The global retinal prosthetics market is anticipated to grow over the forecast period due to the development of various products that are expected to be launched in the next 4-5 years, as well as an increase in the prevalence of retinal diseases like retinitis pigmentosa and diabetic retinopathy. For instance, a study published by the National Library of Medicine in August 2022 revealed that retinal dystrophy affects 1 in every 4,000 individuals in the U.S., making it the most common inherited retinal disorder. As a result, the rising incidence of retinitis pigmentosa is likely to drive the market's expansion during the forecast period.
In addition, technological advancements and increased research and development efforts by key players in the market are expected to contribute significantly to its growth during the forecast period. For instance, PIXIUM VISION, a company specializing in bionic vision systems, is developing the PRIMA sub-retinal implant and the IRIS II implant, the only epi-retinal implant with 150 electrodes, aimed at patients who have lost their vision due to retinitis pigmentosa (RP). Similarly, Axorus, a French company, is focused on developing a sub-retinal implant for patients suffering from age-related macular degeneration and retinitis pigmentosa. As a result, the growing investment in research and development is likely to drive the expansion of the artificial retina market in the coming years.
