Latin America Artificial Retina Market Industry Strategy, Trends, Growth Analysis Forecast To 2027

Precision Business Insights published a research report on “Latin America Artificial Retina Market: By Implant Type (Epiretinal Implants, Subretinal Implants), By Disease Type (Retinitis Pigmentosa, Age-related Macular Degeneration, Others), By End Users (Hospitals, Clinics, Ambulatory Surgical Centers) - Global/Region/Country Forecast to 2027".

An artificial retina is a device made up of a collection of microelectrodes. People who are blind owing to retinal disorders have the gadget implanted in their eyes. The goal of developing an artificial retina is to restore limited vision so that people can read while on the go and identify people. Artificial retina has proven to be a game-changer for the medical technology sector, giving hope to over 285 million visually impaired people throughout the world. A transmitter and a video processing unit are included in the gadget, which is composed of carbon nanotube biomimetic film. The Argus II Retinal Prosthesis System (authorized by the US FDA) was the first implant device used to treat patients with retinitis pigmentosa, and it revolutionized the global artificial retina industry (RP). Product innovation in the field of ophthalmology is critical for therapy innovation. With the rise of strong competition in the ophthalmic sector, patent approvals, and innovation, major companies are increasing their expenditure in research and development in this market.

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Increased prevalence of visually impaired patients combined with government healthcare expenditure, mergers & acquisitions of companies for technology transfer, key player investment in R&D, and rise in geriatric population and ophthalmology research are all expected to drive the global artificial retina market forward. The start of the Department of Energy's Artificial Retina Project was aided by collaboration between US agencies and important participants in the medical technology industry. For many visually handicapped people, this has given them hope. Stringent regulatory clearance processes, patent concerns, high product costs, and significant R&D spending, on the other hand, are limiting the worldwide artificial retina market's growth.

The Latin America artificial retina market is fragmented in terms of disease indication, product type, and end user. In terms of product type, the artificial retina market is categorized into subretinal implants, epiretinal implants, suprachoroidal implants and others. The artificial retina market can is segregated in terms of disease indication into retinitis pigmentosa and age-related macular degeneration (AMD). The end user segment of the artificial retina market is classified into hospitals, research institutes, ophthalmic centers, multi-specialty hospitals and others.

The artificial retina market in Latin America is leading due to an increase in incidence of retinitis pigmentosa and a growing elderly population with age-related macular degeneration. Because of the strong presence of densely populated nations such as China and India, as well as rising per capita income and an increase in the number of ophthalmic hospitals and clinics in this area, Asia-Pacific is predicted to develop at a high rate from 2021 to 2028.

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There are some major players working in latin america artificial retina market, which include Second sight Medical Products, Inc. (U.S.) Tecnosalud S.A. (Argentina)

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