Global Artificial Retina Market – Overview
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.
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However, cumbersome regulatory process coupled with patent related issues, and high R&D expenditure is anticipated to pose a challenge to the market growth.
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. According to a recent study report published by the Market Research Future, The Global Market of Artificial Retina is growing steadily and is expected to continue its growth in the near future. Global Artificial Retina Market is expected to grow to US$ 102.9 million by 2023 at CAGR of 2.1%.
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
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.
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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