Artificial Retina Market expected to reach $5,878.4 Thousand by 2031 | CAGR of 8.3%

According to a new report published by Allied Market Research, titled, " Artificial Retina Market by product type and region: Global opportunity analysis and industry forecast, 2022–2031," The global artificial retina market size was valued at $2,711.4 thousand in 2021 and is projected to reach $5,878.4 thousand by 2031, registering a CAGR of 8.3% from 2022 to 2031. 

Artificial retina is a minimally invasive surgical device that is implanted in the layer of degenerated photoreceptor cells in patient with various degenerative retinal disease such as retinitis pigmentosa and age-related macular degeneration. Retinitis pigmentosa is an inherited eye disease which affects the light sensitive layer of cells in the back of the eye and cause breakdown of this layer slowly over the time, that further led to vision loss. The artificial retina system consists of carbon nanotube biomimetic film, protective eyeglasses with a camera, digital projector, and portable processor. The wireless implant collects sigarels from the small camera located on the protective eyeglasses and sends the signal to portable processor and the image is created by digital projector. There are different types of artificial retina used in vision impairment conditions: epiretinal implant, subretinal implant, and others.  

Factors that drive the growth of global artificial retina market during the analysis period include rise in elderly population more prone to many eye–related problems such as diabetic retinopathy and age-related macular degeneration and rise in adoption of technologically advanced retina implants, and growing healthcare expenditure are expected to contribute to growth of market. For instance, in 2019, according to CDC (Centers for Disease Control and Prevention), an estimated 19.8 million Americans aged 40 and older were living with age-related macular degeneration (AMD). Thus, the rise in number of visually impaired patient, increases the adoption of artificial retina systems, which, in turn, boosts the growth of the artificial retina market. 

The market is expected to witness growth during the analysis period mainly due to varied products which are in development currently and are expected to be launched in the next 4-5 years.
Moreover, the increase in R&D activities in the healthcare sector and rise in product approval further drives market growth during the forecast period. For instance, LambdaVision is developing an innovative, protein-based artificial retina that uses a bacteriorhodopsin and light-activated protein to restore functional sight of people suffering from age-related macular degeneration and retinitis pigmentosa. In addition, Pixium Vision company is developing a first epiretinal implant, IRIS II, for the patients who have lost vision due to retinitis pigmentosa. Furthermore, Second Sight Medical Products, Inc. company received the U.S. Food and Drug Administration (FDA) approval for Argus 2s Retinal Prosthesis System, in March 2021. Thus, approval of Argus 2s will help the company to gain a strong foothold in the artificial retina market.

The rise in funding for the development of advanced artificial retina drives the growth of artificial retina market. For instance, the Australian university-owned company in the race to develop a bionic eye to restore sight has been saved from its own near plunge into darkness after raising $US18 million ($23.6 million) from Chinese investors including the nephew of Hong Kong’s richest person Li Ka-shing. Bionic Vision Technologies was set up in 2010 after the Rudd government, following its 2020 Summit, made a $50 million bet on trying to make Australia the home of the bionic eye. In addition, the rise in acceptance for medical implants, and availability of well-developed healthcare infrastructure of developed countries such as North America drives the growth of artificial retina market. 

However, the adverse effects associated with implantation surgeries such as retinal detachment, conjunctival erosion, and loss of light perception restrain the growth of the market. Furthermore, overstimulation of retina due to specific retinal implants and delamination of implanted components are the factors which negatively impact the market growth.

Moreover, the increased focus on technological advancements such as innovative bionic vision systems in the artificial retina market would help the industry gain maximum shares in the coming years and boost the growth of artificial retina market.

On the basis of product type, the market is classified into epiretinal implants, subretinal implants and others (suprachoroidal implants and scleral cavity implant). The subretinal implants segment was the highest revenue contributor to the market in 2021. The same segment is expected to be the fastest growing segment during the forecast period, owing to availability of subretinal implant, and the rise in R&D activities for developing advanced subretinal implants. In addition, subretinal implant has various advantages over epiretinal implants such as subretinal implant does not require any external hardware beyond the implanted micro photodiodes array and have simple design.

Region wise, the market is studied into North America and LAMEA. North America has the highest market share in 2021, and is expected to maintain its lead during the forecast period. However, LAMEA is expected to exhibit fastest growth during the forecast period, owing to improvement in healthcare awareness, rise in R&D activities for developing innovative artificial retina systems, development in healthcare facilities, and surge in healthcare expenditure. 

Key Findings of The Study 

• By product type, the subretinal implants segment dominated the market in 2021 and is expected to be the fastest-growing segment during the forecast period.
• By region, North America dominated the market in 2021 and is expected to grow at a CAGR of 8.1%. LAMEA is expected to exhibit the fastest growth during the forecast period.