“Rising Prevalence of Vision Impairment and Technological Innovations”
The growing geriatric population, which is more susceptible to eye diseases, is a key factor driving the expansion of the artificial retina market during the forecast period. For instance, a review article titled "Macular Degeneration" published by the National Library of Medicine in August 2022 states that age-related macular degeneration (ARMD) is the leading cause of blindness in developed nations, especially among individuals over 60 years old. The article further reports that ARMD accounts for 8.7% of global blindness cases. In addition, a study published in Geriatric Ophthalmology in January 2021 highlighted that 3.6 million individuals, or 18% of those over 70, suffer from vision impairment. This demographic trend is expected to contribute to a higher compound annual growth rate (CAGR) for the market during the forecast period. Moreover, technological advancements and increased research and development efforts by key players in the market are further driving its growth. For instance, PIXIUM VISION, a company specializing in bionic vision systems, is working on the development of the PRIMA sub-retinal implant and the IRIS II, an epi-retinal implant featuring 150 electrodes, designed for patients with retinitis pigmentosa (RP). Similarly, the French company Axorus is developing retinal implants for patients suffering from age-related macular degeneration and retinitis pigmentosa. These ongoing research and development activities are expected to significantly boost revenue growth in the retinal implants market during the forecast period.
