Artificial Retina Market Overview by Size, Value, Mega Trends, Global Players as Nano-Retina, Second Sights, and Optobionics., Pixium Vision. etc | Outlook to 2026 - CMI

Artificial Retina Market - Insights

Artificial retina is a nanorod carbon nanotube biomimetic film that includes transmitter and video processing unit (VPU). Major institutes are focused on R&D of new and effective products, which is expected to boost the market growth. Moreover, high number of visual impairment cases of age-related macular degeneration (AMD) and retinispigmentosa (RP) is also contributing to growth of the market. According to independent estimates, in 2016, there were over 100,000 people suffering from RP in the U.S. Key players in the market are focused on investments in R&D to expand their product portfolio. For instance, in 2013, the U.S. FDA approved Argus II Retinal Prosthesis System--the first implanted device for the treatment of RP. Moreover, increasing number of startups especially in the U.S. and Israel is also contributing to growth of the market.

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Artificial Retina Market - Drivers

High incidence of visual impairment and increasing healthcare expenditure is expected to boost growth of the market. For instance, according to the statistics released by the U.S. government, the healthcare sector is expected to contribute around 20% towards the overall GDP. Increasing healthcare expenditure in the U.S. is attributed to initiatives such as Medicare and Obamacare. The market in Europe is witnessing a similar trend, however, with a relatively lower growth rate.

Increasing government initiatives are also contributing to growth of the market. For instance, DOE Artificial Retina Project is one such initiative by the U.S. government to develop artificial retinas for visually impaired population.

Artificial Retina Market - Restraints

Stringent regulatory scenario, patent related issues, and high investment in R&D are some of the factors hindering growth of the market.

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Artificial Retina Market - Regional Analysis

On the basis of region, the global artificial retina market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to account for the largest market share in the global artificial retina market during the forecast period, owing to increasing investment in the healthcare sector and healthcare R&D. High prevalence of visual impairment is also contributing to growth of the market as the region is home to over 10 million visually impaired people and 50 thousand people suffer from blindness in North America, annually. Europe is also expected to witness significant growth in the market due to high healthcare investment. Majority of the countries in Europe and North America have healthcare spending of over 10% of overall GDP.

The market in Asia Pacific is expected to witness high growth, owing to high prevalence of visual impairment. For instance, the region is home to over 55% of the global visually impaired population and the incidence of RP is the highest in Asia Pacific compared to other regions. The market growth is primarily driven by high demand of artificial retina from Japan, China, and India, respectively. However, Asia Pacific artificial retina market is projected to witness relatively slower growth rate during the forecast period.

Artificial Retina Market - Key Players

Major players operating in the global artificial retina market include, Nano-Retina, Second Sights, and Optobionics.

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Key Developments

Major Institutes and universities are focused on R&D of artificial retina. For instance, in August 2018, researchers from the University of Texas at Austin and Seoul National University reported development of ultrathin artificial retina based on thin 2D materials such as graphene and molybdenum disulfide.

Key players in the market are focused on raising funds to support product development. For instance, in July 2019, Singapore-based Leben Care, which specializes in automated analysis of retina image using AI algorithms, received funding from IP Ventures. Leben Care plans to utilize these funds to strengthen its product, sales, and marketing teams.

Key players in the market are focused on product development and approval to expand their product portfolio. For instance, in July 2019, Altris, Inc., an artificial intelligence (AI) healthcare company, announced that its product 'Standard Functionality' had received the CE Mark approval. The product will have application in preliminary screening of retinal diseases in clinical practice.

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