The Retinal Implants Market Size was valued at USD 20.57 billion in 2022. The Retinal Implants market industry is projected to grow from USD 23.91 billion in 2024 to USD 46.05 billion by 2032, exhibiting compound annual growth rate (CAGR) of 8.54% during the forecast period (2024 - 2032). Retinal implants and prostheses R&D has increased in recent years owing to their immense market potential and surging awareness initiatives, advancements in technologies leading to novel product launchesare the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rise in the geriatric population that is vulnerable to eye diseases drives the growth of the artificial retina market during the forecast period. For instance, according to the review article "Macular Degeneration" of the National Library of Medicine, published in August 2022, age-related macular degeneration (ARMD) is the most common cause of blindness prevalent in developed countries, particularly in people older than 60 years. According to the same source, AMRD accounts for 8.7% of all types of blindness worldwide. According to the article published in Geriatric Ophthalmology, in January 2021, 3.6 million individuals, or 18% of people over 70, were visually impaired. This factor increases the market CAGR in the forecast period.
Additionally, the rise in technological advancement and increase in research and development activities by key market players boost the market's growth during the forecast period. For instance, PIXIUM VISION, an innovative bionic vision systems company, is developing a PRIMA implant (sub-retinal implant) and the IRIS II, the only epi-retinal implant with 150 electrodes, intended for patients who have lost sight because of retinitis pigmentosa (RP). In addition, Axorus, a France company, developed subretinal implants for many patients suffering from age-related macular degeneration and retinitis pigmentosa. Therefore, the rise in research and development activities is expected to drive the Retinal Implants market revenue growth during the forecast period.
Based on Type, the Retinal Implants market segmentation includes Argus II, Implantable Miniature Telescope, and Retina Implant Alpha AMS. The Argus II segment dominated the market due to the increasing adoption of these devices ly as implants, technological advancements, and novel product launches.
Figure1 Retinal Implants Market, by Type, 2022&2032 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American retinal implants market will dominate due to its large population, excellent medical infrastructure, and high-income levels, which will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 RETINAL IMPLANTS MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Retinal Implants market accounts for the second-largest market share due to the Increasing expenditure on healthcare. Raising awareness among people also contributes to this Region's market growth. Further, the German Retinal Implants market held the largest market share, and the UK Retinal Implants market was the fastest-growing market in the European Region.
The Asia-Pacific Retinal Implants Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe High prevalence of degenerative conditions and technological advancements that boost the market growth in this Region. Moreover, China’s Retinal Implants market held the largest market share, and the Indian Retinal Implants market was the fastest-growing market in the Asia-Pacific region.
Retinal Implants Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the retinal implants market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The retinal implants industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Retinal Implants industry to benefit clients and increase the market sector. The Retinal Implants industry has offered some of the most significant medical advantages in recent years. Major players in the Retinal Implants market, including Philips Healthcare, Retina Implant AG, Second Sight Medical Products, Inc., Bionic Eye Technologies, Inc., Bionic Vision Australia, VisionCare Ophthalmic Technologies, Inc, Abbott Vascular, and others, are attempting to increase market demand by investing in research and development operations.
LambdaVision is developing a protein-based artificial retina to restore meaningful vision for millions of patients blinded by retinal degenerative diseases.LambdaVision, an innovative biotechnology company developing a novel treatment to help patients regain sight, has been selected by NASA for a Small Business Innovation Research (SBIR) Phase II award worth $750,000 over two years. With the continued support of NASA, LambdaVision will advance the development of its protein-based artificial retina. This award complements a recent $5M NASA Commercialization Award received by LambdaVision and its partner, Space Tango, for continued work on the International Space Station (ISS) to establish pilot-scale production systems for artificial retina and other future biomedical applications.
Bionic Vision Technologies (BVT) is a privately held Australian company that develops visual prostheses to restore vision to blind people. The devices electrically stimulate the remaining retinal cells in patients with retinal degeneration.Bionic Vision Technologies announced a strategic partnership with Cirtec Medical Company, a U.S. medical technology company. Under this partnership, Cirtec will assist Bionic Vision Technologies in developing and manufacturing the next-generation bionic eye system.
Key Companies in the retinal implants market include
Retinal Implants Industry Developments
June 2020 LambdaVision, an innovative biotechnology company developing a novel treatment to help patients regain sight, has been selected by NASA for a Small Business Innovation Research (SBIR) Phase II award worth $750,000 over two years. With the continued support of NASA, LambdaVision will advance the development of its protein-based artificial retina. This award complements a recent $5M NASA Commercialization Award received by LambdaVision and its partner, Space Tango, for continued work on the International Space Station (ISS) to establish pilot-scale production systems for artificial retina and other future biomedical applications.
July 2022 Nidek Co., Ltd. acquired 90% shares of Nidek Medical S.R.L., a sales and service company of ophthalmic devices. This acquisition will help the company to increase the success between Nidek Medical and Nidek.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 20.57 billion |
| Market Size 2023 | USD 23.91 billion |
| Market Size2032 | USD 46.05billion |
| Compound Annual Growth Rate (CAGR) | 8.54% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Philips Healthcare, Retina Implant AG, Second Sight Medical Products, Inc., Bionic Eye Technologies, Inc., Bionic Vision Australia, VisionCare Ophthalmic Technologies, Inc, Abbott Vascular |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | High prevalence of degenerative conditions Technological advancements |
Frequently Asked Questions (FAQ) :
The Retinal Implants market size was valued at USD 20.57 Billion in 2023.
The market is projected to grow at a CAGR of 8.54% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market arePhilips Healthcare, Retina Implant AG, Second Sight Medical Products, Inc., Bionic Eye Technologies, Inc., Bionic Vision Australia, VisionCare Ophthalmic Technologies, Inc, and Abbott Vascular.
The Argus II category dominated the market in 2023.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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