Top Emerging Trends Of Retinal Implant Market Progress Forecast 2026Posted by Mrudula Anil Karmarkar on April 5th, 2021 The global retinal implant market size is expected to reach USD 74.7 million by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 10.6% over the forecast period. Increasing prevalence of target diseases, and rising geriatric population are the key driving factors for the market. Rising capability of restoring vision is anticipated to bode well for demand over the forecast period. Adoption of retinal implants may get impacted due to the outbreak of the Covid-19 pandemic. It has been recorded that the people wearing an implant and contact lens tend to touch their eyes more often in comparison to an average person. Therefore, this can increase the risk of virus transmission. Moreover, people who opt for a retinal implant will have to be more cautious in order to avoid the pandemic. We are considering this pandemic impact on our estimates. The updated report will include COVID19 as a key market contributor. Laser therapy and Photodynamic Therapy (PTD) and some of the conventional treatments available for Retinitis Pigmentosa (RP) and Age-Related Macular Degeneration (AMD). Drugs such as Lucentis, Macugen, Eylea, and Vitamin A are a part of therapeutic treatment. Such treatments aid in reducing disease progression and thereby, delaying blindness. However, none of these treatments can completely cure the disease and restore vision. As a result, treatment procedures that restore vision are highly in demand. Currently approved devices are capable of restoring vision with the help of electrodes, camera chips, lenses, software, and other tools. Moreover, implantable miniature telescope, Argus II is easy to use and enables patients to carry out their daily activities with ease. Furthermore, these devices can be used for a prolonged period of time, eliminating the need for another surgery. Therefore, the capability of advanced implantable devices to restore vision is expected to propel the market growth in near future. Increasing geriatric population and rising disposable income in developing economies such as Japan, China, and India are also expected to boost the retinal implant market over the forecast period. Moreover, increasing healthcare expenditure by governments and private sectors and initiatives by major market players to operate in untapped regions are also anticipated to propel the growth in the forthcoming years. Further key findings from the study suggest:
Researchers are focusing on retinal prosthetics owing to the relative ease of access to the retina for surgery. The retina has two types of photoreceptors, namely, rods and cones. Presence of Retinitis Pigmentosa (RP), Age-Related Macular Degeneration (AMD), or choroideremia may increase the risk of blindness with progression of the disease. Currently, retinal implants are approved for the treatment of RP and end-stage AMD. According to the Foundation Fighting Blindness, RP causes blindness in around 1.5 million people in the world. Similarly, the National Eye Institute (NIE), a Department of National Institute of Health (NIH), states that in the U.S.; the number of people suffering from AMD was 2.1 million in 2010 and is expected to double to reach around 5.4 million in 2050. In addition, according to the International Agency for the Prevention of Blindness (IAPB), AMD is the cause of blindness in around 5.0% of global blind population. Moreover, the same source also quotes that around 196 million people may suffer from AMD by 2020 and the number is expected to reach approximately 288 million in 2040. Therefore, presence of a large patient population is expected to drive the global retinal implants market over the forecast period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2761/ibb Prominent players in the market are Second Sight Medical Products, Inc.; Retina Implant AG; and VisionCare, Inc. Key players adopt strategies such as launching new product lines, seeking FDA approvals and undertaking new projects to strengthen their market position. In October 2017, Retina Implant AG announced that patients with minimal or no vision, undergoing Alpha AMS subretinal implant will be supported with reimbursement from the company. Such initiatives can promote the usage of these devices for patients worldwide. The initiative is projected to increase the company’s customer base and geographic reach during the forecast period. The market players are also taking initiatives to penetrate new untapped regions to maintain their viable positions in the market. For instance, in February 2018, Second Sight Medical Products announced its entry into the Singapore market, in collaboration with a leading international eye center. The initiative is expected to expand the company’s geographical reach during the forecast period. Grand View Research has segmented the global retinal implant market on the basis of device type: Retinal Implant Device Type Outlook (Revenue USD Million; 2014 - 2026)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |