The global retinal implant market for is
expected to reach over USD 1,117 million by 2022, according to a new report by
Grand View Research, Inc. Some key drivers of the bionic eye market include
rising burden of blindness with increasing aging population and successful
completion of clinical trials resulting in entry of breakthrough technologies
in the market.
Growing age
is one of the prime factors resulting in expansion of visually impaired
patients in the world. According to the World Health Organization (WHO), around
65% of the total visually impaired population globally (i.e., approximately 285
million) is aged 50 or more.
Additionally,
the visually impaired population aged above 50 years accounts for 20% of the
global population. Age-related Macular Degeneration (AMD) and Retinitis
Pigmentosa (RP) are the most common causes of blindness. According to the WHO,
AMD is the third leading cause of visual impairment with a prevalence rate of
8.7%. Considering growth of target population, demand for retinal prosthetics
is anticipated to rise swiftly during the forecast period.
Moreover,
alternative therapies such as anti-angiogenic drugs, laser therapy,
Photodynamic Laser Therapy (PTD), and vitamins fail to completely cure AMD and
RP. These treatments delay the vision loss with slowing progression of the
disease. However, devices such as Argus II and miniature telescope are capable
of restoring the vision in blind patients. As a result, adoption of retinal
implants is escalating with rising awareness about the availability of the
product in the market.
On the other
hand, high cost of commercially available products and stringent regulatory
guidelines are primarily impeding growth of the global Retinal Implant Market.
Furthermore, requirements of skilled professionals to perform implant surgery,
and thereby necessity of training healthcare staff is further challenging
adoption of bionic eye in the market.
Full research report on Retinal Implant Market analysis: https://www.grandviewresearch.com/industry-analysis/retinal-implant-market
Further key findings from the study suggest:
·
Argus II is the first approved retinal
implant in the world. The device received CE mark in 2011 and the U.S. FDA
approval in 2013 for the treatment of retinitis pigmentosa. Argus II is
manufactured and marketed by Second Sight Medical Products, Inc.
·
Second Sight Medical Products, Inc. is
actively involved in protecting technology and product through intellectual
property rights. As of March 2015, the company had 220 granted patents in the
U.S., 96 pending patent applications in the U.S., and 88 foreign granted
patents.
·
Reimbursement plays a significant role in
adoption of Argus II systems, since the cost of products is very high, that is,
approximately USD 150,000. Presently, only one regional Medicare Administrative
Contractor (MAC) based in the Mid-Atlantic region of the U.S. provides coverage
for Argus II.
·
Moreover, the system is covered through
formal policy or a case-to-case basis by many commercial payers and Medicare
Advantage Plans. Second Sight is progressively involved in expansion of
reimbursement coverage for Argus II.
·
Considering approved and pending patents
across geographies, anticipated expansion in reimbursement coverage and
application area of the product together offer growth opportunities for Argus
II during the forecast period.
·
In 2014, North America accounted for the
largest market share of around 51%. Availability of the product, reimbursement
coverage, and high cost of the product are some of the factors resulting in the
dominance of this region in the world.
·
Moreover, presence of skilled healthcare
professionals to perform implant procedures coupled with higher adoption rate
for advanced healthcare treatments and products is supporting growth of retinal
implants in North America.
·
Many other companies and organizations are
in the process of developing innovative products to treat AMD and retinitis
pigmentosa. Successful completion of R&D of these organizations/companies
coupled with rising awareness about the availability of the products is
anticipated to boost market growth during the forecast period.
·
Players contributing to the development and
growth of the market include, but are not limited to, Second Sight Medical
Products, Inc., Retina Implant AG, Bionic Vision Australia (BVA), Boston
Retinal Implant Project (BRIP) by Bionic Eye Technologies, Inc., and Visus
Technology, Inc.
View more reports of this category by Grand
View Research at: https://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the
Retinal Implant Market on the basis of device type and region:
Retinal
Implants Device Outlook, (2012-2022, USD Million)
·
Argus II
·
Others (Implantable Miniature Telescope,
Alpha IMS)
Retinal
Implants Regional Outlook
·
North America
·
Europe and MEA
·
Rest of the World (RoW)
Access press release by
Grand View Research: https://www.grandviewresearch.com/press-release/global-retinal-implant-market
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.
