The global artificial retina market is projected to surge to USD 102.9 Mn. By 2023. It is anticipated to exhibit a CAGR of 2.1% from 2017 to 2023 (forecast period), asserts Market Research Future (MRFR). Artificial retina is a major breakthrough in the medical devices industry, wherein leading medical devices companies are conducting research to offer vision to visually impaired population worldwide. Progressive development towards artificial retina helps create high return on investment, thus resulting in growth of the market. This growth can be attributed to the increasing number of people facing retinal degeneration which leads to blindness. There are no clinical treatments that can cure this medical condition. There are around 1.5 million people suffering from retinitis pigmentosa leading to blindness.
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Growing healthcare expenditure, increasing government investments in R&D for artificial retina, prevalence of visually impaired patients, and rise in geriatric population are key factors driving the artificial retina market. Although the industry is estimated to witness phenomenal growth, inconvenient regulatory process along with patent related issues, and steep R&D expenditure could undermine the overall growth. However, increasing developments associated with retinal implants and the popularity of artificial retina among the target population affected by retinal disintegration are bound to drive the market to grow tremendously.
Segmentation of Artificial Retina Market:
Global Artificial Retina Market has been segmented on the basis of type of retinal implants which comprise Epiretinal Implants, Subretinal Implants. On the basis of End user it comprise Eye hospitals, Research laboratories, and others.
Key Players for Global Artificial Retina Market:
Retina Implant AG
Bionic Vision Australia.
Regional Analysis of Artificial Retina Market:
Considering the global scenario of the market, North America is believed to be the largest market for artificial retina. Moreover the European market is also growing and second largest market for artificial retina. On the other hand, Asia-Pacific market is expected to grow at the fastest pace in the artificial retina during the forecasted period. Rest of the World is likely to have a limited but steady growth in the artificial retina market.
In March 2018, Pixium Vision successfully restored vision in three patients with age-related macular degeneration (AMD) using a wireless microchip named PRIMA, implanted under the patient’s retina. This innovation has helped improve the quality of life of patients and could enable them to lead more independent lives by repairing partial visual perception.
Monash Vision Group has developed a bionic eye that restores sight to visually impaired patients and will be tested in humans soon. The device sits on the back of the head and sends information from a camera into the brain to restore vision.
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Detailed Table of Contents:
1. Report Prologue
2.2 Scope Of The Study
2.2.1 Research Objective
2.3 Market Structure
2.4. Market Segmentation
3. Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
List Of Tables
Table 1 Artificial Retina Market By Type Of Retinal Implants
Table 2 Artificial Retina Market By End User
Table 3 Artificial Retina Market By Region
List Of Figures
Figure 1 Research Process
Figure 2 Porters Five Forces Model
Figure 3 Artificial Retina Market By Type Of Retinal Implants
Figure 4 Artificial Retina Market By End User
Figure 5 Artificial Retina Market By Region
Figure 6 Artificial Retina Market, By Region: Company Share Analysis, 2016 (%)
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