Bionic Eye Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Implant v/s External), By Technology (Electronic v/s Mechanical), By End User (Hospitals, Ophthalmic Clinics, Others), By Region, and Competition

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Summary

Report Description

Global Bionic Eye market is expected to grow at a significant rate for the forecast period 2024-2028. The global market is projected to grow as the growth of ageing population, low physical activity along with sedentary lifestyles, and bad eating habits also contribute to an increase in the number of persons with eye disorders and vision impairment. The most frequent cause of blindness in developed nations, especially in persons over 60 years old, is age-related macular degeneration, which is responsible for 87 percent of all blindness globally. Its prevalence is probably going to rise because of the rapid ageing population. With the introduction of anti-angiogenesis therapy, there have been major advancements in the management of age-related macular degeneration, and patients now have access to efficient treatment options that can both prevent blindness and, in many cases, restore vision. The country's economy is also impacted by vision loss, the anticipated cost gap for treating the unmet demand of visual impairment (estimated at around USD 25 billion) is significantly greater than the expected yearly worldwide productivity loss (calculated at about USD 411 billion purchasing power parity). However, these therapies are costly and not accessible to many patients in many countries, so individuals seek for other options in the market. Increasing product acceptance and an increase in the number of Bionic eye implants are becoming more widely used as technology is becoming more widely available and easier to utilize for end users.

Vision impairment, which is expected to cost the world's economy USD 411 billion annually in productivity losses, is a major financial burden, according to the World Health Organization. Uncorrected refractive errors and cataracts are the main causes of vision loss and blindness. The people who are blind or have visual problems are over 50, however vision loss can affect anyone at any age. At least 2.2 billion people worldwide suffer from a near- or distance vision impairment, according to WHO. Thus, demand for bionic eye is expected to increase during the forecast period. 

Rise in Prevalence of Eye Diseases

There are various eye-related diseases associated with lifestyle changes that, if not addressed in a timely manner, might impair a person's ability to see. Eye conditions include cataract, diabetic retinopathy, and glaucoma are among the most common eye conditions among people worldwide.

According to WHO, low- and middle-income countries have a four times higher prevalence of distant vision impairment than high-income ones. In terms of near vision, rates of untreated near vision impairment are estimated to be higher than 80% in western, eastern, and central sub-Saharan Africa, compared to rates that are believed to be lower than 10% in high-income regions of North America, Australasia, Western Europe, and Asia-Pacific. At least 2.2 billion individuals worldwide are blind or have vision impairments, at least 1 billion of which might have been avoided or are still unaddressed.

Full, partial, and color vision loss can be caused by a wide range of conditions, including heredity, disease, and injury. The photoreceptors (the rods and cones) are destroyed in some types of hereditary blindness, such as retinitis pigmentosa, which results in visual loss while leaving most of the other retinal cells intact. Others, including glaucoma or acute eye injury, may cause long-term harm to the optic nerve and visual circuits. Due to these differences, researchers are working on to develop different types of bionic eye implants according to the percentage of eye blindness, among these types the two showing most promising result are retinal implant and cortical implant. 

Technological Development Across the Globe

The bionic eye is a visual prosthesis, an electric device that helps the patient in restoring the sense of vision. Bionic eyes are currently under development and more feature needs to be enhanced in its technology as it still can’t help in restoring the 20/20 vision in people. Most of the bionic eyes which are being developed in across the globe primarily requires a healthy optic nerve and a developed visual cortex.

Many countries across the globe are working on developing the bionic eyes which can restore the full eye vision in the patients. Australia is among those countries which is persistent in developing this type of bionic eye technology. Researchers are working on different devices, but these devices are somewhat similar in many ways, which have few key differences in them like development of epi-retinal which is designed by some researchers to be placed in front of the retina and other types which are designed to be placed behind the retina.

Bionic Vision Australia (BVA) has been developing many devices which particularly is designed to treat retinitis pigmentosa and age-related macular degeneration vision loss in patients.

American company Second Sight has developed ARGUS II a retinal implant which works by stimulation to induce visual perception is in visually impaired patients, it works similarly as the device made by Bionic Vision Australia. Second Sight has also received FDA approval for its commercialization in the USA and has also received CE mark approval in Europe.

In Germany, the researchers of University of Tubingen in Germany developed a retinal prosthesis called Alpha IMS retinal prosthesis which is designed for patients with degenerative outer retinal disease by implanting it in the layer of degenerated photoreceptor cells.

There are still some technological advancements that needs to be addressed for the restoration of full eyesight in visually impaired patients. Thus, consistent developments in the bionic eyes and adoption of the people around the globe with advancing technology is expected to bolster the growth of the Global Bionic Eye Market.




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Market Segmentation

Global Bionic Eye Market is segmented into type, technology, end user, and region. Based on type, market can be further divided into implant and external. Based on the technology, the market is divided into electronic and mechanical. based on the end user, the market is split into hospitals, ophthalmic clinics, and others. 

