USD 4.51 billion
Global Artificial Retina Market Size, Share, Growth Analysis, By Type(Epiretinal, subretinal and others), By Application(Diabetic retinopathy, retinal pigmentosa and age-related macular degeneration) - Industry Forecast 2024-2031
Report ID:
SQMIG35B2100 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
61 |
Figures:
75
Global Artificial Retina Market Insights
Global Artificial Retina Market size was valued at USD 4.51 billion in 2021 and is poised to grow from USD 5.64 billion in 2022 to USD 33.60 billion by 2030, growing at a CAGR of 25% during the forecast period (2023-2030).
Global Artificial Retina Market has experienced significant growth in recent years, driven by advancements in medical technology and increasing prevalence of visual impairments and retinal diseases. Artificial retina, also known as a retinal prosthesis, is a cutting-edge implantable device designed to restore vision in individuals with retinal degenerative diseases such as retinitis pigmentosa and age-related macular degeneration. The market is witnessing rapid expansion due to the rising demand for effective treatment options and improved quality of life for visually impaired patients. Technological innovations, such as wireless communication, miniaturization of components, and enhanced electrode designs, have led to the development of advanced artificial retina systems that can simulate the natural functioning of the retina. Additionally, growing investments in research and development activities, coupled with government initiatives and favorable reimbursement policies, are fostering market growth. The market is highly competitive, with several prominent players investing in strategic collaborations, partnerships, and acquisitions to strengthen their product portfolios and expand their global presence. Geographically, North America holds a significant market share, attributed to the presence of key industry players, favorable reimbursement policies, and high adoption rates of advanced medical technologies. However, the Asia-Pacific region is expected to witness substantial growth during the forecast period, owing to the increasing healthcare expenditure, rising awareness about retinal diseases, and the growing geriatric population.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Epiretinal
Fastest Growth
Epiretinal
Growth Rate
25% CAGR
Global Artificial Retina Market ($ Bn)
Country Share for North America Region (%)
Global Artificial Retina Market By Type ($ Bn)
Global Artificial Retina Market By Type (%)
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Global Artificial Retina Market Segmental Analysis
Global Artificial Retina Market is segmented by type, application, and region. Based on type, the market can be segmented into Epiretinal, subretinal and others. Based on application, the market is segmented into Diabetic retinopathy, retinal pigmentosa and age-related macular degeneration. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The dominant segment in the Global Artificial Retina Market is the Epiretinal segment. Epiretinal implants involve placing a thin electrode array on the inner surface of the retina, stimulating the remaining healthy retinal cells to generate visual signals. This segment holds a significant market share due to its established clinical efficacy, extensive research, and commercial availability of epiretinal prostheses.
On the other hand, the fastest growing segment in the Global Artificial Retina Market is the Subretinal segment. Subretinal implants are positioned beneath the retina and directly stimulate the remaining retinal cells, bypassing the damaged photoreceptor layer. This segment is experiencing rapid growth due to advancements in subretinal implant technology, promising clinical trial results, and the potential to provide better visual acuity and improved patient outcomes. The subretinal segment is expected to witness substantial growth in the coming years as more research and development efforts are directed towards enhancing the performance and safety of subretinal implants.
Analysis by Application
The dominant segment in the Global Artificial Retina Market based on application is Age-related Macular Degeneration (AMD). AMD is a leading cause of vision loss in older adults, and the demand for effective treatments to restore vision in AMD patients is driving the growth of this segment. Artificial retina systems provide a potential solution by bypassing the damaged macula and stimulating the remaining retinal cells to restore visual function. The prevalence of AMD, coupled with increasing awareness and diagnosis rates, contributes to the dominance of the AMD segment in the market.
The fastest growing segment in the Global Artificial Retina Market based on application is Diabetic Retinopathy. Diabetic retinopathy is a complication of diabetes that affects the blood vessels in the retina, leading to vision loss. With the rising prevalence of diabetes worldwide, the incidence of diabetic retinopathy is also increasing. Artificial retina technology offers a promising approach to restore vision in diabetic retinopathy patients by replacing the damaged photoreceptor cells. Growing research and development activities, coupled with the increasing need for effective diabetic retinopathy treatments, are driving the rapid growth of this segment in the market.
Global Artificial Retina Market By Type, 2023 (%)
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Global Artificial Retina Market Regional Insights
North America dominated the Global Artificial Retina Market. North America holds a significant market share due to the presence of well-established healthcare infrastructure, technological advancements, and a high prevalence of retinal diseases. The region has a strong presence of key market players, leading to early adoption of artificial retina technologies. Additionally, favorable reimbursement policies, increased healthcare expenditure, and supportive government initiatives contribute to the dominance of North America in the market.
Asia Pacific is the fastest growing region in the Global Artificial Retina Market. The Asia Pacific region is witnessing rapid market growth due to a large population base, increasing geriatric population, rising awareness about retinal diseases, and growing healthcare expenditure. Moreover, advancements in healthcare infrastructure and a surge in research and development activities in countries like China, Japan, and India are contributing to the rapid adoption of artificial retina technologies in the region. The Asia Pacific market is expected to exhibit significant growth potential in the coming years, making it the fastest growing segment in the global market.
