Artificial retina market is anticipated to grow at a CAGR of 8.1% during the forecast period (2023-2030). The growth of the artificial retina market can be attributed to the increasing prevalence of retinal diseases such as age-related macular degeneration and retinitis pigmentosa, along with the growing demand for advanced ophthalmic treatments. Additionally, technological advancements in artificial retina devices, increasing healthcare expenditure, and rising awareness among patients about the availability of these devices are expected to drive market growth in the coming years. According to World Health Organization (WHO), globally, at least 2.2 billion people have a near or distance vision impairment. In at least 1 billion of these, vision impairment could have been prevented or is yet to be addressed. The leading causes of vision impairment and blindness at a global level are refractive errors and cataracts.

Segmental Outlook 

The global artificial retina market is segmented on the type and end user. Based on the type, the market is sub-segmented into epiretinal Implants, subretinal Implants and epineural implants. And Based on the end user, the market is sub-segmented into hospital, clinics, and research institutes. Among the type, the Epiretinal Implants sub-segment is anticipated to hold a considerable share of the market, Owing to it better and safety features. It can be implanted and removed through a smaller incision than subretinal implants. This reduces the risk of complications and makes it easier to replace the implant if necessary.

The Research Institutes Sub-Segment is Anticipated to Hold a Considerable Share of the Global Artificial Retina Market

Among the end user, the research institutes sub-segment is expected to hold a considerable share of the global artificial retina market. The segmental growth is attributed to the increasing demand for better and advanced treatment, hence the companies and research institutes are focusing more on research and trails of better and improved devices. For instance, in June 2020, an international team led by scientists at the Hong Kong University of Science and Technology (HKUST) has recently developed the world’s first 3D artificial eye with capabilities better than existing bionic eyes and in some cases, even exceed those of the human eyes, bringing vision to humanoid robots and new hope to patients with visual impairment. 

Regional Outlook

The global artificial retina market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to hold a prominent share of the market across the globe, owing to the economic development coupled with the increasing government support in countries such as UK, Germany, and others. For instance, in January 2022, Bionic eye implant enables blind UK woman to detect visual signals. The woman from Dagenham suffers from geographic atrophy. The condition is the most common form of dry age-related macular degeneration (AMD), which affects millions of people worldwide and can cause loss of sight.

Global Artificial Retina Market Growth by Region 2023-2030

The North America Region is Expected to Grow at a Significant CAGR in the Global Artificial Retina Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to strong healthcare infrastructure and high expenditure in R&D in medical industry. For instance, in January 2020, University of Pittsburgh Medical Center (UPMC) implanted the first patient in the US with a new wireless retinal device as part of a clinical trial aimed at restoring partial sight to patients with advanced age-related macular degeneration (AMD), a disease that leads to permanent blindness. Apart from this, the regions is witnessing a steady increase in product launches by key established companies, further advancing medical sector in the region, in turn propelling the market growth. According to National Library of Medicine, the Alpha AMS subretinal implant improved visual performance in 5 of 6 participants and has exhibited ongoing function for up to 24 months. Although implantation surgery remains challenging, new developments such as optical coherence tomography (OCT) microscope guidance added refinements to the surgical technique.

Market Players Outlook

The major companies serving the global artificial retina market include Altris, Inc., Axorus, Bionic Vision Technologies, Intelligent Implants, Ltd., Labtician Ophthalmics, Inc., LambdaVision, Inc., Medtronic, Nano Retina, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2023, RetinAI and Boehringer Ingelheim have joined forces to advance the identification and treatment of geographic atrophy using artificial intelligence (AI). This partnership holds the potential to revolutionize treatments by tailoring them more precisely to each patient’s specific condition. Ultimately, this collaboration aims to transform the lives of individuals affected by retinal diseases.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global artificial retina market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.