As per a study by Fact.MR, the global the artificial retina market is projected to demonstrate a steady growth during the forecast year 2021-2031.
Ongoing technological advancements and consequent demand for effective treatment for retinitis pigmentosa will drive artificial retina market
As per a study by Fact.MR, the global the artificial retina market is projected to demonstrate a steady growth during the forecast year 2021-2031. Increasing prevalence of visually impairing diseases such as diabetic retinopathy, retinal pigmentosa, and age-related macular degeneration (AMD) are driving the growth of the artificial retina market.
According to National Eye Institute, in the U.S., the number of people suffering from diabetic retinopathy is estimated to nearly double from 7.7 million to 14.6 million between 2010 and 2050. As artificial retina is proven as an effective solution for diabetic retinopathy, the demand for artificial retina is expected to soar.
Retinitis pigmentosa is one of the most common inherited diseases of retinopathies. It is affects nearly 1 in every 3,500 people in the U.S. and Europe, as per a study by the U.S. National Library of Medicine. Thus, the demand for effective treatment to curb the rising incidence of the disease will create growth opportunities for the artificial retina market.
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North America is leading the global artificial retina market, which is attributable to the presence of a developed healthcare infrastructure in the region and the increasing investment in research and development (R&D) initiatives.
“Leading market players are investing in R&D for developing innovative products and emphasizing on receiving product approvals from regulatory authorities to expand their market share. Consequently, acquisitions and strategic collaborations have emerged as key strategies adopted by the market players,” says the Fact.MR analyst.
Key Takeaways
- In North America, the U.S. accounts for the largest market share on the back of favorable reimbursement policies and the increasing number of visually impaired individuals.
- Europe has emerged as the second leading market in the global artificial retina market. Presence of key market players and highly developed healthcare infrastructure are the factors driving the market growth in the region.
- Asia Pacific is expected to emerge as the next big market for key players owing to the presence of more than 55% of the global visually impaired population.
- Middle East & Africa is demonstrating a sedate growth due to the high cost associated with the procedure and less awareness about the treatments.
Key Drivers
- Growing prevalence of diabetic retinopathy and retinal pigmentosa is fueling the demand for the artificial retina.
- Rising technological advancement in the field of eye treatment procedures will drive the market.
- Increasing awareness about novel treatment is expected to escalate the growth of the artificial retina market.
Key Restraints
- High cost incurred on artificial retina procedure is hampering the market growth.
- Less treatment adoption due to poor economic conditions is restraining the market growth in developing economies.
- Lack of skilled professionals for the artificial retina procedure is negatively affecting the growth of the market
Competitive Landscape
Leading manufacturers and suppliers operating in the artificial retina market profiled by Fact.MR includes Medtronic, Nano-Retina, Second Sight, Aetna Inc., PIXIUM VISION, and Optobionics. Some of these market players are focusing on receiving regulatory product approvals and engaging in strategic collaborations to increasing their funding to strengthen the market footprints. For instance,
- Altris, Inc., launched it new product named, Standard Functionality, and announced that they had received the CE Mark approval for the product in 2019.
- In 2019, Singapore-based Leben Care, which specializes in automated analysis of retina image using AI algorithms, received funding from IP Ventures.
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More Insights on the Artificial Retina Market
Fact.MR offers unbiased analysis of the artificial retina market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (epiretinal model, suprachoroidal model, subretinal model, and others), application (diabetic retinopathy, age-related macular degeneration (AMD), and retinal pigmentosa), end user (ophthalmic centers, hospitals, research institutes, multi-speciality clinic, and others), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR