Why Retinal Implant Has Been A Rapidly Evolving?



The global retinal implant market size is expected to reach USD 74.7 million by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 10.6% over the forecast period. 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.

Adoption of retinal implants may get impacted due to the outbreak of the Covid-19 pandemic. It has been recorded that the people wearing an implant and contact lens tend to touch their eyes more often in comparison to an average person. Therefore, this can increase the risk of virus transmission. Moreover, people who opt for a retinal implant will have to be more cautious in order to avoid the pandemic. We are considering this pandemic impact on our estimates. The updated report will include COVID19 as a key market contributor.

 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.

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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.

Further key findings from the study suggest:
  • In terms of revenue, 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
  • In 2026, Asia-Pacific market is expected to witness the fastest CAGR 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.
The global retinal implant market size was valued at USD 30.0 million in 2017. It is expected to expand at a CAGR of 10.6% over the forecast period. Demand for retinal implants is increasing due to rising prevalence of target diseases, capability of restoring vision, and increasing geriatric population.

Researchers are focusing on retinal prosthetics owing to the relative ease of access to the retina for surgery. The retina has two types of photoreceptors, namely, rods and cones. Presence of Retinitis Pigmentosa (RP), Age-Related Macular Degeneration (AMD), or choroideremia may increase the risk of blindness with progression of the disease.

Currently, retinal implants are approved for the treatment of RP and end-stage AMD. According to the Foundation Fighting Blindness, RP causes blindness in around 1.5 million people in the world. Similarly, the National Eye Institute (NIE), a Department of National Institute of Health (NIH), states that in U.S.; the number of people suffering from AMD was 2.1 million in 2010 and is expected to double to reach around 5.4 million in 2050.

In addition, according to the International Agency for the Prevention of Blindness (IAPB), AMD is the cause of blindness in around 5.0% of global blind population. Moreover, the same source also quotes that around 196 million people may suffer from AMD by 2020 and the number is expected to reach approximately 288 million in 2040. Therefore, presence of a large patient population is expected to drive the global retinal implants market over the forecast period.

Based on device type, the market is segmented into retina implant alpha AMS, implantable miniature telescope, Argus II, and others. The implantable miniature telescope segment is expected to witness the highest CAGR over the forecast period.

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https://www.grandviewresearch.com/press-release/global-retinal-implant-market

Implantable Miniature Telescope (IMT) was first approved in 2010, for treatment of end-stage AMD in patients in U.S. aged 75 years and above. Furthermore, in 2014, the minimum age limit for patients eligible for receiving IMT was reduced to 65 years and above. In addition to the U.S. Food and Drug Administration (FDA) approval, IMT also received the CE mark, which enables Vision Care Corporate to market the product in Europe. Moreover, Israel Ministry of Health has approved the product for sale and distribution. Such initiatives are anticipated to boost growth of this segment over the forecast period.

Grand View Research has segmented the global retinal implant market on the basis of device type:
Retinal Implant Device Type Outlook (Revenue USD Million; 2014 - 2026)
  • Retina Implant Alpha AMS
  • Implantable Miniature Telescope
  • Argus II
  • Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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