Allied Market Research added new research on Artificial Retina Market Opportunity Analysis and Industry Forecast,2023-2032.
Introduction Of Artificial Retina Market
Artificial retinas are devices that are implanted in the eye to help restore some vision in people who have retinal diseases or injuries. These devices convert visual information into electrical signals that are then sent to the brain, bypassing the damaged part of the retina. There are a few different types of artificial retinas, including those that use a camera and a small machine to process visual information, and those that use electrodes to directly stimulate the remaining cells in the retina. Retinal implants are of three types i.e., subretinal implant, epiretinal implant, and suprachoroidal implant. artificial retina is implanted in those patient that are suffering from retinal diseases such as retinitis pigmentosa, age-related macular degeneration and others.
The artificial retina market is expected to witness growth during the analysis period, owing to varied products which are in development currently and are expected to be launched in the next 4-5 years and an increase in prevalence of retinal diseases such as retinitis pigmentosa, diabetic retinopathy. For instance, according to an article published by National Library of Medicine, in August 2022, retinal dystrophy affects 1 in every 4000 people in the U.S., making retinal dystrophy the most common inherited disease of retina. Therefore, a rise in prevalence of retinitis pigmentosa is expected to propel the growth of the market during the forecast period.
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COVID-19 Impact on Artificial Retina Market:
- Nearly all industries have been impacted by the global public health pandemic COVID-19. The COVID-19 outbreak impacted the distribution of medical care across the globe. During the pandemic disruption in clinical research, production, development, and supply of retinal prosthesis affected the growth of the medical device business of companies. Furthermore, patient visits in ongoing clinical trials have been delayed during the pandemic, due to prioritization of hospital resources toward the COVID-19 outbreak, travel restrictions imposed by governments, and the inability to access sites for initiation and monitoring. For instance, according to the annual report of Vivani Medical Inc, in December 2020, clinical trial for a retina implant designed to restore vision in blind people, to the clinical sites at UCLA (University of California, Los Angeles) and Baylor College of Medicine were temporarily put on hold due to COVID-19.
- However, the artificial retina market is expected to witness growth during the forecast period. This is attributed to various factors such as increase in funding for healthcare, increase in R&D activities, economies are recovering, and increase focus in the field of ophthalmology and retina. Furthermore, as the pandemic subsides and many people have vaccinated, it is likely that elective surgeries and non-emergency procedures has resume, which could help the artificial retinal implants market recover during the forecast period. Moreover, many companies which are conducting clinical trials of innovative retina implants are expected to launch their new products in the upcoming next 3 to 4 years, which will drive the growth of artificial retina market during the forecast period.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Artificial Retina MarketOpportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Artificial Retina Marketsegmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global healthcare bpo market: global opportunity analysis and industry forecast 2023-2032 market trends, key players, market segments, application areas, and market growth strategies.
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