun 2021 | 41 Views
 
Author(s) : Onkar Sumant
Tables: NA
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COVID-19

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Artificial retina refers to a minimally invasive surgical device that is implemented in the treatment of vision-related problems including age-related macular degeneration (ARMD) and retinitis pigmentosa. Retinitis pigmentosa (RP) being an inherited eye disease, causes gradual degeneration of rod photoreceptor cells found in retina and may result in severe impairment of vision. Artificial retina devices are small devices comprising of an array of microelectrodes. This artificial device is implanted in the eyes of patients suffering with blindness owing to retinal diseases. After implanting the device, the small camera placed on the eyeglasses sends signals to eyes, and wirelessly sends signals to microprocessor as well to procure an image that helps the patient to see clearly. The purpose of implanting artificial retina in the eyes is to restore the restricted vision that allows people to read during mobility, improve the vision and aid in recognizing individuals. The device is composed of carbon nanotube biomimetic film and hosts accessories including transmitter and video processing unit.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

Product Type, Retinal Disorder Types, Distribution Channels and Region

  Regions covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

Second Sight, Nano Retina, Optobionics, Retina Implant AG, Bionic Vision Australia, Pixium Vision, Intelligent Medical implants, Nidek Co. Ltd., and Aetna Inc.

 

COVID – 19 scenario analysis: 

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses.
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth.
  • Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers.
  • Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to artificial retina has been reduced and this segment have to face negligence subsequently causing negative impact on artificial retina market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The growing geriatric population coupled with increase in vision-related problems and increasing prevalence of retinitis pigmentosa disorders are the key factors driving the market growth. The National Eye Institute (NEI) statistics highlight that around 1 in every 4,000 individuals are suffering due to retinitis pigmentosa around the world. Increase incidences of people with numerous visually impaired patients along with rise in government expenditure on healthcare sector, strategic acquisitions and partnership agreements among major market players for deep product penetration and technology transfer, heavy investment in R&D activities by major firms, and rise in research in the disciple of ophthalmology are the other aspects that would fuel the market growth of artificial retina in coming years. Collaborations between major firms in retinal medical devices and governments has facilitated in the commencement of Artificial Retina Project by Department of Energy. This has shown promising results in developing innovative solutions to tackle vision-related disorders and would comfort many visually impaired individuals. Furthermore, innovative product launches and technological advancements would also contribute to the market development in near future.

Although the industry would witness notable growth, several factors including cumbersome regulatory scenario coupled with issues involving patent, and high expenditure in R&D may affect the growth and restrain the market.

The growing numbers of ophthalmic clinics would offer immense growth opportunities for artificial retina market as these clinics are attributed with better medical diagnosis and efficient supervision of eye-related diseases and effective surgeries, modernized technology and infrastructure, and regular eye care treatment.

Increasing prevalence of eye-related disorders to amplify growth

Increasing prevalence of eye-related disorders causing visual impairments in the population along with growing spend healthcare expenditure across developed and emerging economies would stimulate the growth of retinal care market. U.S. government statistics stat that the healthcare segment may contribute almost 20% towards the total GDP. Additionally, drastic rise toward the healthcare sector can be observed pertaining to integration of Obamacare and Medicare in the country. As per the National Center for Biotechnology Information (NCBI), in the U.S., prevalence of ARMD is estimated to grow to 22 million by 2050, and globally to reach almost 288 million by 2040. Currently, a population of 285 million people featuring visually impaired individuals worldwide, would create avenues for development.

Independent research estimates recommend that there were more than 100,000 individuals affected due to RP in the U.S. These high numbers of people suffering with eye-related ailments would ensure significant market growth.

Technological advances and new product approvals to foster the growth

The recent technological advents owing to extensive research and development activities and individual efforts by certain scientists to offer innovative solutions related to vision for blind patients population of almost 285 million people is further expected to boost the artificial retinal business growth. Moreover, researchers and scientists innovated the world's first-of-its-kind artificial retina attributed with flexibility and ultra-thin dimensions produced using 2-D materials which has potential to restore vision for millions of individuals with retinal diseases. Additionally, artificial retina has proved to be a boon for the medical device sector creating better alternatives for the vision affected people, thereby elucidating the market growth. The first major breakthrough for the market came with Argus II Retinal Prosthesis System that is an implant used in treatment of patients suffering with retinitis pigmentosa (RP). Product innovation and technical advents in the field of ophthalmology would drive the artificial retina market.

Key segments:

Segments

Sub-segments

  Product Type

  • Epiretinal Implants
  • Subretinal Implants
  • Suprachoroidal Implants
  • Others

  Retinal Disorder Types

  • Age-related Macular Degeneration (AMD)
  • Retinitis Pigmentosa

  Distribution Channels

  • Hospitals
  • Retail Pharmacies
  • Specialty Ophthalmology Clinics

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report:

  • This study presents the analytical depiction of the global artificial retina market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global artificial retina market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global artificial retina market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global artificial retina market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the artificial retina Market research report:

  • Which are the leading market players active in the artificial retina market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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