“Global Retinal Implant Market is anticipated to surpass USD 45 Million by 2020”, says Visiongain
07 November 2019
Visiongain has launched a new pharma report “Retinal Implant Market Report” Prospects by Device (Retina Implant Alpha AMS, Implantable Miniature Telescope, Argus II, Other Devices), End Use (Hospitals, Ambulatory Surgical Centers, Other End Users) and Geography.
Global Retinal Implant market is projected to grow on account of growing geriatric population, prevalence of degenerative conditions, and capability of vision restoration among other contributing factors. The global market is projected to grow at a lucrative CAGR of ~12% over the forecast period from 2020 to 2030 and is anticipated to surpass USD 45 Million by 2020.
Retinal implants are used for patients suffering from vision loss to supplant phototransduction. Over the past few years, retinal prosthetics have undergone significant development. This has resulted in the development of numerous novel surgical methods. The US FDA and the European Commission are currently approving four implants and few others are undergoing preclinical or clinical review.
The global retinal implant market is anticipated to rise over the forecast owing to factors such as increased target disease prevalence, growing geriatric population, increased ability to restore vision, growing disposable income in developing economies, increased healthcare expenditure, and long-term usage reducing the need for further surgery. However, over the forecast period, biocompatibility, long-term stability of the material used for the development of retinal implants, and lack of medical reimbursements and are anticipated to limit the market growth.
Together with emerging conductive polymerization and nanofabrication methods, the use of technologies such as improved image processing algorithms and data transfer approaches is boosting global retinal implant market growth in developed regions such as North America and Europe. Also, various projects are being carried out to develop retinal implants that represent the involvement of government organizations in the development of retinal implants. The Boston Retinal Implant Project created the Boston Retinal Implant, which is a subretinal retinal prosthesis, for example, in Boston MA. Companies like Pixium Vision are providing advanced retinal implants which will provide a new direction to the technology used for these devices.
Based on device type, the implantable miniature telescope (IMT) is anticipated to experience the highest CAGR during the forecast period. IMT was first approved for end-stage AMD treatment in U.S. patients aged 75 years and older in 2010. Also, the minimum age limit for IMT-eligible patients was lowered to 65 years and above in 2014. In addition to the United States FDA approval, IMT has also obtained the CE mark, which requires Vision Care Corporate to sell the brand in Europe. Also, the product has been approved for sale and distribution by the Israel Ministry of Health. These policies are expected to fuel this segment's growth over the forecast period.
Over the forecast period, North America is anticipated to generate the highest revenue. High prevalence of degenerative conditions and advances in technology is anticipated to further fuel the demand for retinal implant market growth in North America over the forecast period. It is also anticipated that the increase in the number of age-related macular degeneration (AMD) cases in the U.S. would support geographic expansion. For example, in 2016, about 11.0 million people in the U.S. suffered from AMD, according to the Bright Focus Foundation. There are usually two types of this disorder, namely wet and dry. If not treated at the initial stage, the disease may be transformed into a wet form, ultimately leading to vision loss. Therefore, to prevent these effects, many people prefer to undergo treatment at the primary level.
In the forecast period, the Asia-Pacific retinal implant market is expected to hold the highest market share owing to the growing geriatric population and disposable income over the forecast period. Also, growing government and private sector healthcare spending, coupled with numerous initiatives undertaken by major companies to expand in untapped regions, is expected to fuel regional market growth.
Some of the major players operating in this industry are Abbott Vascular, Bionic Eye Technologies, Inc., IMI INTELLIGENT MEDICAL IMPLANTS AG, Philips Healthcare, Pixium Vision SA, Retina Implant AG, Second Sight Medical Products, Inc., VisionCare, Inc, and Nano Retina among other prominent players.
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