Market Players

The major players operating in the global bionic eye market are Second Sight Medical Products Inc., Nidek Co. Ltd., Nano Retina Ltd., MetaModal LLC, Biomedical Technologies S.L., Bionic Vision Technologies, Pixium Vision S.A., Monash Vision Group, iBionics, Optobionics Corporation, etc.

Attribute

Details

Base Year

2022

Historical Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

·         Type

·         Technology

·         End User

Regional scope

North America; Europe; Asia Pacific; South America; Middle East & Africa

Country scope

United States, Mexico, Canada, China, India, Japan, South Korea, Australia, Germany, France, United Kingdom, Spain, Italy, South Africa, UAE, Saudi Arabia, Brazil, Argentina, Colombia

Key companies profiled

Second Sight Medical Products Inc., Nidek Co. Ltd., Nano Retina Ltd., MetaModal LLC, Biomedical Technologies S.L., Bionic Vision Technologies, Pixium Vision S.A., Monash Vision Group, iBionics, Optobionics Corporation.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, global bionic eye market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Bionic Eye Market, By Type:

    • Implant
    • External
  • Bionic Eye Market, By Technology:
    • Electronic
    • Mechanical
  • Bionic Eye Market, By End User:
    • Hospitals
    • Ophthalmic Clinics
    • Others
  • Bionic Eye Market, By Region:
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • France
      • United Kingdom
      • Italy
      • Germany
      • Spain
    • Asia-Pacific
      • China
      • India
      • Japan

§  South Korea

§  Australia

o   Middle East & Africa

      • South Africa
      • UAE
      • Saudi Arabia
    • South America

§  Brazil

§  Argentina

§  Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global bionic eye market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global bionic eye market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.     Markets Covered

1.2.2.     Years Considered for Study

1.2.3.     Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Voice of Customer

5.    Clinical Trial Analysis

5.1.  Ongoing Clinical Trials

5.2.  Completed Clinical Trials

5.3.  Terminated Clinical Trials

5.4.  Breakdown of Pipeline, By Development Phase

5.5.  Breakdown of Pipeline, By Status

5.6.  Breakdown of Pipeline, By Study Type

5.7.  Breakdown of Pipeline, By Region

5.8.  Clinical Trials Heat Map

6.    Global Bionic Eye Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type (Implant v/s External)

6.2.2.     By Technology (Electronic v/s Mechanical)

6.2.3.     By End User (Hospitals, Ophthalmic Clinics, Others)

6.2.4.     By Region (North America; Europe; Asia Pacific; South America; Middle East & Africa)

6.2.5.     By Company (2022)

6.3.  Market Map

6.3.1.     By Type

6.3.2.     By Technology

6.3.3.     By End User

7.    North America Bionic Eye Market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Type

7.2.2.     By Technology

7.2.3.     By End User

7.2.4.     By Country

7.3.  North America: Country Analysis

7.3.1.     United States Bionic Eye Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Type

7.3.1.2.2.             By Technology

7.3.1.2.3.             By End User

7.3.2.     Mexico Bionic Eye Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Type

7.3.2.2.2.             By Technology

7.3.2.2.3.             By End User

7.3.3.     Canada Bionic Eye Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Type

7.3.3.2.2.             By Technology

7.3.3.2.3.             By End User

8.    Europe Bionic Eye Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Type

8.2.2.     By Technology

8.2.3.     By End User

8.2.4.     By Country

8.3.  Europe: Country Analysis

8.3.1.     France Bionic Eye Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Type

8.3.1.2.2.             By Technology

8.3.1.2.3.             By End User

8.3.2.     United Kingdom Bionic Eye Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Type

8.3.2.2.2.             By Technology

8.3.2.2.3.             By End User

8.3.3.     Italy Bionic Eye Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Type

8.3.3.2.2.             By Technology

8.3.3.2.3.             By End User

8.3.4.     Germany Bionic Eye Market Outlook

8.3.4.1.         Market Size & Forecast

8.3.4.1.1.             By Value

8.3.4.2.         Market Share & Forecast

8.3.4.2.1.             By Type

8.3.4.2.2.             By Technology

8.3.4.2.3.             By End User

8.3.5.     Spain Bionic Eye Market Outlook

8.3.5.1.         Market Size & Forecast

8.3.5.1.1.             By Value

8.3.5.2.         Market Share & Forecast

8.3.5.2.1.             By Type

8.3.5.2.2.             By Technology

8.3.5.2.3.             By End User

9.    Asia-Pacific Bionic Eye Market Outlook

9.1.  Market Size & Forecast          

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Type

9.2.2.     By Technology

9.2.3.     By End User

9.2.4.     By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.     China Bionic Eye Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Type

