Retinal implants are biomedical microchips designed to provide visual perception to people who have lost vision owing to degenerative eye diseases such as retinitis pigmentosa and age-related macular degeneration. These conditions lead to slow degeneration of photoreceptor cells in the retina of human eyes, leading to gradual loss of sight. However, some of the inner retinal neurons capable of transmitting signals from photoreceptors to the brain are preserved in most cases. Electrical stimulation of these remaining retinal neurons with the help of retinal implants, which are essentially microchips containing an array of light-sensitive diodes capable of converting incident light into electrical signals, can help reintroduce some vision to patients.
The report presents a detailed overview of the present state of the global retinal implants market and its crucial elements. It presents an analysis of the major factors that will influence the growth dynamics of the market and shape its future.
The data has been gathered with the help of primary and secondary research methodologies, and narrowed down with the help of industry-leading analytical methods. A definitive account of the regulatory scenario governing market decisions has also been included in the report, along with an analysis of the expected impact of the regulatory scenario on the market.
Retinal Implants Market: Present Scenario
Retinal implants were considered a medical impossibility until a few decades ago, primarily owing to the highly complex design of the human eye. However, some retinal implants have successfully cleared clinical trials and are being regularly used in clinics in developed regions such as Europe and North America.
Retinal implants such as Alpha IMS, developed by Germany-based Retina Implant AG, and Argus II, developed by U.S.-based Second Sight Medical Products, have received approval for large-scale marketing and are being successfully implanted in patients with retinitis pigmentosa.
With the rising number of successful outcomes of retinal implants and advancement in technologies, the global retinal implants market holds immense potential in helping patients with RP and several other degenerative conditions regain their sight.
Increase in the geriatric population and the consequent rise in the prevalence of degenerative conditions, technological advancements, and growing disposable income in developing countries will act as major drivers of the global retinal implant market in the next few years.
Currently, retinal implants available in the market fall into two categories: epiretinal implants, which are fixed on the retina, and subretinal implants, which are fitted behind the retina. Retinal implants that can be fitted above the vascular choroid, called suprachoroidal implants, are also in clinical trials.
Retinal Implants Market: Challenges and Growth Opportunities
Biocompatibility and long-term stability of the material used for devising retinal implants are the major challenges in the global retinal implants market. These technical challenges have induced manufacturers and researchers to explore the use of new materials and combinations that will be most suitable for human eyes. This factor acts as a major restraint of the market as well as a major opportunity for medical device manufacturers and researchers.
Lack of medical reimbursement in developing and underdeveloped countries is a key issue restraining the global retinal implants market. In Germany, the Alpha IMS microchip is reimbursed by the statutory health insurance system, which insures 90% of the country’s population.
Complex surgery, difference in people’s biological response to foreign objects being placed inside their bodies, and high cost of procedures are the other major challenges faced by the global retinal implants market. Owing to the complex nature of implant surgeries, comprehensive training in the technology and technique and appropriate selection of patients is also a crucial factor governing the large-scale adoption of retinal implants. Dearth of trained professionals in several regions is limiting demand for retinal implants.
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.
3. Actionable Results
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.