Artificial Retina Market Global Future | Emerging Growth Prospects

Image Credit : cadenagramonte

Artificial retina market is a major breakthrough in medical devices industry, wherein many universities and leading medical devices companies are conducting research to offer vision to over 285 million visually impaired population worldwide. The artificial retina market is expected to be further driven by 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 visually impaired population.

Though the industry is expected to witness exponential growth, 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.

Request a sample copy of this report: https://www.coherentmarketinsights.com/insight/request-sample/13

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 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 is expected to drive 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 increase in healthcare spending owing to implementation of Medicare and Obamacare in the country. A similar trend is observed in Europe, albeit at a relatively slower pace.

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 engaged in 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 population with RP. The market for such revolutionary products is expected to be shaped by various regulatory norms worldwide.

Ask for customization: https://www.coherentmarketinsights.com/insight/request-customization/13

Asia Pacific is projected to emerge as the next big market for industry players. The region is home to over 55% of the global visually impaired population. The rate of RP is highest in Asia Pacific compared to other regions. However, the artificial retina market in the region is projected to grow at relatively slower pace through the forecast period. The region is expected to be primarily driven by high demand in Japan, followed by China and India, respectively.

Some of the key players in the global artificial retina market are Nano-Retina, Second Sights, and Optobionics.

You may be interested

Blockchain Market Size, Growth, Trends, Top Players & Future Outlook In Near Years
Business
Business

Blockchain Market Size, Growth, Trends, Top Players & Future Outlook In Near Years

Sayali Tribhuvan - July 21, 2018

The Blockchain Market provide detailed information on latest trends, opportunities, leading players, industry-specific challenges that can help the businesses operating in the industry to understand the market…

Machine Learning Market Competitive Analysis, Growth Factors & Development Status By 2026
Business
Business

Machine Learning Market Competitive Analysis, Growth Factors & Development Status By 2026

Sayali Tribhuvan - July 21, 2018

The Machine Learning Market provide detailed information on latest trends, opportunities, leading players, industry-specific challenges that can help the businesses operating in the industry to understand the…

Body Integrated Programmable Interface  Market Outlook by Product Overview, Application and Regions 2026
Business
Business

Body Integrated Programmable Interface Market Outlook by Product Overview, Application and Regions 2026

Sayali Tribhuvan - July 21, 2018

The Body Integrated Programmable Interface Market provide detailed information on latest trends, opportunities, leading players, industry-specific challenges that can help the businesses operating in the industry to…

Most from this category