Artificial Retina Market: Increase in the number of visually impaired individuals is boosting the market
Artificial retina is a device which consists of an array of microelectrodes. The device is implanted into the eyes of people who are blind due to retinal diseases. The development of artificial retina is to restore limited vision that enables people to read during mobility and to recognize individuals. Artificial retina has proved to be a breakthrough invention for the medical device industry, as it has provided hope to approximately 285 million visually impaired patients across the globe. The device is made up of carbon nanotube biomimetic film with accessories such as a transmitter and a video processing unit. The global artificial retina market witnessed its first major breakthrough with Argus II Retinal Prosthesis System (approved by U.S. FDA), which is a first implant device used to treat patients with retinitis pigmentosa (RP). Product innovation in the field of ophthalmology is key for the innovation in the treatment. Major players are increasing investment in research and development in this market with the emergence of high competition in the ophthalmic industry, patent approvals, and innovation.
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Increase in prevalence of visually impaired patients combined with government expenditure on health care, mergers and acquisitions of companies for technology transfer, investment in R&D by key players, and rise in geriatric population and increase in research in the field of ophthalmology are factors which are projected to drive the growth of the global artificial retina market. Collaboration between U.S. governments with key players of medical devices has helped in the initiation of Department of Energy's Artificial Retina Project. This has ignite hope for many visually impaired individuals. However, stringent regulatory approval processes, patent related issues, high cost of products, and high R&D expenditure are restraining the growth of the global artificial retina market.
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The global artificial retina market is segmented by disease indication, type of retinal implant systems, end-user, and geography. Based on the disease indication, market is segmented into age-related macular degeneration (AMD) and retinitis pigmentosa. Based on the type of retinal implant systems, the artificial retina market is segmented into epiretinal implants and subretinal implants. In terms of end-user, the market is categorized into multi-specialty hospitals, ophthalmic clinics, and research institutes.
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Geographically, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds a significant share in the global artificial retina market. This is attributed to well-structured health care infrastructure and increase in spending on research and development in the field of health care by the government. In addition, favorable Medicare reimbursement policies and increase in the number of visually impaired individuals are boosting the market growth of health care in the region. According to the U.S. government statistics, health care contributes approximately 20% in the overall GDP. Europe is the second leading contributor in the global artificial retina market. Awareness about advancement in the medical technology, improved per capita spending, presence of key players, and investment from governments in research and development are important factors for the growth of the market in Europe. Asia Pacific is an emerging market for artificial retina. According to statistics, 55% of visually impaired patients worldwide is from Asia Pacific and the rate of RP is high in the region. Economic development and increasing government in countries such as India are projected to boost the growth of the Asia Pacific market. Japan is leading in advancement in medical technology, which is estimated to drive the Asia Pacific market furthermore. Latin America and Middle East & Africa are slow emerging markets for artificial retina owing to high cost incurred in the procedure, slow growing economic condition, and less awareness regarding the procedure.
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Key players operating in the global artificial retina market are Nano-Retina, Second Sight, Aetna Inc., PIXIUM VISION, and Optobionics.
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