Artificial Retina Market Boosting Technologies, Industry Growth, Demand Status, Trends
Increase in government spending on healthcare sector, strategic acquisitions and partnership agreements between key market players for deeper product penetration and technology transfer, huge investment in R&D activities by large companies and increase in research, increase in incidence of numerous visually impaired patients. Ophthalmology disciples are other aspects that will drive the growth of the artificial retina market in the coming years. Growing geriatric population and increase in vision-related problems and increasing prevalence of retinitis pigmentosa disorders are the major factors driving the market growth. Statistics from the National Eye Institute (NEI) show that 1 in every 4,000 individuals worldwide suffers from retinitis pigmentosa.
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As retinitis pigmentosa (RP) is a genetic eye disease, the rod photoreceptor cells found in the retina gradually degenerate and can lead to vision loss. Artificial retina devices are small devices that contain microelectrodes. This artificial device is implanted in the eyes of patients who are blind due to retinal diseases. After the device is implanted, a small camera placed on the glasses sends signals to the eyes and wirelessly captures images to a microprocessor that helps the patient see clearly. The purpose of implanting an artificial retina in the eye is to restore restricted vision by allowing people to read during mobility, improve vision, and help recognize individuals. The device is made of a carbon nanotube biomimetic film and hosts accessories including a transmitter and video processing unit. Artificial retina refers to a minimally invasive surgical device that is applied in the treatment of vision-related problems including age-related macular degeneration (ARMD) and retinitis pigmentosa.
Technological Advances and New Product
Researchers and scientists have developed the world's first type of artificial retina with flexibility and ultra-thin dimensions manufactured using 2-D materials that have the potential to restore vision to millions of people with retinal diseases. Additionally, artificial retina has been a boon to the medical device sector as it creates better options for the visually impaired, which explains the growth of the market. Recent technological developments and extensive research and development activities and individual efforts of dedicated scientists to offer vision-related solutions to the nearly 285 million population of blind patients are expected to propel the artificial retina business growth.
The growing number of ophthalmology clinics will provide huge growth opportunities for the artificial retina market as these clinics are credited with better medical diagnosis and efficient supervision of eye-related diseases and effective surgeries, modern technology and infrastructure, and regular eye care treatments.
Main Advantages
· Analytical depiction of the global artificial retina market with current trends and future forecasts to determine near-term investment pockets.
· Information related to key drivers, restraints, and opportunities along with a detailed analysis of the global artificial retina market share.
· The present market is quantitatively analyzed to shed light on the growth scenario of the global artificial retina market from 2020 to 2027.
· Comprehensive global artificial retina market analysis based on competitive intensity and how the competition will shape up in the coming years.
Key Market Players
- Second Sight,
- Nano Retina,
- Optobionics,
- Retina Implant AG,
- Bionic Vision Australia,
- Pixium Vision,
- Intelligent Medical implants,
- Nidek Co. Ltd.,
- Aetna Inc.
- Medtronic
