The global Retinal Implant Market size is expected to reach USD 112.2 million by 2030, registering a CAGR of 10.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. 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.
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.
Related Press Release@ Retinal Implants Market Report
List of Key Players of Retinal Implants Market
- Abbott
- Boston Retinal Implant Project
- Bionic Vision Technologies
- Cicor Management AG
- Pixium Vision
- Nano Retina
- Second Sight Medical Products, Inc.
- Koninklijke Philips N.V.
- Labtician Ophthalmics, Inc.
- VisionCare, Inc.
- Visus Technology, Inc.
- IMI Intelligent Medical Implants AG
- Retina Implant AG
Retinal Implants Market Report Highlights
- In terms of revenue, the implantable miniature telescope segment is projected to expand at the highest CAGR over the forecast period. Increasing prevalence of AMD among geriatric population and usage of implantable devices to treat vision problems might drive the segment’s growth over the forecast period
- Asia Pacific is expected to grow at the fastest CAGR of 11.2% over the forecast period owing to increasing geriatric population and disposable income
- VisionCare, Inc.; Retina Implant AG; and Second Sight Medical Products, Inc. are expected to dominate the retinal implant market over the forecast period.
Retinal Implants Market Segmentation
Grand View Research has segmented the global retinal implants market based on device type, and region:
Retinal Implants Device Type Outlook (Revenue, USD Million, 2018 - 2030)
- Retina Implant Alpha AMS
- Implantable Miniature Telescope
- Argus II
- Others
Retinal Implants Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Sweden
- Norway
- Denmark
- Asia Pacific
- China
- Japan
- India
- Australia
- Thailand
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
- Kuwait
Retinal implants have proven its mettle as a breakthrough therapy in the treatment of visual impairment.
The global retinal implants market is perceived to be growing at a recurring rate and is expected to reach high revenue figures in the coming years, as per the analysis of Market Research Future (MRFR).
Growing cases of retinal disorders have induced high demand for retinal implants since they aid in the restoration of vision.
Extensive clinical trial activities have also contributed to the growth of the market.
In addition, the rise in a number of FDA approvals has been a plus for the growth of the global retinal implants market.A large number of retinal implants are due for approval and patent from various regulatory authorities, the market stores opportunities for expansion.
Also, expected expansion in reimbursement coverage for retinal implants is also expected to augment the market in the coming years.
