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In the medical industry, the innovation of artificial retina is a major development, where various medical companies as well as a lot of universities are conducting researches to provide vision to more than 285 Mn people of the world who are visually impaired. Normally, the devices are made of nanorod carbon nanotube biomimetic films added with auxiliary devices like VPU (Visual Processing Unit) and transmitter. Since, advancement of artificial retina is anticipated to make high ROI for involvement in the initial growth of the product. Various companies in tge market of artificial retina are creating important funding in the activities of research and development in relation to the aforesaid. These devices are anticipated to meet many conditions of visual impairment which ranges from AMD (Age-related macular degeneration) to RP (retinispigmentosa).
According to the projections made independently, in the year 2016, total number of people who suffered from retinispigmentosa in the United States was 100,000. The arrival of this new technology could unlock the opportunities of the market for the companies. In the year 2013, advancement in this reference took place where the United States Food and Drug Administration gave consent to Argus II Retinal Prosthesis System- the implanted device of its first kind, in treating population having retinispigmentosa (RP). These products which are transforming the market is anticipated to formed by many supervisory rules across the world.
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The main trend of the market of artificial retina is the innovation of product. In the last few years, the ophthalmic industry witnessed a major breakthrough and is more competitive in its outlook. The categories of the ophthalmic products which are traditionally recognized have developed a lot, which is now providing limited opportunities to the players functioning in the market. Currently, the companies now are focusing more on the strategy of price in enhancing their business presence across the globe. Though, the drift in the price could possibly help the company in short time in the predicted period. Mostly, the companies operating gain from the investment in the research and development activities, to exploit on long-term profitable opportunities owing to the patent products and state-of-the-art-technologies. Recently, the market of artificial retina has too observed the development of several startups mainly in the high growth in the U.S. and Israel market. Artificial retina would generate value- based customers in the coming years for the producers.
Rising incidence of the visually-challenged population added with increasing expenses of healthcare in the evolved and the evolving countries like is anticipated to push the market of the eye care and its growth in the coming future. According to the statistic issued by the government of U.S., the healthcare sector is anticipated to add about 20% to the total GDP. Furthermore, there has been rise in the expenditure in the healthcare sector due to the carrying out of Medicare and Obamacare in the country. A similar fashion is also witnessed in Europe, though at a much slow pace.
The market of artificial retina is anticipated to be more boosted by joint partnership of medical device enterprises with government introduced project. For example, DOE Artificial Retina Project is a project introduced by the government of U.S. in developing artificial retinas for visually challenged populace.
Although the industry is anticipated to observe augmented growth, burdensome supervisory methods added with issues in relation to patent and high expenses on research and development can decrease the global growth in the following years. Companies are required to assess the business models and economic distresses before arrangement to expand in the market.
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North America and Europe are anticipated to control the global market of artificial retina in the predicted period from 2016 to 2024. This is mainly accredited to strong healthcare framework and high expenses on healthcare research and development (R&D in the region. The industry of healthcare in the North America is experiencing key revolution resulting the application of many healthcare reforms. Furthermore, the region have a population of more than 10 Mn visually challenged who needs better real treatment. Each year, 50,000 people become blind in North America. Major advancements in the field of artificial retina are estimated to make profitable opportunities of growth for the players in the market in this region. Countries like, North America and Europe have healthcare expenditure of more than 10% of the global GDP.
Asia Pacific is estimated to develop as the biggest market in the industry with other competitive market players. This region has more than 55% of the visually challenged populace worldwide. In Asia Pacific, the rate of retinispigmentosa (RP) is highest in comparison to other areas. Though, the market of artificial retina is estimated to develop at a much slow pace in the predicted period. The region is predicted to be mainly pushed by high need in Japan, trailed by China and India respectively.
The main companies in the market of artificial retina worldwide include Nano-Retina, Second Sights, and Optobionics.
Key Developments_MI
R&D activities, added with advancement in the technology by the main companies are boosting the market of artificial retina and its growth. For example, in the University of Texas at Austin and Seoul National University in August 2018, researchers stated that they had effectively established a new ultrathin artificial retina based on thin 2D materials like molybdenum disulfide and graphene.
Furthermore, players in the market are emphasized on strategic partnerships and on procuring investments to toughen their market position. Leben Care a company based in Singapore specializes in automated retina image analysis in July 2019 by use of AI algorithms, got funding from IP Ventures. The company intends in utilizing the funds to toughen its product, sales and the marketing team. Product consent from supervisory authorities for product marketing is anticipated to create opportunities of growth for the companies functioning in the market of artificial retina worldwide. For example, Altris, Inc. is an AI (Artificial Intelligence) healthcare company that pronounced the CE Mark approval of its product ‘Standard Functionality’. The product will have usage in the initial screening of retinal disease in medical practice.
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