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Bionic Eye Market Trends

ID: MRFR//0753-HCR | 80 Pages | Author: Rahul Gotadki| July 2024

Global Bionic Eye Market Overview


Bionic Eye Market Size was valued at USD 0.21 Billion in 2022. The Bionic Eye market industry is projected to grow from USD 0.24 Billion in 2023 to USD 0.70 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.30% during the forecast period (2023 - 2032).The prevalence of vision loss is increasing, yet both mild and moderate vision issues are treatable due to the bionic eye are the key market drivers enhancing the market growth. 


Bionic Eye Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


In August 2023, Alcon India launched Clareon Monofocal and Clareon Toric intraocular lenses (IOLs) in combination with the country’s Clareon Monarch IV delivery system, leading to the most technologically advanced Alcon cataract treatment combo. 
Pixium Vision declared that it had wrapped up a clinical trial for its Prima bionic eye system, meant for late-stage retinitis pigmentosa, in February 2023.
Second Sight Medical Products revealed in January 2023 that their Argus II bionic eye system won FDA consent for retinitis pigmentosa treatment.
On the other hand, according to a French bioelectronics firm called Pixium Vision, which produces new bionic vision systems for people who have lost sight, the first patient was successfully implanted with ‘Prima System’ in Italy on September 13th, 2022, as part of PRIMAvera pivotal trial of atrophic dry age-related macular degeneration.
Bionic Vision Technologies (BVT) announced officially in Australia on January 16th, 2022, that The Bionic Eye System has been named a Breakthrough Device by the Food and Drug Administration (FDA) of the US before any regulatory approval is given.
Australia’s one of the world-first bionic eye systems obtained breakthrough device designation from the USFDA in January 2022.
A Dutch patient received a Prima System implant developed by Pixium Vision France in 2022. It offers hope for partial vision restoration in people suffering from geographic atrophy (GA), which is a prevalent form of dry age-related macular degeneration (AMD).
Johnson & Johnson introduced Acuvue Oasys Multifocal with Pupil Optimized Design featuring Senofilcon. A lens material made using Acuvue Oasys technology platform optimization design to match pupil shapes and sizes which provides outstanding convenience along with correction of vision performance only possible with senofilcon in March 2021.
Hong Kong University of Science and Technology (HKUST) announced the world’s first 3D artificial eye, which is far superior to other bionic eyes existing today and sometimes even surpasses the human eye it imitates, providing hope for patients with visual disorders and sight for humanoid robots in June 2020.

Bionic Eye Market Trends



  • Growing eye dieses among people is driving the market growth


Market CAGR for bionic eye is being driven by the rising eye dieses among people. The bionic eye is a sort of electronic prosthesis that is surgically inserted into a human eye to enable light transduction, or the translation of environmental light into impulses that the brain can process, in people who have suffered significant retinal damage. An outside camera and transmitter, as well as an internal CPU, are all parts of the bionic eye. The camera is equipped with glasses before transmitting high-frequency radio waves to assist in the production of visual cues from the environment.


Additionally, a major market driver for the bionic eye is the increase in vision loss. The population of the world is growing by about 18% annually as of now. The number of newborns with vision issues is increasing as a result of the growing population. Many people are blind to varying degrees, from mild to severe. Demand for the bionic eye market is rising due to the necessity to find a reliable solution to the issue. Both serious and mild vision issues are curable with the bionic eye. For a lot of people with vision issues, presbyopia that has not been treated is the condition. In contrast, these issues are resolved by bionic eye implants. In addition, a key market factor for the bionic eye is the prevalence of eye problems. In many areas, eye conditions that affect infants are on the rise. One million of the million newborn newborns with eye problems need to be treated. More bionic eyes are being adopted as eye problems become more prevalent. Another population with a high incidence of eye disorders is the elderly. In developing countries, it is more important to treat these diseases. On the market for bionic eyes, all of these variables are anticipated to have a beneficial effect.


The industry is expanding quickly as a result of recent technological developments in bionic eye implants, including better resolution, wireless communication, and miniaturisation. Bionic eye technology has advanced significantly as a result of ongoing advancements in microelectronics, materials science, and biomedical engineering. Modern bionic eye implants allow users to read large print and sense shapes and objects by stimulating retinal cells with increased resolution and greater accuracy. These technical developments not only improve the functionality and utility of bionic eyes, but they also help these devices become more widely accepted and used by patients and medical professionals.


