Artificial Retina is new hope for blind people and helps blind person to see objects. Artificial retina is placed either in the internal surface of the retina or outer surface of retina. There are around 1.5 million people suffering from retinitis pigmentosa which ultimately causes blindness. Approximately, 280 million people with visual impairment and about 40 million people are completely blind. Artificial Retina manufacturers are making huge financial investments in R&D which is leading to new and innovative product development resulting in driving the growth for the market in turn.
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Artificial Retina manufacturers are collaborating with hospitals to provide product and service which is key driver for the market. MRFR Analysis indicates that Product innovation is a key trend followed in artificial retina market.
Increasing prevalence of visually impaired population coupled with growing healthcare expenditure across developed and developing countries alike is expected to propel the growth of Artificial Retina market in the recent future. A various statistic indicates that, the healthcare sector is expected to contribute substantially towards the overall GDP. Moreover, there has been increase in healthcare spending owing to implementation of Medicare worldwide. Additionally, joint collaborations of medical device companies with government-initiated projects are providing an added impetus to the market growth of the global Artificial Retina Market.
However, cumbersome regulatory process coupled with patent related issues, and high R&D expenditure is anticipated to pose a challenge to the market growth.
Global Artificial Retina Market – Key Players
Some of the key players in this market are:
- Second Sight (US)
- Nano Retina (Israel)
- Retina Implant AG (Germany)
- Pixium Vision (France)
- Bionic Vision Australia
In August 2018
Pixium Vision, France, announced that its Prima miniature wireless photovoltaic sub-retinal implant is activated in first five patients and helped them see the light.
In August 2018
Researchers from Seoul National University in South Korea, and University of Texas at Austin, the U.S., have developed the first of its kind ultrathin artificial retina that drastically improves visualization technology for the blind people.
In December 2018
Indian Institute of Science (IISc), an institute for research and higher education in science, has signed a Memorandum of Understanding (MoU) with Western Sydney University (WSU), Australia, for the for expanding their ongoing research scope in the area of Neuromorphic engineering. Their ongoing neuromorphic researches include neuromorphic implementation of the retina.
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Artificial Retina Market – Study Objectives
- To provide detailed analysis of the market structure along with forecast for the next 6 years of the various segments and sub-segments of the Global Artificial Retina Market
- To provide insights about factors affecting the market growth
- To analyze the Artificial Retina Market based on various factors such as price analysis, supply chain analysis, Porters Five Forces analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- Americas, Europe, Asia-Pacific, and Middle East & Africa.
Global Artificial Retina Market – Segments
The Artificial Retina Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type of Retinal Implant: Comprises Epiretinal Implants, Subretinal Implants, and others.
Segmentation By End User: Comprises Eye hospitals, Research laboratories, and Others.
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Global Artificial Retina Market – Regional Analysis
Considering the global scenario of the market, North America is believed to be the largest market for artificial retina. Moreover, the European market is also growing and second largest market for artificial retina. On the other hand, Asia-Pacific market is expected to grow at the fastest pace in the artificial retina during the forecasted period. Rest of the World is likely to have a limited but steady growth in the Artificial Retina Market.
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