Artificial retina is a device which consists of an array of microelectrodes. The device is implanted into the eyes of people who are blind due to retinal diseases. The development of artificial retina is to restore limited vision that enables people to read during mobility and to recognize individuals. Artificial retina has proved to be a breakthrough invention for the medical device industry, as it has provided hope to approximately 285 million visually impaired patients across the globe. The device is made up of carbon nanotube biomimetic film with accessories such as a transmitter and a video processing unit. The global artificial retina market witnessed its first major breakthrough with Argus II Retinal Prosthesis System (approved by U.S. FDA), which is a first implant device used to treat patients with retinitis pigmentosa (RP). Product innovation in the field of ophthalmology is key for the innovation in the treatment. Major players are increasing investment in research and development in this market with the emergence of high competition in the ophthalmic industry, patent approvals, and innovation.
Increase in prevalence of visually impaired patients combined with government expenditure on health care, mergers and acquisitions of companies for technology transfer, investment in R&D by key players, and rise in geriatric population and increase in research in the field of ophthalmology are factors which are projected to drive the growth of the global artificial retina market. Collaboration between U.S. governments with key players of medical devices has helped in the initiation of Department of Energy's Artificial Retina Project. This has ignite hope for many visually impaired individuals. However, stringent regulatory approval processes, patent related issues, high cost of products, and high R&D expenditure are restraining the growth of the global artificial retina market.
The global artificial retina market is segmented by disease indication, type of retinal implant systems, end-user, and geography. Based on the disease indication, market is segmented into age-related macular degeneration (AMD) and retinitis pigmentosa. Based on the type of retinal implant systems, the artificial retina market is segmented into epiretinal implants and subretinal implants. In terms of end-user, the market is categorized into multi-specialty hospitals, ophthalmic clinics, and research institutes.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds a significant share in the global artificial retina market. This is attributed to well-structured health care infrastructure and increase in spending on research and development in the field of health care by the government. In addition, favorable Medicare reimbursement policies and increase in the number of visually impaired individuals are boosting the market growth of health care in the region. According to the U.S. government statistics, health care contributes approximately 20% in the overall GDP. Europe is the second leading contributor in the global artificial retina market. Awareness about advancement in the medical technology, improved per capita spending, presence of key players, and investment from governments in research and development are important factors for the growth of the market in Europe. Asia Pacific is an emerging market for artificial retina. According to statistics, 55% of visually impaired patients worldwide is from Asia Pacific and the rate of RP is high in the region. Economic development and increasing government in countries such as India are projected to boost the growth of the Asia Pacific market. Japan is leading in advancement in medical technology, which is estimated to drive the Asia Pacific market furthermore. Latin America and Middle East & Africa are slow emerging markets for artificial retina owing to high cost incurred in the procedure, slow growing economic condition, and less awareness regarding the procedure.
Key players operating in the global artificial retina market are Nano-Retina, Second Sight, Aetna Inc., PIXIUM VISION, and Optobionics.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.