The artificial retina is a major breakthrough in the medical device industry, with several medical device companies and universities conducting research.
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The artificial retina is a major breakthrough in the medical device industry, with several medical device companies and universities conducting research to provide vision to more than 285 million visually impaired people around the world. The artificial retina is a carbon nanotige-nanotube biomimetic film supplied with a video processing unit and a transmitter. The development of the artificial retina is expected to generate a high return on investment (ROI). So, market players are increasingly investing in research and development for the same, as these devices are expected to respond to a variety of vision disorders, such as retinitis pigmentosa (RP) and macular degeneration related to l โage (AMD). In 2016, more than 100,000 people in the United States suffered from retinitis pigmentosa (RP).
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With the advent of this new technology, market opportunities may open up for the players. For example, in 2013, the United States Food and Drug Administration (FDA) approved the first implanted device to treat RP, called the Argus II Retinal Prosthesis System.
Market players invest in research and development to capitalize on long-term lucrative opportunities through patented products and innovative technologies. the artificial retina market has also seen the rise of various startups, notably in the United States and Israel.
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The increasing prevalence of visual impairment and increasing healthcare expenditure are expected to drive the growth of the global artificial retina market during the forecast period. According to the United States government, the healthcare sector is expected to contribute around 20% of overall GDP (gross domestic product). Additionally, the growing implementation of Medicare and Obamacare in the United States is expected to drive market growth, followed by Europe.
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The major players active in the global artificial retina market are ๐๐๐๐จ๐ง๐ ๐๐ข๐ ๐ก๐ญ๐ฌ, ๐๐๐ง๐จ-๐๐๐ญ๐ข๐ง๐, ๐๐ง๐ ๐๐ฉ๐ญ๐จ๐๐ข๐จ๐ง๐ข๐๐ฌ, ๐๐ฆ๐จ๐ง๐ ๐จ๐ญ๐ก๐๐ซ๐ฌ.
Moreover, government initiatives for the development of artificial retina are expected to propel the growth of the global artificial retina market. Government organizations and medical device companies are collaborating to develop an artificial retina for the visually impaired population. For example, the US government started the DOE Artificial Retina Project to develop artificial retinas for the visually impaired.
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Strict regulatory framework and patent issues are expected to hamper the growth of the global artificial retina market.
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Advances in artificial retina are expected to create lucrative growth opportunities for market players.
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North America and Europe are expected to experience robust growth in the global artificial retina market due to increased research and development and robust healthcare infrastructure in these regions. In North America, the healthcare industry is undergoing a major transformation due to the implementation of various healthcare reforms. More than 50,000 Americans go blind each year in North America. The region is home to a population of over 10 million visually impaired people seeking effective treatment.
Additionally, Asia-Pacific is expected to experience robust growth in the global artificial retina market due to the increasing prevalence of visual impairment in this region. For example, the region is home to over 55% of the worldโs visually impaired population. The prevalence of RA is high in this region.
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In August 2018, the research team at Seoul National University and the University of Texas at Austin developed and tested the worldโs first ultra-thin artificial retina that could improve existing implantable visualization technology for the blind.
In July 2019, Leben Care raised angel funding from IP Ventures to tackle preventable blindness. Leben Care will use the funds to strengthen its product, sales and marketing teams.
In July 2019, Altris, Inc. received CE mark approval for its standard functionality for detecting retinal conditions on optical coherence tomography (OCT) scans.
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