The development and commercialization of bionic eye systems are being sped up by exploding investments in research and development (R&D) projects by public and private organizations. Studies and clinical trials to enhance the performance and security of bionic eye implants are actively funded by governments, academic institutions, and medical device manufacturers. Collaborations among academic institutions, business leaders, and healthcare organizations are also promoting multidisciplinary research and knowledge exchange. In addition to accelerating scientific innovation, these investments and partnerships are also making bionic eye devices more widely available to patients who need them by speeding up the process of regulatory approval and commercialization. Thus, result in driving the Bionic Eye market revenue.


In people who have experienced a major retinal loss, a bionic eye is a digital prosthesis surgically implanted into the eye to facilitate light transduction or the transformation of ambient light into brain-processable signals. A transmitter, an inside microprocessor, and a camera on the outside are all features of the bionic eye. Before transmitting high-frequency radio waves, the camera is equipped with glasses to generate visual data from the environment. People with untreated and preventable blurred vision or blindness can receive assistance from the bionic eye. External and implanted vision support are highly sought-after with the most recent advancements in breakthrough eye care technologies. An electrical prosthetic device called a "bionic eye" is surgically implanted into a person's eye to enable light transduction or converting light from the natural world into brain-processable impulses. This is done to help those with severe retinal injury.


The bionic eye includes an internal microprocessor, camera, and external transmitter. Before releasing high-frequency radio waves, the camera is put on a pair of eyeglasses, so it assists in forming the visual stimulus of the surroundings. An increase in the number of product approvals, an increase in the number of people who are completely or partially blind, an increase in the incidence of eye diseases, an increase in the number of injuries and collisions, and an increase in the geriatric population, combined with an increase in sedentary behavior and unhealthy eating habits, are all expected to have an impact. Bionic eye implants are becoming more widely used as technology becomes more widely available and easier to utilize for end users. Rising research expenditures have boosted purchases of bionic eye products into cutting-edge tactics for sight restoration. The number of people who are completely or partially blind, as well as the prevalence of eye illnesses, both contribute to the growth of the bionic eye industry.


News:


Pixium Vision, a firm seeking to utilize a bionic implant to help people avoid blindness, might have just been given a shortcut at the FDA. For its Prima system, which promises to replace failing receptors for light in the back of the eye in those with a form of macular degeneration caused by age referred to as dry AMD, the French developer was awarded a breakthrough designation. While a person's peripheral vision keeps working normally, the Prima system seeks to partially restore one's capacity to see at the center of their visual field, which is the area most damaged by the disorder. It consists of a wireless, two-millimeter square retinal implant coupled to a compact processing device and a camera attached to spectacles.


Bionic Eye Market Segment Insights


Bionic Eye Type Insights


The Bionic Eye market segmentation, based on type includes implanted eye, and External eye. The implanted eye segment dominated the market. Retinal implants are surgically inserted devices that activate the retina's remaining functioning cells to restore vision in people with retinal disorders. Implantable bionic eyes are often referred to as retinal implants. These devices use an array of electrodes that is positioned either directly on the retina or very near it.


Figure1: Bionic Eye Market, by type, 2022&2032 (USD Billion) 


Bionic Eye Market by type


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Bionic Eye technology Insights


The Bionic Eye market segmentation, based on technology, includes Mechanical, and Electronic. The electronic category generated the most income in the year 2022. With the help of microelectronic technologies, electronic bionic eyes can restore vision by directly stimulating the retina's remaining functional cells or visual pathways. These gadgets have a number of electrodes that produce electrical impulses to simulate the retina's normal electrical activity.


Bionic Eye end-user Insights


The Bionic Eye market segmentation, based on end-user, includes ophthalmic clinic, and Hospitals. The hospitals category generated the most income in the year 2022. As they are well-equipped with competent ophthalmologists and cutting-edge equipment to provide proper patient care, hospitals are the initial line of therapy for patients. Excellent surgical outcomes and expanded medical coverage for the patient population are anticipated to increase the number of surgical procedures, driving the market's growth.


News


The potential for a merger with biotech start-up Nano Precision Medical, which was creating an implant for the delivery of drugs on its own. Since that merger was finalized in August of last year, Second Sight's technologies are about to be spun off into their own business under the name Cortigent. Although Cortigent will not create any retinal device upgrades with the money from a forthcoming Nasdaq IPO, it should imply a consistent (though dwindling) supply of spare parts for the original Argus II customers. Instead, the US $15 million investment will support ongoing studies and development of the Orion brain implant, letting some blind individuals see. Additionally, the technology will be used to create a new device that would aid in recovering mobility after an injury.


