Market Trends of Retinal Implants Industry
This section covers the major market trends shaping the Retinal Implants Market according to our research experts:
Argus II Retinal Prosthesis System is Expected to Witness Healthy CAGR Over the Forecast Period
Argus II Retinal Prosthesis System is developed by the company named Second Sight Medical Products. This is an Epiretinal implant which got CE Mark in 2011 and FDA approval in 2013 as a humanitarian device for patients with retinitis pigmentosa (RP). Retinitis pigmentosa is one of the most common diseases that occur in the retina. National Institute of Health has stated that 1 in 3,500 to 1 in 4,000 people in the United States and Europe are affected by this disease. As the disease is hereditary, treatment for the same is difficult which has led to the development of prostheses for vision correction.
The company Second Sight Medical Products is focusing on the further development of Argus II in which the need for additional surgery will be removed and the hardware-software in the device will be improved. The device is manufactured with a decade of focused R&D efforts and the clinical trials for the same has given positive results in the patients. Therefore, it is expected that Argus II will be witnessing healthy growth over the forecast period.
North America is Expected to Dominate the Retinal Implants Market
North America is expected to generate the highest revenue in the global retinal implant market over the forecast period. High prevalence of degenerative conditions and technological advancements may drive growth of the North America retinal implants market over the forecast period.
Retinal implants are manufactured by few companies currently and only four types of implants have been approved by the US FDA. Among the companies that are in this market, most of them are based in the North America region. For instance, Second Sight Medical Products, Inc., VisionCare, Inc. Due to the adoption of advanced technologies in the United States and the presence of key players in the market, it is expected that this region will witness high growth in the forecast period. Added to that, the favourable reimbursement facility for the retinal implant is acting as a driver for the growth of this market in this region.
