Retinal Implants Market Dynamic Outlook and Influencing Key Growth
Retinal implants have proven its mettle as a breakthrough
therapy in the treatment of visual impairment. The global retinal implants
market is perceived to be growing at a recurring rate and is expected to reach
high revenue figures in the coming years, as per the analysis of Market
Research Future (MRFR).
The global retinal
implant market has been flourishing on account of the widespread prevalence
of eye disorders across the globe. Growing cases of retinal disorders have
induced high demand for retinal implants since they aid in the restoration of
vision. Retinal implants have demonstrated significance for application in eye
disorders which were once far-off impossible to achieve. The fact that these
devices can be implanted with minimally invasive procedures has added to its
popularity and driven the market. The rise in geriatric population is a crucial
factor driving the growth of the retinal implant market. Owing to various
health insufficiencies, the aging population is more susceptible to acquiring visual
impairment and require retinal implant.
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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.
Competitive Landscape
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.
Segmentation
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.
Regional Analysis
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.
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Market Research Future
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