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According to the analysis published by Market Research Future (MRFR), the Global Artificial Retina Market is projected to expand at a slow pace striking a CAGR of 2.1% during the forecast period. The valuation of the market is predicted to reach USD 102.9 Mn towards the end of 2023. The global market is at a nascent stage and is prognosticated to be driven by the rising prevalence of eye disorders.At present, approximately 40 million people are completely blind whereas 280 million people have visual impairment. Also, extensive research & development are being undertaken globally for capitalizing on the current gap between demand and supply of advanced eye care facilities. This, in turn, is prognosticated to motivate the growth of the artificial retina market over the next couple of years.
Retinitis pigmentosa (RP) is one of the major disorders responsible for causing blindness. Around 1.5 million people are suffering from the disease and are on the verge of losing complete eyesight. Manufacturers of artificial retinas are focusing on collaborations and partnerships with healthcare organizations for the expansion of their market presence.
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
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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.
Industry News:
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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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.
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