Retinal implants have cropped up as breakthrough therapy in the treatment of visual impairment. The global retinal implants market is advancing at a rapid pace and is projected to reach a significant valuation in the forthcoming years, reveals Market Research Future (MRFR) in a recently published research report.
The widespread prevalence of retinal disorders such as age-related macular degeneration and retinitis pigmentosa has generated considerable demand for retinal implants. Retinal implants have demonstrated significant restoration of vision in cases which were previously far off impossible to
Growing popularity of minimally invasive surgical techniques is a crucial driver of the global retinal implants market. Retinal implants do not require much invasion and can be implanted with minimal incision which makes patients opt for them.
The growth in the global retinal implants market can also be attributed to the rise in global geriatric population. The aged populace is more prone to visual impairment and acquiring retinal disorders such as age-related macular degeneration and induce high demand for diagnosis and treatment and consequently boost the growth of the Retinal Disease Therapeutics Market.
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Substantial investment in R&D activities by various medical device manufacturers and governments have led to the development of advanced retinal implants which can be successfully implanted in patients. Extensive clinical trial activities have also contributed to the growth of the market. Few retinal implants have already cleared clinical trials, and many more are underway which is expected to spur the market in the future. In addition, the rise in a number of FDA approvals has been a plus for the growth of the global retinal implants market.
A large number of retinal implants are due for approval and patent from various regulatory authorities, the market stores opportunities for expansion. Also, expected expansion in reimbursement coverage for retinal implants is also expected to augment the market in the coming years. Other driving factors include the rise in the prevalence of degenerative diseases and raising awareness regarding the availability of the device which raises adoption. However, lack of skilled medical professionals with adequate knowledge of performing surgery and stringent and complex FDA approval process remains a significant hurdle for the growth of the global retinal implants market. High costs associated with retinal implants, the risk of biocompatibility and unknown long-term efficacy of the product are also expected to hinder adoption.
The global retinal implants market has been segmented into device type, disease indication, and end user. By device type, the market has been segmented into retina implant alpha AMS, Argus II, implantable miniature telescope, and others. By disease indication, the market has been segmented into age-related macular degeneration (AMD) and retinitis pigmentosa. By end user, the market has been segmented into multi-specialty hospitals, ophthalmic clinics, and research institutes.
North America, Europe, Asia Pacific, and the Rest of the World are the key markets for retinal implants. North America accounts for a substantial share of the global market. Higher availability of the product, improving reimbursement scenario and higher affordability in the region supports the growth of the North America market for retinal implants. Presence of highly skilled surgeons to perform immensely complex surgical procedure also accelerates adoption in the region.
In Europe, the market is driven by an increase in R&D activities and the expansion of clinical trials.
Presence of developing countries such as India, China, and Japan, who outlay massive amounts on healthcare expenditure, coupled with growing disposable income and affordability supports the growth of the market in Asia Pacific.
Rest of the World market is expected to fare well in the coming years since various market players are foraying into the untapped regions to leverage the potential they offer for market expansion.
Second Sight Medical Products, Inc.; Retina Implant AG, VisionCare, Inc., Bionic Vision Australia (BVA), Bionic Eye Technologies, Inc., and Visus Technology, Inc. are the key players operating in the global retinal implants market.
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