ID: MRFR/MED/0753-HCR | 80 Pages | Published By Rahul Gotadki on March 2023
The Bionic Eye Market is expected to reach USD 516.2 Million by 2030 at 14.3% CAGR during the forecast period 2022-2030. The bionic eye is an electrical prosthesis that is implanted into the human eye. Individuals with severe retina damage have high benefits from the bionic eye. The bionic eye consists of various components such as a camera and an internal chip.
The camera of the bionic eye is mounted on eyeglasses. This camera helps to emit radio waves to organise the visual stimuli of the environment. In the US only one FDA approved bionic eye is available now. The task of the bionic eye is to work on the brain and eye structure. Through the bionic eye, it is possible to reach functional vision goals. The demand for the bionic eye technology is rapidly surging. Many factors are leading to high bionic eye market growth.
As per the world health organisation, more than 2.2 million individuals are affected by blindness. However, most of these conditions are preventable. Therefore, the bionic eye is an exceptional solution for people with vision impairment. Long term efficiency, safety and reliability are the benefits of the bionic eye transplant. Also, it is proven that these implants have had to restore vision in many individuals. Even degenerative eye disease is curable through the bionic eye. All these factors will contribute to the high market value in the forecast period.
Covid 19 pandemic is affecting the growth of many markets. There are supply chain disruptions that affect most of the market. The bionic implants procedure is slowing down. The demand for the bionic eye is high. However, treatments available to implant the bionic eye are less in this period. Today, many hospitals are giving more importance to covid patient care. The treatment for the covid patients has more demand.
Eye treatments were stopped to control the effects of covid 19. These surgeries were considered non-essential which lead to a decline in the bionic eye implants growth rate. However, the market has high research and development. This period is utilized for more innovation and new developments in the market. During the pandemic, the market is facing a few challenges. However, in the upcoming years, the overall demand for the market will be massive.
The rise in vision loss is a crucial market driver for the mabionic eye. Today, the global population is increasing approximately 18% every year. Due to the rise in the population, the amount of infants born with vision problems is rising. There is both moderate and severe blindness in many people. The need to find an effective cure for the problem is increasing demand for the bionic eye market.
Through the bionic eye, both the several and moderate vision problems are treatable. Uncorrected presbyopia is a condition for many individuals with vision problems. However, with bionic eye implants, these complications are treated. Furthermore, the prevalence of eye disorders is a crucial market driver for the bionic eye. The eye diseases from infancy are surging in many regions.
Most of the children born have eye diseases out of which 1 million needs to be addressed. The rise of eye diseases leads to more adoption of a bionic eye. The ageing is another population with many eye conditions. The need to treat these diseases is higher in developing nations. All these factors are expected to create a positive impact on the market of bionic eye.
The funds for research of bionic eye surgeries are tremendous. This investment can bring exceptional growth opportunities to the bionic eye market. Today, many governments are taking initiatives to raise funds for the eye market. This measure helps to restore vision in millions of individuals. With research and development, advanced implants will be available. The demand for various bionic eye implants will be exceptional. Due to the increased funds the devices used to implant this bionic eye will improve.
In the upcoming years, these developments can even treat rare eye conditions. In many regions, age-related eye macular degeneration is rising. However, with the research preventing these problems are possible. High investments can bring remarkable market growth for bionic eye.
Further, the demand for the bionic eye is expected to be immense from hospitals. Hospitals consist of expert ophthalmologists. These experts can carry out successful eye implants. With modern equipment efficient eye treatment is possible in hospitals. The increased eye surgeries in hospitals will lead to bionic eye future development. All these market growth factors will lead to bionic eye expansion.
The high cost of treatment is a restraining factor of the bionic eye market. The bionic eye transplant is a sophisticated procedure. It is a treatment that includes the function of the brain to correct vision. The bionic eye is a high-end product and technologies used in the process are advanced.
3D cameras and modern equipment are essential to carry out the procedure. It increases the overall cost of the treatment. Also, only in US bionic eye systems are available. In many regions, there is no proper equipment available for the procedure. All these expenses make it affordable by a few. The population in developing nations can afford the bionic eye process. The cost factor can hamper the overall growth of the market.
Lack of awareness about bionic eye treatment is a challenge of the market. The developed regions are early adopters of new medical treatments. The regions such as North America have more awareness for bionic eye treatment. There are several technologies and equipment to assist with the process.
However, the developing marks lack awareness about the bionic eye. Individuals with visuals probe elms can experience effective treatment through the procedure. Restoring lost vision is possible with a bionic eye. More awareness about the treatment and its benefits are essential. Less awareness can decline the market growth trend of the bionic eye.
The bionic eye market trends remain positive in the forecast period. There is a factor that continuously boosts market growth. The rise in vision loss is creating more demand for eye treatments. Vision loss for aged people is creating awareness for the bionic eye. Further, the prevalence of eye disease is another demand driver.
Rare eye diseases require advanced eye treatment. However, the cost of treatment is a challenging factor of the market. In the upcoming years, a lack of awareness can have a hampering effect on the market. As per, market analysis of bionic eye the growth is sustainable in upcoming years.
North America is accounted for the maximum market share of the bionic eye. The region is expected to dominate the global market with high development. The favourable market scenario leads to high growth. The reimbursement policies for bionic eye treatment are exceptional in this region.
Further, advanced health infrastructure leads to higher adoption of bionic eye procedures. The investments in the regions for eye implants are massive. Also, intensive research will bring extraordinary innovations to North America. The bionic eye is expected to be an accessible eye procedure in this region. In the forecast period, the North American market of bionic eye will mark the highest demand rate.
By type Outlook
By technology Outlook
By end-user Outlook
By region Outlook
The bionic eye market has less competition. The market has few key players who have many strategies. More innovations and advancements are expected in this market. The product variations in the market will be higher in the forecast period. Market expansion, acquisition and mergers are the key strategies in the competitive landscape. More bionic eye devices will be available.
The market of bionic eye is diversified into key regions such as Asia Pacific, Europe and North America. North America will continue its market dominance over the bionic eye. The advanced health infrastructure is favourable to the market. The investments in the region will expand the overall bionic eye procedures. Also, the revenue rates of the market are impressive in the forecast period.
Further, Asia Pacific is the fastest-growing region with high demand. Solar power retina will help to treat rare eye diseases. The launch of gen 3 bionic eye will bring exceptional changes in the market. Also, the emerging markets have high scope for bionic eye market growth.
The key players of the bionic eye market are
|Market Size||USD 516.2 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Types, Technology, End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Retina Implant AG (Germany), Second Sight (US), Bionic Vision Australia (Australia), The Bionic Eye (UK), Pixium Vision (France), iBionics (Canada)|
|Key Market Opportunities||
|Key Market Drivers||
The growth rate of the bionic eye market is projected at 14.3%.
The profitable segment of the bionic eye market is implanted eye market.
North America is a leading market with the highest shares.