Artificial Retina Market Explore Future Growth 2018-2026 by Global Top Players - Nano-Retina, Second Sights, and Optobionics

Artificial Retina Market is a major breakthrough in the medical devices industry, wherein many universities and leading medical devices companies are conducting research to offer the vision to over 285 million visually impaired population worldwide. These devices are mainly nanorod carbon nanotube biomimetic films along with accessory devices such as transmitter and video processing unit (VPU). As such progressive development towards artificial retina is expected to create high ROI for engaging in the early development of the product. A lot of players in the artificial retina market are making major investments in R&D activities related to the same. These devices are expected to cater to various visual impaired conditions ranging from age-related macular degeneration (AMD) to retinispigmentosa (RP). As per independent estimates, in 2016, there were over 100,000 people suffering from RP in the U.S. Advent of this novel technology could unlock the market opportunities for players. A major breakthrough in this regard was in 2013 when the U.S. FDA approved Argus II Retinal Prosthesis System—the first implanted device to treat the population with RP. The market for such revolutionary products is expected to be shaped by various regulatory norms worldwide.

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Artificial Retina Market Dynamics -

Product innovation is a key artificial retina market trend. The ophthalmic industry has become more competitive over the last few years. Established ophthalmic product categories have become more mature, in turn offering a low level of market opportunity for players. Most companies are emphasizing on price level strategy in order to enhance their business presence worldwide. However, the pricing trend could potentially benefit the company on a shorter scale during the forecast period. Most major players stand to gain from investing in R&D activities to capitalize on long-term lucrative opportunities due to patent products and innovative technologies. In recent times, the artificial retina market has also witnessed the emergence of various startups especially in the high growth markets for U.S. and Israel. Artificial retina would create value-oriented customers in near future for these manufacturers.

Increasing prevalence of visually impaired population coupled with growing healthcare expenditure across developed and developing countries alike are expected to drive the growth of the eye care market in the near future. As per the statistics released by the U.S. government, the healthcare sector is expected to contribute around 20% towards the overall GDP. Moreover, there has been an increase in healthcare spending owing to the implementation of Medicare and Obamacare in the country. A similar trend is observed in Europe, albeit at a relatively slower pace.

The artificial retina market is expected to be further driven by the joint collaboration of medical device companies with government initiated project. For instance, DOE Artificial Retina Project is one such initiative by the U.S. government to develop artificial retinas for the visually impaired population.

Though the industry is expected to witness exponential growth, a cumbersome regulatory process coupled with patent-related issues, and high R&D expenditure could slow down overall growth over the following few years. Companies need to evaluate their business models and economic concerns before planning to enter/expand in the market.

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Artificial Retina Market Regional Analysis -

North America and Europe are expected to dominate the overall artificial retina market throughout the forecast period (2016–2024). This is primarily attributed to robust healthcare infrastructure and high spending on healthcare R&D in these regions. The healthcare industry in North America is undergoing major transformation following the implementation of various healthcare reforms. Moreover, the region is home to over 10 million visually impaired population seeking effective treatment. Every year, 50 thousand people go blind in North America. Advancements in the development of artificial retina are projected to create lucrative growth opportunities for market players in the region. Most of the countries in Europe and North America have health care spending of over 10% of overall GDP.

Key Vendors of Artificial Retina Market:- Nano-Retina, Second Sights, and Optobionics.

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