Artificial retina market overview and analysis by type, indication, end user and region -forecast till 2027. According to the analysis published by Market Research Future (MRFR), the global artificial retina market is projected to expand at a slow pace striking a CAGR of 23.89% during the forecast period. The valuation of the market is predicted to reach USD 24,712.5 Mn towards the end of 2027. The global market is at a nascent stage and is prognosticated to be driven by the rising prevalence of eye disorders.
Approximately 40 million individuals worldwide are totally blind, while 280 million suffer from some form of vision impairment. Additionally, a lot of research and development is being done around the world to take advantage of the current imbalance between the supply and demand for improved eye care facilities. In turn, it is predicted that this will spur the market for artificial retina to expand during the following few years.
One of the main diseases that results in blindness is retinitis pigmentosa (RP). An estimated 1.5 million people have the illness and are at danger of going completely blind. For the growth of their market presence, manufacturers of artificial retinas are concentrating on partnerships and collaborations with healthcare institutions.
Some of the key players profiled in this report are Second Sight (US), Retina Implant AG (Germany), Nano Retina (Israel), Pixium Vision (France), Bionic Vision Australia.
By type of retinal implant, the global artificial retina market size has been segmented into epiretinal implants, and subretinal implants.
By end-user, the artificial retina market has been segmented into eye hospitals, research laboratories, and others.
The global artificial retina market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Rest of the World. Among these, North America is presently the largest market for artificial retina. It is likely to expand at a healthy pace over the forecast period. The growth can be ascribed to the adoption of novel technologies in the healthcare sector. In addition, the rising patient pool coupled with easy reimbursement policies are likely to drive the expansion of the artificial retina market in the forthcoming years.
Europe is expected to hold the second largest share of the artificial retina market. The factors such as rising healthcare expenditure, firm support by the government for research development, and the consolidation of developed economies are poised to fuel demand for artificial retina in the region.
Asia Pacific is estimated to become the fastest growing regional artificial retina market. The region covers a constantly evolving healthcare sector backed by the governments. Also, the boom witnessed in the medical tourism of the fast-developing economies coupled with technological developments are poised to propel the expansion of the artificial retina market.
The Middle East Africa is expected to exhibit limited growth owing to the poor socio-economic conditions of the African regions. However, the developed healthcare sector of the Middle Eastern countries is likely to influence the expansion of the artificial retina market positively over 2027.
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