Market Research Future (MRFR) announces a new release on the global Retinal Implants Market. The report profiles the global retinal implants market’s future growth potential on the basis of the market’s performance in the historical study period. The leading segments and key players in the global retinal implants market are profiled in order to understand the granular structure of the market in detail.
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Retinal implants are apparatuses used to restore some degree of sight in people suffering from retinitis pigmentosa, which causes blindness. Age-related macular degeneration is also a key target for the global retinal implants market, as the growing geriatric population around the world has emerged as a key driver for the global retinal implants market over the last few years. Retinal implants work by supplying the retinas with electric pulses, which activates the functional cells in the retina and bypasses the nonfunctioning cells to provide some degree of functional vision to the blind.
The growing geriatric population is likely to be the major driver for the global retinal implants market over the forecast period. Age-related macular degeneration is a considerable issue for the healthcare sector in present times, with the population of the elderly in emerging regions such as Asia Pacific expected to grow in the coming years on the back of solid technological advancement in the healthcare sector. This is likely to be a major driver for the global retinal implants market over the forecast period, as emerging regions such as Asia Pacific represent untapped markets with a highly lucrative market opportunity.
On the other hand, the relative lack of technological advancement in retinal implants is likely to be a key restraint on the global retinal implants market over the forecast period. The field of retinal implants is at a highly nascent stage at present. This is likely to lead to solid research and development efforts in the market in the coming years, as key players look to stamp out a solid market share by developing a winning product formulation. The role of private players is likely to be monumental in the global retinal implants market over the forecast period, as the number of private players looking to cash in on the strong growth prospects of the retinal implants market is increasing.
The global retinal implants market is segmented on the basis of type into Argus II, implantable miniature telescope, and retina implant Alpha AMS.
Regionally, the global retinal implants market is segmented into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific.
North America is likely to dominate the global retinal implants market over the forecast period due to the nascent nature of the market, which is likely to lead to a steady demand for research and development efforts aimed at obtaining more effective and safer versions of retinal implants. The presence of many leading retinal implants market players in North America is likely to be a major driver for the retinal implants market in the region. The healthcare research sector in the region is a world leader in terms of development of useful products, which is likely to aid the growth of the retinal implants market in the region over the forecast period. The growing geriatric population in the region is also likely to make it among the leading consumers of retinal implants in the world.
Europe is also likely to remain a major regional market for retinal implants over the forecast period due to the growing healthcare research efforts in the region and the high purchasing capacity of consumers in the region.
Leading players in the global retinal implants market include Philips Healthcare, Second Sight Medical Products Inc., Bionic Vision Australia, Abbott Vascular, VisionCare Ophthalmic Technologies Inc., Bionic Eye Technologies Inc., and Retina Implant AG.
In August 2018, a new 2D material-based retinal implant was developed by researchers in the University of Texas at Austin and the Seoul National University in South Korea. The few-layer implant, which is made from graphene and molybdenum disulfide, could emerge as a powerful tool in the retinal implants market over the forecast period.
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