The retinal implants market is believed to witness rapid growth which is majorly attributed to the growing burden of eye diseases across the globe and the technological advancements in the implants.
Retinal implants are the devices that are used to supplant phototransduction within the eyes of individuals who are suffering from vision loss. Retinal prostheses have undergone significant advances in the past few years. This has resulted in the development of several novel surgical approaches.
The use of technologies such as enhanced image processing algorithms and data transfer approaches along with the emerging nanofabrication and conductive polymerization techniques are thus propelling the demand for the retinal implants in developed nations of North America and Europe.
Added to that, there are various projects conducted for the development of retinal implants which represent the involvement of government organizations in retinal implants development. For instance, in Boston MA, the Boston Retinal Implant which is a subretinal retinal prosthesis was developed by the Boston Retinal Implant Project. Also, companies such as Pixium Vision are providing technologically advanced retinal implants which is giving a new direction to the technology used for these devices.
Key Market Trends
Argus II Retinal Prosthesis System is Expected to Witness Healthy CAGR Over the Forecast Period
Argus II Retinal Prosthesis System is developed by the company named Second Sight Medical Products. This is an Epiretinal implant which got CE Mark in 2011 and FDA approval in 2013 as a humanitarian device for patients with retinitis pigmentosa (RP). Retinitis pigmentosa is one of the most common diseases that occur in the retina. National Institute of Health has stated that 1 in 3,500 to 1 in 4,000 people in the United States and Europe are affected by this disease. As the disease is hereditary, treatment for the same is difficult which has led to the development of prostheses for vision correction.
The company Second Sight Medical Products is focusing on the further development of Argus II in which the need for additional surgery will be removed and the hardware-software in the device will be improved. The device is manufactured with a decade of focused R&D efforts and the clinical trials for the same has given positive results in the patients. Therefore, it is expected that Argus II will be witnessing healthy growth over the forecast period.
North America is Expected to Dominate the Retinal Implants Market
North America is expected to generate the highest revenue in the global retinal implant market over the forecast period. High prevalence of degenerative conditions and technological advancements may drive growth of the North America retinal implants market over the forecast period.
Retinal implants are manufactured by few companies currently and only four types of implants have been approved by the US FDA. Among the companies that are in this market, most of them are based in the North America region. For instance, Second Sight Medical Products, Inc., VisionCare, Inc. Due to the adoption of advanced technologies in the United States and the presence of key players in the market, it is expected that this region will witness high growth in the forecast period. Added to that, the favourable reimbursement facility for the retinal implant is acting as a driver for the growth of this market in this region.
The market for retinal implants is highly consolidated with the presence of very few players in the market. In terms of market share, all these companies are having considerable share depending upon the geography they operate in and the products they have. Majorly, companies in this market are active in developed economies such as North America and Europe and are based out of these two regions only. With the rising healthcare technologies and focused R&D in the medical devices, it is believed that few companies will penetrate the market and grab substantial share in the future.
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