Global Retinal Implant Market, by Product Type (Retina Implant Alpha AMS, Implantable Miniature Telescope, Argus II, Others), End User (Hospitals, Eye Care Centers) – Industry Trends and Forecast to 2029
Market Analysis and Size
Retinal implants are devices that are used to replace phototransduction within the eyes of people who have lost their eyesight. In the last few years, retinal prosthesis have advanced significantly. As a result, various unique surgical methods have been developed. The employment of advanced image processing algorithms and data transfer systems, as well as developing nanofabrication and conductive polymerization techniques, is driving demand for retinal implants in developed North American and European countries.
Data Bridge Market Research analyses that the retinal implant market which was USD 31 billion in 2021, would rocket up to USD 72.48 billion by 2029, and is expected to undergo a CAGR of 11.20% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Retina Implant Alpha AMS, Implantable Miniature Telescope, Argus II, Others), End User (Hospitals, Eye Care Centers)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Abbott (U.S), Bionic Vision Technologies (U.S), Drägerwerk AG & Co. KGaA (Germany), Labtician Ophthalmics, Inc. (Canada), Nano Retina (Israel), Koninklijke Philips N.V. (Netherlands), Pixium Vision (France), Retina Implant AG (Germany), Second Sight (U.S), VisionCare, Inc. (U.S), Visus Technology, Inc. (U.S), Boston Retinal Implant Project (U.S), IMI Intelligent Medical Implants AG (Germany), Cicor Management AG (Switzerland)
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Market Opportunities
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Market Definition
Retinal implants are biomedical microchips that help people who have lost their eyesight due to degenerative eye illnesses including retinitis pigmentosa or age-related macular degeneration. These disorders cause photoreceptor cells in the retina of human eyes to slowly devolve, resulting in gradual vision loss. In most cases, however, some of the inner retinal neurons that transmit signals from photoreceptors to the brain are preserved. Retinal implants, which are essentially microchips holding an array of light-sensitive diodes capable of converting incident light into electrical signals, can help patients regain some vision.
Retinal Implant Market Dynamics
Drivers
- Approved devices for restoring vision
With the use of electrodes, camera chips, lenses, software, and other instruments, currently authorised devices can restore vision. Furthermore, the Argus II small implantable telescope is simple to operate and allows patients to go about their regular activities with ease. Furthermore, these devices can be utilised for a long time, obviating the necessity for a second surgery. Therefore, the ability of innovative implantable devices to restore vision is expected to propel the market growth.
- Growing geriatric population and rising disposable income
Over the forecast period, the retinal implant market is expected to benefit from an increasing geriatric population and increased disposable income in developing economies such as Japan, China, and India. Furthermore, rising healthcare spending by governments and the private sector and endeavors by leading market players to operate in underserved regions are expected to drive market expansion.
- Use of electrical stimulation
Electrical stimulation of these residual retinal neurons using retinal implants, which are essentially microchips containing an array of light-sensitive diodes capable of translating incident light into electrical signals, can help patients regain some vision and drives the market growth.
Opportunities
AMD is the cause of blindness in about 5.0 percent of the world's blind people, according to the International Agency for the Prevention of Blindness (IAPB). Furthermore, according to the same source, around 196 million people may be affected by AMD by 2020, with the figure anticipated to rise to around 288 million by 2040. As a result, the worldwide retinal implants market is likely to be driven by the presence of a high patient population over the forecast period.
Restraints/Challenges
The important hurdles facing the worldwide retinal implants market include complex surgery, differences in people's biological responses to foreign items being placed within their bodies, and high procedure costs. Because of the complexity of implant surgeries, complete training in technology and methodology and proper patient selection are critical components in the widespread adoption of retinal implants. Demand for retinal implants is being hampered by a scarcity of educated experts in some areas.
This retinal implant market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the retinal implant market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Retinal Implant Market
COVID-19, a highly contagious respiratory virus, presents unique challenges to ophthalmology practice as a high-volume, office-based specialty. Our ophthalmology clinic implemented many operational adjustments in response to the COVID-19 epidemic to improve patient and provider safety while preserving critical clinical activities. The goal of this study was to see how pandemic-era metrics affected retina clinic performance and patient satisfaction and estimate future clinic flow to anticipate operational performance under growing patient and provider numbers.
Global Retinal Implant Market Scope
The retinal implant market is segmented on the basis of device type, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Device Type
- Retina implant alpha AMS
- Implantable miniature telescope
- Argus II
- Others
End-user
- Hospitals
- Ambulatory Surgical Centers
- Other
Retinal implant Market Regional Analysis/Insights
The retinal implant market is analysed and market size insights and trends are provided by country, device type, and end-user as referenced above.
The countries covered in the retinal implant market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to generate the highest revenue in the global retinal implant market. Over the forecast period, the high frequency of degenerative disorders and technological developments may fuel growth in the North American retinal implants market.
Asia-Pacific, the market for retinal implants is expected to hold the highest market share over the forecast period. The market is expected to benefit from an increase in the senior population and disposable income. Furthermore, rising government and private sector healthcare spending and different endeavours by key market players to expand into untapped regions are expected to drive regional market expansion.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The retinal implant market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for retinal implant market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the retinal implant market. The data is available for historic period 2010-2020.
Competitive Landscape and Retinal Implant Market Share Analysis
The retinal implant market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to retinal implant market.
Some of the major players operating in the retinal implant market are:
- Abbott (U.S)
- Bionic Vision Technologies (U.S)
- Drägerwerk AG & Co. KGaA (Germany)
- Labtician Ophthalmics, Inc. (Canada)
- Nano Retina (Israel)
- Koninklijke Philips N.V. (Netherlands)
- Pixium Vision (France)
- Retina Implant AG (Germany)
- Second Sight (U.S)
- VisionCare, Inc. (U.S)
- Visus Technology, Inc. (U.S)
- Boston Retinal Implant Project (U.S)
- IMI Intelligent Medical Implants AG (Germany)
- Cicor Management AG (Switzerland)
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