Global Artificial Retina Market By Geography, 2024-2031
- Largest
- Fastest
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Global Artificial Retina Market Dynamics
Drivers
Increasing prevalence of retinal diseases
- One key driver of the Global Artificial Retina Market is the increasing prevalence of retinal diseases. The growing incidence of conditions such as retinitis pigmentosa, age-related macular degeneration, and diabetic retinopathy has fueled the demand for artificial retina technologies. As the global population continues to age and the prevalence of chronic diseases rises, the need for effective treatments to restore vision in individuals with retinal diseases drives the market growth.
Restraints
High cost of artificial retina devices and procedures
- A key restraint of the market is the high cost of artificial retina devices and procedures. The complex and innovative nature of these technologies, coupled with the costs associated with research and development, manufacturing, and regulatory approvals, contribute to the high price points of artificial retina implants. The affordability and accessibility of these devices pose challenges for widespread adoption, especially in regions with limited healthcare resources and lower income levels. The high cost can act as a barrier to market growth, particularly in developing economies and for patients with limited financial means.
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Global Artificial Retina Market Competitive Landscape
The competitive landscape of the Global Artificial Retina Market is characterized by intense competition and ongoing technological advancements. Market players are focusing on research and development activities to introduce innovative artificial retina systems with enhanced functionality and improved patient outcomes. Strategic collaborations, partnerships, and acquisitions are prominent strategies adopted by key players to expand their product portfolios and strengthen their market presence. Additionally, investments in clinical trials, regulatory approvals, and marketing efforts are crucial for market players to gain a competitive edge. The market is dynamic, with a constant influx of new entrants and the presence of established players vying for market share. The emphasis on product differentiation, cost-effectiveness, and geographical expansion drives competition in the market.
Top Player’s Company Profiles
- Pixium Vision (France)
- Axorus (US)
- Intelligent Medical Implants (Germany)
- LambdaVision, Inc. (US)
- Aetna Inc. (US)
- Nidek Co. Ltd. (Japan)
- Nano Retina (Israel)
- Bionic Vision Technologies (Australia)
- Optobionics (US)
- Medtronic (US)
- Vivani Medical Inc. (US)
- Labtician Ophthalmics, Inc. (Canada)
- Retina Implant AG (Germany)
- Altris, Inc. (US)
- Second Sight Medical Products, Inc. (US)
- Neurotech Pharmaceuticals (US)
- iBIONICS (Canada)
- RenovaCare, Inc. (US)
- Okuvision GmbH (Germany)
- VisionCare, Inc. (US)
Recent Developments
- In July 2022, Nidek Co., Ltd., a leading provider of ophthalmic devices, successfully acquired 90% shares of Nidek Medical S.R.L., a sales and service company specializing in ophthalmic devices. This strategic acquisition aims to strengthen the collaboration between Nidek Co., Ltd. and Nidek Medical, enabling them to enhance their market presence and expand their customer base.
- In September 2021, Bionic Vision Technologies, a renowned company in the field of artificial retina technology, announced a significant partnership with Cirtec Medical, a prominent U.S.-based medical technology firm. This strategic collaboration between the two companies will facilitate the joint development and manufacturing of the next-generation bionic eye system. By leveraging Cirtec Medical's expertise and resources, Bionic Vision Technologies aims to advance their innovative bionic eye technology, delivering improved visual solutions to individuals with visual impairments.
- In March 2021, the Center for Devices and Radiological Health (CDRH) of the U.S. Food and Drug Administration (FDA) granted approval for the Argus 2s Retinal Prosthesis System, developed by Second Sight Medical Products, Inc. The Argus 2s is an upgraded version of the Argus II system and consists of external hardware components such as glasses and a video processing unit. This approval allows the Argus 2s system to be used in conjunction with previously implanted Argus II systems for the treatment of retinitis pigmentosa (RP). The Argus II and Argus 2s systems have received clearance under a humanitarian device exemption (HDE), showcasing their potential to address the needs of RP patients.
Global Artificial Retina Key Market Trends
- One key market trend in the Global Artificial Retina Market is the focus on miniaturization and wireless communication in artificial retina systems. As technology continues to advance, there is a growing trend towards developing smaller, more compact artificial retina devices that can be implanted with greater ease and comfort. Additionally, there is an increasing emphasis on incorporating wireless communication capabilities into these devices, allowing for improved data transfer, remote monitoring, and potential future enhancements. This trend aligns with the goal of enhancing patient convenience and improving the overall functionality and performance of artificial retina systems.
Global Artificial Retina Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Artificial Retina Market analysis, the market is experiencing significant growth driven by the increasing prevalence of retinal diseases and visual impairments. Artificial retina systems, such as epiretinal and subretinal implants, are being developed to restore vision in individuals with conditions like retinitis pigmentosa, age-related macular degeneration, and diabetic retinopathy. Technological advancements, including miniaturization and wireless communication, are shaping the market by enhancing device functionality and patient convenience. North America dominated the market due to established healthcare infrastructure and high adoption rates, while the Asia Pacific region is witnessing rapid growth fueled by a large population, rising healthcare expenditure, and awareness about retinal diseases. The market is competitive, with companies focusing on research and development, strategic collaborations, and acquisitions to strengthen their product portfolios and global presence. However, the high cost of artificial retina devices remains a restraint to widespread adoption. Overall, the market is poised for remarkable growth as technological innovations continue to address the unmet needs of visually impaired individuals.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.51 billion |
| Market size value in 2031 | USD 33.60 billion |
| Growth Rate | 25% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Artificial Retina Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Artificial Retina Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Artificial Retina Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Artificial Retina Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Artificial Retina Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Artificial Retina Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Artificial Retina Market Report Snapshots
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