Global Retinal Implant Market is expected to reach USD 74.7 million by 2026. A retinal implant is also termed as “the Argus® II retinal prosthesis system” or “bionic eye”. These implantable devices are planned to supplant photo transduction within the eyes of persons with major retinal illnesses such as age-related macular degeneration or retinitis pigmentosa. The retinal implant market is estimated to grow at a CAGR of 10.6% over the forecast period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the growth of retinal implant market are rising occurrence of degenerative conditions, increasing disposable income in emerging countries, growing aging population, and development of enhanced and efficient technology. However, the high cost of research, lack of trained personnel's, and development and lack of medical reimbursement are the factors that may restrain overall market growth in the years to come. Retinal implant industry is segmented based on type, device type, application, and region.
Suprachoroidal implants, epiretinal implants, and subretinal implants are the types that could be explored in the retinal implant in the forecast period. Alpha IMS, Argus II, and an implantable telescope are the device types that could be explored in the retinal implant in the forecast period.
The market may be categorized based on applications like total blindness, retinal degenerative diseases, and others that could be explored in the forecast period. The retinal degenerative sector accounted for the substantial market share of the retinal implant and is estimated to lead the overall market in the years to come.
Globally, North America accounted for the significant market share of the retinal implant and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be developed infrastructure, growing eye-related diseases, and rising use of technologically enhanced devices. The United States is a major consumer of the retinal implant in this region. Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth.
Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise growing geriatric population, growing awareness among consumers regarding eye care, growing number of patients suffering from retinitis pigmentosa (RP) and age-related macular degeneration (AMD), and developing healthcare infrastructure. The developing countries like India and China are the major consumers of the retinal implant in this region.
The key players of retinal implant market are Philips Healthcare, Second Sight Medical Products, Inc., Hamilton Medical AG, Retina Implant AG, Bionic Vision Australia, Dräger Medical GmbH, VisionCare Ophthalmic Technologies, Inc., Visus Technology, Inc., and Abbott Vascular, Bionic Eye Technologies, Inc. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Retinal Implant Device Type Outlook (Revenue USD Million; 2014 - 2026)
• Retina Implant Alpha AMS
• Implantable Miniature Telescope
• Argus II
Retinal Implant Regional Outlook (Revenue, USD Million; 2014 - 2026)
• North America
• Asia Pacific
• Latin America
• Saudi Arabia
Research Support Specialist, USA