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The artificial retina market share is expected to increase by USD 9.43 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.54%.
This artificial retina market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers artificial retina market segmentation by disease type (macular degeneration and diabetic retinopathy) and geography (North America, Europe, Asia, and Rest of World (ROW)). The artificial retina market report also offers information on several market vendors, including Alcon Inc., Bausch Health Companies Inc., Bionic Eye Technologies Inc., Bionic Vision Technologies, Carl Zeiss AG, Nano Retina, NIDEK Co. Ltd., PIXIUM VISION, and Second Sight Medical Products Inc. among others.
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The rise in prevalence of retinal diseases is notably driving the artificial retina market growth, although factors such as stringent regulatory framework may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial retina industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Artificial Retina Market Driver
The artificial retina market is experiencing growth driven by the rising prevalence of retinal diseases worldwide. Conditions such as diabetic retinopathy, age-related macular degeneration (AMD), and retinal vein occlusion (RVO) are becoming more prevalent due to factors like aging populations and increasing incidences of diabetes. For instance, the risk of advanced AMD rises significantly with age, affecting a substantial portion of individuals aged 75 and above. Globally, the aging population is expanding, contributing to a greater demand for solutions like artificial retina to address vision loss caused by these diseases. This trend underscores the importance of technological advancements in artificial eye technologies to meet the growing healthcare needs associated with retinal conditions.
Key Artificial Retina Market Trend
Escalating investment in ophthalmological R&D and innovations is another factor supporting the artificial retina market growth. Various nations such as the US are shifting their focus towards mitigating the prevalence of blindness in their countries by adopting advanced technology and innovation. For instance, in 2020, the Barraquer came in collaboration with ICFO-Institute of Photonic Sciences, Catalan Institute of Nanoscience and Nanotechnology (ICN2), IFAE-Institute of High Energy Physics, and the Institute of Vision of Paris, to participate in an innovative artificial retina implantation project, dubbed i-VISION, aimed at restoring the vision of people with blindness. Such instances and rising innovations in the artificial retina will increase the demand for it. This, in turn, will further drive the growth of the market during the forecast period.
Key Artificial Retina Market Challenge
The stringent regulatory framework is one of the factors hindering the artificial retina market growth. Artificial retina requires microbiological testing as they require sterility, stability, and shelf-life. Regulations mandate that these solutions are sterile until opened. Toxicology studies are conducted on the artificial retina as these may include chemicals that are carcinogenic, mutagenic, irritating, or chemicals that sensitize ocular tissues. Preclinical tests such as the Agar Diffusion test for cytotoxicity, the Draize test, and a systemic toxicity test are carried out on rabbits. Any product which is harmful to the eye, in the long run, is pulled off the market. These tests are time-consuming and can increase costs for manufacturers. Such time-consuming regulations will negatively impact the market growth during the forecast period.
This artificial retina market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global artificial retina market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the artificial retina market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the artificial retina market encompasses successful business strategies deployed by the key vendors. The artificial retina market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The artificial retina market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the artificial retina market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for artificial retina market in North America. Market growth in this region will be faster than the growth of the market in Rest of World.
The high prevalence of retinal disorders will facilitate the artificial retina market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The artificial retina market share growth by the macular degeneration segment will be significant during the forecast period. Artificial retinas are used as a substitute for dead photoreceptors in patients with macular degeneration. Argus II, manufactured by Second Sight Medical Products, is one of the artificial retinae that provides a rudimentary vision for blind patients. Patients who have lost central vision due to age-related macular degeneration would not be likely to experience many benefits from an Argus II because their peripheral vision is still better than that provided by the device. However, further advances in chip technology can provide better resolution. Thus, the increased use of artificial retina in macular degeneration will further enhance the growth of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial retina market size and actionable market insights on post COVID-19 impact on each segment.
Artificial Eye market - The market share is expected to increase by USD 34140.17 thousand from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.16%.
Retinal Drugs market - The market size has the potential to grow by USD 6.28 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 6.10%.
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Artificial Retina Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.54% |
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Market growth 2022-2026 |
USD 9.43 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
11.38 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 38% |
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Key consumer countries |
US, Canada, Germany, Spain, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Alcon Inc., Bausch Health Companies Inc., Bionic Eye Technologies Inc., Bionic Vision Technologies, Carl Zeiss AG, Nano Retina, NIDEK Co. Ltd., PIXIUM VISION, and Second Sight Medical Products Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Disease Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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