Global visual prosthesis market is expected to grow at a healthy CAGR of 10.1% during the forecast period 2023–2031.
Visual prosthesis makes use of integrated tools to hold the entire sorting of consumers and healthcare professionals, and medical device providers and hence results in enhanced care quality, improved patient engagement, and reduction in healthcare cost and expenditure. Many health care specialists recommend that through visual prosthesis, programmed health assessments could be carried out electronically and virtually. The terrestrial obstructions could be resolute with this technology by making it possible to diagnose patients away from the diagnostic center and clinics.
Retinal degenerative diseases such as retinitis pigmentosa (RP) and age-related macular degeneration (AMD), and accidents or injuries are some of the major factors responsible for causing complete or partial blindness among people. Global visual prosthesis market is expected to witness a surge in demand for treatment on account of increasing awareness related to daily eye care diagnostics and treatment, rising prevalence of retinal diseases among the aging population, and ongoing research & development activities. In a study, it has been found that about 81% of blind people or people with moderate or severe vision defects are over 50 years old.
However, new entrants in the market are more likely to change the market dynamics by offering the products at low prices. It would be interesting to see how existing players would overcome this challenge along with the longer time taken for approval of visual prosthesis by the Food & Drug Administration (FDA).
The global visual prosthesis market is segmented by product type, indication, end user, and region.
Based on product type, the global visual prosthesis market is segmented into retina implant alpha AMS, implantable miniature telescope, Argus II, and others. The retina implant alpha AMS is expected to dominate the market, owing to ongoing research & development and increasing prevalence of diseases affecting the retina.
The market is segmented into age-related macular degeneration (AMD), retinitis pimentos (RP), and other retinal degenerative diseases. AMD is expected to grow significantly over the forecast period 2023–2031. Moreover, retinitis pigments (RP) is expected to register swift growth as a result of the rising prevalence of retinitis pigments and other diseases impacting retina across the globe.
Based on End user
The market is segmented into specialty eye clinics, eye hospitals, eye care centers, and others. Specialty eye clinics segment is expected to dominate the market owing to technological advancements in the eye clinics. Moreover, eye care centers segment is expected to experience swift growth due to the growing number of eye care centers across the globe.
In terms of region, the global visual prosthesis market is categorized into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa.
North America is expected to hold a significant share of the global visual prosthesis market. Developed healthcare infrastructure, presence of prominent players in the region, especially in Canada, technological advancements, and ongoing research & development activities are projected to flourish the market growth.
Europe is projected to emerge as the second leading region in the global visual prosthesis market on account of the strong presence of global leaders including Intelligent Implants GmbH, Retina Implant AG, and PIXIUM VISION in the region and increased awareness among people regarding visual prosthesis.
The Asia-Pacific has considerable adoption of competent technologies and large population base suffering from eye diseases. As per the India Brand Equity Foundation, the hospital and diagnostic centers have attracted FDI worth USD 4.99 billion during April 2000–December 2017. Various government and private organizations are sponsoring treatment cost across the region, which making people to opt for the treatment. The region is expected to witnessing staggering growth in the overall treatment demand in the years to come.
The Middle East and Africa are expiring growth in the overall awareness program in countries, including Brazil, Argentina, South Africa, Egypt, and others. However, some countries in MEA may enter the market late as a result of the lack of technology and healthcare infrastructure.
Latin America is expected to hold the least market share owing to poor healthcare infrastructure, unawareness among people regarding eye diseases, low per capita income, and lack of government support.
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