Mar 17, 2024
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Rise in geriatric population that is vulnerable to eye diseases, the rise in technological advancement, and increase in funding for the rese
Artificial Retina Market : : Size & Growth Report 2027
Artificial retina devices are microelectrode arrays in the form of small devices. Patients who are blind due to retinal diseases have this artificial device implanted in their eyes. After the device is implanted, the small camera on the eyeglasses sends signals to the eyes and wirelessly sends signals to the microprocessor to obtain an image that aids the patient's vision. The goal of implanting artificial retina in the eyes is to restore the restricted vision that allows people to read while on the move, improve vision, and aid in individual recognition.
As a result, governments have been rolling out schemes and regulations to support the functioning of research and development departments in order to help the Artificial Retina Market resume operations after the pandemic hit international borders. Artificial retina projects that were previously stalled are now operational, and market participants are concentrating on developing qualitative solutions that are beneficial to the global target audience during the forecast period of 2021-2028. The artificial retina can be thought of as a minimally invasive device that aids in the treatment of vision problems that affect a wide range of people. These are equipped to send signals wirelessly, assisting in the creation of images that can be seen by users.
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Artificial Retina Market Scrutinized in New Research 2018-2026
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. 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.
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.
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.
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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.
Some of the key players in the global artificial retina market are Nano-Retina, Second Sights, and Optobionics.
Artificial Retina Market Regional Analysis
North America and Europe are expected to dominate the overall artificial retina market throughout the forecast period (2016–2024). This is primarily attributed to robust healthcare infrastructure and high spending on healthcare R&D in these regions. The healthcare industry in North America is undergoing major transformation following the implementation of various healthcare reforms. Moreover, the region is home to over 10 million visually impaired population seeking effective treatment. Every year, 50 thousand people go blind in North America. Advancements in development of artificial retina is projected to create lucrative growth opportunities for market players in the region. Most of the countries in Europe and North America have healthcare spending of over 10% of overall GDP.
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.
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Outlook Artificial Retina Market by Types of Retinal Implant Growth and Opportunities in Upcoming Years
The artificial retina market is primarily driven by the increasing developments associated with sub retinal implants for the treatment of retinitis pigmentosa (RP). Sub retinal implants are placed behind the retina and have proven to be safe and restore useful vision to a majority of patients who are blind because of RP.
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Artificial retina is an implant which consists of an array of microelectrodes and is used for the individuals who are visually impaired due to retinal diseases. The progress of artificial retina is to restore limited vision that enables people to read during mobility and to recognize individuals. Artificial retina has proved to be a breakthrough invention for the medical device industry, as it has provided hope to a large number of visually impaired patients globally.
Retinal implants hold the promise of restoring vision with tiny prosthetic devices that capture light, convert it into electrical signals and then stimulate the neurons in the retina so that the brain can form an image. Retinal implants are used to treat AMD and RP and are generally used in multi-specialty hospitals, ophthalmic clinics, and research institutes.
The growing market for retinal implants is helping several start-ups to invest in this sectors as this a very lucrative segment due to increasing retinal diseases. Moreover, several reimbursement policies are being provided for surgeries of retinal implant. For instance, Retina Implant AG, based in Reutlingen, Germany, is focused on sub retinal implant technology. The company claims to be the first to have a fully functioning electronic retinal prosthesis to restore partial sight to the blind. Also, in March, 2016, the company secured a 28.2 million (€26 million) financing to establish clinical centers globally and to pursue reimbursement for its CE marked Alpha IMS sub retinal microchip.
The players in artificial retina market are in the process of receiving the CE approval for the artificial retinal implants. For instance, in September 2017, Pixium Vision, announced that it has received CE approval from European Medicines Agency (EMA) on its epi-retinal IRISII system, for outer retinal degeneration, including Retinitis Pigmentosa.
Some of the key players operating in the artificial retina industry include Nano Retina, Second Sight Medical Products, Inc., Optobionics, Aetna Inc., Pixium Vision, Retina Implant AG and Bionic Vision Technologies Pty Ltd.
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Oxford Researchers Develop First-Ever Soft Tissue Synthetic Retina
Oxford Researchers Develop First-Ever Soft Tissue Synthetic Retina
Researchers at the University of Oxford have successfully created first-ever artificial retina using soft synthetic tissue. This new synthetic, double-layered retina is made from combination of soft water droplets (hydrogels) and light-sensitive proteins, and is designed to replicate the functionality of the human retina to create a grey scale image. Reporting in the journal Scientific Reports,…
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Artificial Retina Implant Risks & Solutions
Artificial Retina Implant Risks & Solutions
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There are also gaps in knowledge about how the retina processes electrical charge transfer from electrodes that are hundreds of times larger than photoreceptors and how this may affect restorative visual resolution.45 One may also question whether epiretinal devices, because of their implant site, may be stimulating crossing RGC fibers coming from various locations.(Mo…
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Artificial Retina May Help Restore Vision
A team of researchers from Tel Aviv University and Newcastle University have created a wireless and light-sensitive, flexible film that could potentially be used as a substitute for a damaged retina. Scientists have been working for years to develop an implant that can detect light and communicate with a person’s brain in the same way that a healthy eye does. This scientific development may be a breakthrough for many patients struggling with loss of vision. The research team found that their creation did in fact absorb light and spark activity in the neurons of the brains. In comparison to previous technologies, this one is more durable, flexible and efficient, not to mention the fact that it’s ability to stimulate neurons makes it the closest substitute to a real, human eye today.
'Artificial retina' could detect sub-atomic particles
"The human eye has inspired physicists to create a processor that can analyse sub-atomic particle collisions 400 times faster than currently possible."
Read more at bbcnews.