Bionic Eye Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Bionic Eye market area will dominate this market, due to the state offering access to the healthcare services appropriate repayment. Furthermore, the market for bionic eyes will develop because to sophisticated healthcare infrastructure and comprehensive research.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: BIONIC EYE MARKET SHARE BY REGION 2022 (USD Billion) 


BIONIC EYE MARKET SHARE BY REGION


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Europe Bionic Eye market accounts for the second-largest market share because discretionary income has increased and technological advancement in the region. Further, the German Bionic Eye market held the largest market share, and the UK Bionic Eye market was the European region's fastest-growing market.


The Asia-Pacific Bionic Eye Market is expected to grow at the fastest CAGR from 2023 to 2032, due to the increased speed at which businesses are releasing unique bionic eye implants, which will further increase demand for the technology in the region in the upcoming years. Moreover, China’s Bionic Eye market held the largest market share, and the Indian Bionic Eye market the Asia-Pacific region's market with the quickest rate of growth.


Bionic Eye Key Market Players& Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Bionic Eye market, grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other organizations. To expand and survive in a more competitive and rising market climate, Bionic Eye industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Bionic Eye industry to benefit clients and increase the market sector. In recent years, the Bionic Eye industry has offered some of the most significant advantages to medical industry. Major players in the Bionic Eye market, including Monash Vision Group, Second Sight Medical Products, LLPixium Vision, Nidek Co. Ltd., MetaModal LLC, Bionic Vision Technologies, Biomedical Technologies S.L, and others, are attempting to increase market demand by investing in research and development operations.


Bionic Vision Technologies, Pty., Ltd. (BVT) is developing  the Bionic Eye System, a visual prosthesis intended to restore eyesight to those who are blind due to hereditary retinal degeneration illnesses such Retinitis Pigmentosa (RP), it is a privately held Australian firm. The Company has conducted first human testing in seven RP patients to date, demonstrating safety and beginning efficacy with successful results in patient mobility and device stability/durability. The University of Melbourne, The Bionics Institute, CSIRO's Data61, The Centre for Eye Research Australia, and The Australian National University are just a few of the top research institutions with whom BVT is partnering. In 2023, Bionic Vision Technologies (BVT) and Cirtec Medical have a strategic partnership. According to the terms of the contract, Cirtec has made a strategic investment in BVT and will collaborate with the Australian company to develop and market its newest bionic eye.


Nidec Corporation producers and suppliers Electric motor, the company is located in Japan. Their goods can be found in electric appliances, vehicles, hard drives, and other industrial and commercial equipment. The firm holds the greatest market share in the world for the tiny spindle motors that power hard disc drives. In 2019, Leroy-Somer was purchased by Nidec from Emerson Electric, who afterwards became Nidec. LS Holding.


Key Companies in the Bionic Eye market include




  • Monash Vision Group




  • Second Sight Medical Products




  • LLPixium Vision




  • Nidek Co. Ltd.




  • MetaModal LLC




  • Bionic Vision Technologies




  • Biomedical Technologies S.L




Bionic Eye Industry Developments


July 2022:Pixium Vision SA, followed the authorization of the PRIMAvera study by the Dutch Ministry of Health, well-being, and Sport and the launch of the first PRIMAvera medical site in the Netherlands at the Rotterdam Eye Hospital. It is a bioelectronics company specializing in the development of bionic vision systems, reported the fruitful implantation of the initial patient in the Netherlands in the PRIMAvera pivotal examination in atrophic dry age-related macular degeneration (dry AMD).


February 2023:Nidek Co., Ltd., together with Hoya Vision Care (HOCPF), a pioneer in the development of optical technology.It is  a market leader in the production, design, and distribution of optometric, ophthalmic, and lens edging equipment, created a joint venture.


February 2023:Pixium Vision's Prima bionic eye device, which aims to treat retinitis pigmentosa in its advanced stages, just wrapped up a clinical trial.


Bionic Eye Market Segmentation


Bionic Eye Type Outlook




  • Implanted eye




  • External eye




Bionic Eye technology Outlook




  • Mechanical




  • Electronic




Bionic Eye end-user Outlook




  • Ophthalmic clinic




  • Hospitals




Bionic Eye Regional Outlook




  • North America






  • US




  • Canada






  • Europe






  • Germany




  • France




  • UK




  • Italy




  • Spain




  • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





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