Retinal Implants Market Overview:
Retinal implants have cropped up as breakthrough therapy in the treatment of visual impairment. The global retinal implants market size is advancing at a rapid pace and is projected to reach a significant valuation in the forthcoming years, reveals Market Research Future (MRFR) in a recently published research report.
The widespread prevalence of retinal disorders such as age-related macular degeneration and retinitis pigmentosa has generated considerable demand for retinal implants. Retinal implants have demonstrated significant restoration of vision in cases which were previously far off impossible to achieve.
Growing popularity of minimally invasive surgical techniques is a crucial driver of the global retinal implants market. Retinal implants do not require much invasion and can be implanted with minimal incision which makes patients opt for them.
The growth in the global retinal implants market can also be attributed to the rise in global geriatric population. The aged populace is more prone to visual impairment and acquiring retinal disorders such as age-related macular degeneration and induce high demand for diagnosis and treatment and consequently boost the growth of the global retinal implants market.
The currently available retinal implants are partially successful in restoring vision and being updated continuously to prove fully effective. The recent years have also witnessed massive investment in R&D due to the massive market potential of retinal implants. In addition, various clinical trials are underway to develop advanced retinal implants. Approvals by FDA for retinal implants have witnessed an increase which has also added fuel to the growth of the market.
Improving reimbursement scenario has resulted in the adoption of retinal implants as a treatment option and raising awareness regarding the availability of retinal implants has been a plus for the growth of the global retinal implants market.
On the other hand, the Retinal Implants Market might encounter few hurdles which might impede the growth of the market in the coming years. The dearth of skilled medical professionals with adequate knowledge about the product and complicated approval process of FDA approval can hinder the market growth. Other limiting factors include the high cost of retinal implants and risk of biocompatibility and unknown long-term efficacy of retinal implants. Retinal implants are still in the nascent stage, and there is a lot of speculations hovering around it which can hinder adoption.
VisionCare, Inc., Bionic Vision Australia (BVA), Retina Implant AG, Visus Technology, Inc., Second Sight Medical Products, Inc., and Bionic Eye Technologies, Inc. are the eminent players in the global retinal implants market.
The global retinal implants market has been segmented based on disease indication, device type, and end user.
On the basis of disease indication, the global retinal implants market has been segmented into age-related macular degeneration (AMD) and retinitis pigmentosa.
Device type segmentation of the global retinal implants market includes retina implant alpha AMS, Argus II, implantable miniature telescope, and others.
By end user, the global retinal implants market has been segmented into multi-specialty hospitals, ophthalmic clinics, and research institutes.
North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa are the key markets for retinal implants.
North America is a significant market for retinal implants driven by easy availability, high awareness and favorable reimbursement scenario in the region. Presence of skilled medical professionals also aids the expansion of the North America retinal implants market.
R&D activities and expanding clinical trials spur the growth of the market in Europe while the APAC market is driven by improving healthcare industry, higher affordability, and raising awareness.
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