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The artificial retina market size is forecast to increase by USD 8.59 billion at a CAGR of 11.6% between 2023 and 2028.
The artificial retina industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Macular degeneration, a degenerative eye condition, affects the macula, the central part of the retina responsible for sharp, central vision. The most common forms are age-related macular degeneration (AMD) and Stargardt disease. AMD is diagnosed as either dry or wet, with dry AMD being the more prevalent form, affecting approximately 80% of patients. Dry AMD results from the aging and thinning of macular tissues or the depositing of pigments in the macula. Currently, there are no approved therapies from the US Food and Drug Administration (FDA) or the European Medicines Agency (EMA) for treating dry AMD. Advanced macular degeneration can lead to vision loss and blindness, highlighting the need for innovative treatments.
Artificial retinas, such as those developed by Alpha AMS and Retinal Implant AG, offer potential solutions by replacing damaged photoreceptor cells with electronic ones. These devices convert electrical signals from the retina into optical impulses that stimulate the optic nerve, enabling vision. However, challenges include infection risk, image resolution, surgical risks, inorganic material integration, scarring tissues, and nervous stimuli transmission. Future research may explore cell therapy, gene therapy, and integrated cameras to improve image quality and vision restoration, offering partial vision recovery for those with retinal problems, including optic nerve diseases, end-stage glaucoma, and retinal diseases.
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The Macular degeneration segment was valued at USD 6 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American region dominates The market, with the US and Canada holding a significant market share. The US is the primary contributor to this regional growth, driven by a high prevalence of retinal disorders and increased public awareness. The aging population in the US, which is at a higher risk for retinal diseases such as RVO and advanced AMD, is a significant factor fueling market expansion. Key indications in the market include retinitis pigmentosa, glaucoma, and diabetic retinopathy. Technologies such as Alpha AMS, Retinal Implant AG, Microchip, and Second Sight are employed to restore vision by stimulating the optic nerve with electrical signals.
Integration of inorganic materials, infection risk, surgical risks, and image resolution are critical challenges. Research in areas such as stem cells, gene therapy, and energy sources continues to progress, offering potential treatment alternatives for various retinal problems, including non-damaged optic nerve diseases and end-stage glaucoma.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the prevalence of retinal diseases is the key driver of the market.
Escalating investment in ophthalmological research and development and innovations is the upcoming market trend.
A stringent regulatory framework is a key challenge affecting the industry's growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, artificial retina market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Artificial retinas, also known as retinal implants, represent a promising solution for individuals suffering from various retinal diseases that lead to vision loss. These innovative devices are designed to replace the function of damaged or non-functioning photoreceptor cells in the retina. By converting light into electrical signals, these implants can stimulate the optic nerve and restore some level of vision. The global market is driven by the increasing prevalence of retinal diseases, such as retinitis pigmentosa, Glaucoma, and diabetic retinopathy. These conditions often result in the degeneration of photoreceptor cells, leading to vision loss.
Moreover, the growing aging population is also contributing to the market growth. Age is a significant risk factor for various retinal diseases, and as the population ages, the number of individuals requiring vision restoration solutions is expected to rise. Despite the promising potential of artificial retinas, the market faces several challenges. One of the primary challenges is the development of high-resolution implants. Current devices offer only black-and-white vision, which limits their usefulness in everyday life. Furthermore, the integration of inorganic materials into living tissues poses a risk of scarring and infection. Another challenge is the development of cost-effective and efficient manufacturing processes.
Furthermore, retinal implants are complex devices that require advanced manufacturing techniques and specialized materials. Reducing manufacturing costs while maintaining quality is a significant challenge for market players. The market for artificial retinas is also driven by research progress in various areas, including stem cell therapy, gene therapy, and energy sources. These emerging technologies offer the potential for more effective and efficient vision restoration solutions. Despite the challenges, the market is expected to grow significantly in the coming years. The increasing prevalence of retinal diseases, the aging population, and the development of new technologies are all driving the market forward.
Market Scope |
|
Report Coverage |
Details |
Page number |
127 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.6% |
Market Growth 2024-2028 |
USD 8.59 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
10.1 |
Key countries |
US, Germany, Spain, Canada, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Disease Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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