Retinal implants have proven its mettle as a breakthrough therapy
in the treatment of visual impairment. The global retinal implants market is
perceived to be growing at a recurring rate and is expected to reach high
revenue figures in the coming years, as per the analysis of Market Research
Future (MRFR). The global retinal
implant market has been flourishing on account of the widespread prevalence of
eye disorders across the globe. Growing cases of retinal disorders have induced
high demand for retinal implants since they aid in the restoration of vision.
Retinal implants have demonstrated significance for application in eye
disorders which were once far-off impossible to achieve. The fact that these
devices can be implanted with minimally invasive procedures has added to its
popularity and driven the market. The rise in geriatric population is a crucial
factor driving the growth of the retinal implant market. Owing to various
health insufficiencies, the aging population is more susceptible to acquiring visual
impairment and require Retinal
implant Market Trends.
Retinal implants have proven its mettle as a breakthrough therapy
in the treatment of visual impairment. The global retinal implants market is
perceived to be growing at a recurring rate and is expected to reach high
revenue figures in the coming years, as per the analysis of Market Research
Future (MRFR). The global retinal implant market has been
flourishing on account of the widespread prevalence of eye disorders across the
globe. Growing cases of retinal disorders have induced high demand for retinal
implants since they aid in the restoration of vision. Retinal implants have
demonstrated significance for application in eye disorders which were once
far-off impossible to achieve. The fact that these devices can be implanted
with minimally invasive procedures has added to its popularity and driven the
market. The rise in geriatric population is a crucial factor driving the growth
of the retinal implant market. Owing to various health insufficiencies, the
aging population is more susceptible to acquiring visual impairment and require
retinal implant.
Substantial investment in R&D activities by various medical
device manufacturers and governments have led to the development of advanced
retinal implants which can be successfully implanted in patients. Extensive
clinical trial activities have also contributed to the growth of the market.
Few retinal implants have already cleared clinical trials, and many more are
underway which is expected to spur the market in the future. In addition, the
rise in a number of FDA approvals has been a plus for the growth of the global
retinal implants market.
A large number of retinal implants are due for approval and patent
from various regulatory authorities, the market stores opportunities for
expansion. Also, expected expansion in reimbursement coverage for retinal
implants is also expected to augment the market in the coming years. Other
driving factors include the rise in the prevalence of degenerative diseases and
raising awareness regarding the availability of the device which raises adoption.
However, lack of skilled medical professionals with adequate knowledge of
performing surgery and stringent and complex FDA approval process remains a
significant hurdle for the growth of the global retinal implants market. High
costs associated with retinal implants, the risk of biocompatibility and
unknown long-term efficacy of the product are also expected to hinder adoption.
Segmentation
The global retinal implants market has been segmented into device
type, disease indication, and end user. By device type, the market has been
segmented into retina implant alpha AMS, Argus II, implantable miniature
telescope, and others. By disease indication, the market has been
segmented into age-related macular degeneration (AMD) and retinitis pigmentosa.
By end user, the market has been segmented into multi-specialty hospitals,
ophthalmic clinics, and research institutes.
Regional Analysis
North America, Europe, Asia Pacific, and the Rest of the World are
the key markets for retinal implants. North America accounts for a substantial
share of the global market. Higher availability of the product, improving
reimbursement scenario and higher affordability in the region supports the
growth of the North America market for retinal implants. Presence of highly
skilled surgeons to perform immensely complex surgical procedure also
accelerates adoption in the region.
In Europe, the market is driven by an increase in R&D
activities and the expansion of clinical trials.
Presence of developing countries such as India, China, and Japan,
who outlay massive amounts on healthcare expenditure, coupled with growing
disposable income and affordability supports the growth of the market in Asia
Pacific.
Rest of the World market is expected to fare well in the coming
years since various market players are foraying into the untapped regions to
leverage the potential they offer for market expansion.
Competitive Landscape
Second Sight Medical Products, Inc.; Retina Implant AG,
VisionCare, Inc., Bionic Vision Australia (BVA), Bionic Eye Technologies,
Inc., and Visus Technology, Inc. are the key players operating in the global
retinal implants market.
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