Fact.MR – A Market Research and Competitive Intelligence Provider: According to a Fact.MR report, the global artificial retina market is expected to grow at a stable rate between 2021 and 2031.
Rising Incidences of Diabetic Retinopathy & Retinal Pigmentosa to Propel the Demand for Artificial Retina
The global artificial retina market study conducted by Fact.MR offers insights into key drivers and upcoming opportunities in the market over the forthcoming decade. The report also highlights key factors influencing artificial retina demand outlook in terms of test and end user through 2031.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to a Fact.MR report, the global artificial retina market is expected to grow at a stable rate between 2021 and 2031. The artificial retina market is growing because to the rising frequency of vision-impairing illnesses such as diabetic retinopathy, retinal pigmentosa, and age-related macular degeneration (AMD).
Between 2010 and 2050, the number of persons suffering from diabetic retinopathy in the United States is expected to nearly double, from 7.7 million to 14.6 million, according to the National Eye Institute. Artificial retina is projected to become more popular as it has been demonstrated to be a successful treatment for diabetic retinopathy.
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One of the most prevalent inherited retinopathies is retinitis pigmentosa. According to a research by the US National Library of Medicine, it affects almost 1 in every 3,500 people in the United States and Europe. As a result, the artificial retina industry will benefit from increased need for effective treatments to combat the disease's rising incidence.
North America currently leads the worldwide artificial retina market, owing to the region's robust healthcare infrastructure and increased investment in research and development (R&D) activities.
“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:
- The United States has the greatest market share in North America, thanks to advantageous reimbursement rules and an increasing number of visually impaired people.
- Europe is expected to be the world's second-largest artificial retina market. The presence of important market participants and a well-developed healthcare infrastructure are driving the region's market expansion.
- Due to the existence of more than 55% of the global visually impaired population, Asia Pacific is likely to emerge as the next large market for important businesses.
- Growth is slowing in the Middle East and Africa, owing to the high expense of the operation and a lack of understanding about the treatments.
Key Drivers
- The artificial retina is in high demand due to the rising prevalence of diabetic retinopathy and retinal pigmentosa.
- The market will be driven by rising technical advancements in the realm of eye treatment procedures.
- As people become more aware of new treatments, the artificial retina market is projected to rise.
Key Restraints
- The market's growth is being hampered by the high cost of artificial retina procedures.
- Market expansion in developing economies is being stifled by lower treatment adoption due to weak economic conditions.
- The artificial retina procedure's expansion is being hampered by a scarcity of skilled professionals.
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Competitive Landscape
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.
Some of the leading manufacturers and suppliers of the artificial retina include
- Medtronic
- Nano-Retina
- Second Sight
- Aetna Inc.
- PIXIUM VISION
- Optobionics
More Valuable Insights on Artificial Retina Market
Fact.MR, in its new report, offers an unbiased analysis of the global artificial retina market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on artificial retina market with detailed segmentation:
By Product Type
- Epiretinal Model
- Suprachoroidal Model
- Subretinal Model
- Others
By Application
- Diabetic retinopathy
- Retinal Pigmentosa
- Age-Related Macular Degeneration (AMD)
By End-user
- Ophthalmic Centers
- Hospitals
- Research Institutes
- Multi-Speciality clinic
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
Explore Fact.MR’s Coverage on the Healthcare Domain –
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Source: Fact.MR