9.3.1.2.2.             By Technology

9.3.1.2.3.             By End User

9.3.2.     India Bionic Eye Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Type

9.3.2.2.2.             By Technology

9.3.2.2.3.             By End User

9.3.3.     Japan Bionic Eye Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Type

9.3.3.2.2.             By Technology

9.3.3.2.3.             By End User

9.3.4.     South Korea Bionic Eye Market Outlook

9.3.4.1.         Market Size & Forecast

9.3.4.1.1.             By Value

9.3.4.2.         Market Share & Forecast

9.3.4.2.1.             By Type

9.3.4.2.2.             By Technology

9.3.4.2.3.             By End User

9.3.5.     Australia Bionic Eye Market Outlook

9.3.5.1.         Market Size & Forecast

9.3.5.1.1.             By Value

9.3.5.2.         Market Share & Forecast

9.3.5.2.1.             By Type

9.3.5.2.2.             By Technology

9.3.5.2.3.             By End User

10.  South America Bionic Eye Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.2.              Market Share & Forecast

10.2.1.  By Type

10.2.2.  By Technology

10.2.3.  By End User

10.2.4.  By Country

10.3.              South America: Country Analysis

10.3.1.  Brazil Bionic Eye Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Type

10.3.1.2.2.           By Technology

10.3.1.2.3.           By End User

10.3.2.  Argentina Bionic Eye Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Type

10.3.2.2.2.           By Technology

10.3.2.2.3.           By End User

10.3.3.  Colombia Bionic Eye Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Type

10.3.3.2.2.           By Technology

10.3.3.2.3.           By End User

11.  Middle East and Africa Bionic Eye Market Outlook

11.1.              Market Size & Forecast

11.1.1.  By Value

11.2.              Market Share & Forecast

11.2.1.  By Type

11.2.2.  By Technology

11.2.3.  By End User

11.2.4.  By Country

11.3.              MEA: Country Analysis

11.3.1.  South Africa Bionic Eye Market Outlook

11.3.1.1.      Market Size & Forecast

11.3.1.1.1.           By Value

11.3.1.2.      Market Share & Forecast

11.3.1.2.1.           By Type

11.3.1.2.2.           By Technology

11.3.1.2.3.           By End User

11.3.2.  UAE Bionic Eye Market Outlook

11.3.2.1.      Market Size & Forecast

11.3.2.1.1.           By Value

11.3.2.2.      Market Share & Forecast

11.3.2.2.1.           By Type

11.3.2.2.2.           By Technology

11.3.2.2.3.           By End User

11.3.3.  Saudi Arabia Bionic Eye Market Outlook

11.3.3.1.      Market Size & Forecast

11.3.3.1.1.           By Value

11.3.3.2.      Market Share & Forecast

11.3.3.2.1.           By Type

11.3.3.2.2.           By Technology

11.3.3.2.3.           By End User

11.3.4.  Kuwait Bionic Eye Market Outlook

11.3.4.1.      Market Size & Forecast

11.3.4.1.1.           By Value

11.3.4.2.      Market Share & Forecast

11.3.4.2.1.           By Type

11.3.4.2.2.           By Technology

11.3.4.2.3.           By End User

12.  Market Dynamics

12.1.              Drivers

12.2.              Challenges

13.  Market Trends & Developments

13.1.              Recent Development

13.2.              Mergers & Acquisitions

13.3.              Product Launches

14.  Global Bionic Eye Market: SWOT Analysis

15.  Porter’s Five Forces Analysis

15.1.              Competition in the Industry

15.2.              Potential of New Entrants

15.3.              Power of Suppliers

15.4.              Power of Customers

15.5.              Threat of Substitute Products

16.  Competitive Landscape

16.1.              Business Overview

16.2.              Product Offerings

16.3.              Recent Developments

16.4.              Financials (As Reported)

16.5.              Key Personnel

16.6.              SWOT Analysis

16.6.1.  Second Sight Medical Products Inc.

16.6.2.  Nidek Co. Ltd.

16.6.3.  Nano Retina Ltd.

16.6.4.  MetaModal LLC

16.6.5.  Biomedical Technologies S.L.

16.6.6.  Bionic Vision Technologies

16.6.7.  Pixium Vision S.A.

16.6.8.  Monash Vision Group

16.6.9.  iBionics

16.6.10.                Optobionics Corporation

17.  Strategic Recommendations

Figures and Tables

Frequently asked questions

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The rise in the numbers of disease affecting eyesight like diabetes, accidents and injuries, and growing R&D to enhance the product are some of the few drivers which is anticipated to propel the growth of the Global Bionic Eye Market.

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North America region dominated the regional market on the account of increasing research and development in the major economies like the United States and Canada. Moreover, America has developed healthcare infrastructure, easy access to healthcare facility and high invest in R&D.

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High expense of the device, skin reactions and other side effects after implantation, lack of professional surgeons in some of the underdeveloped countries are few of the major restraining reason of the development of Global Bionic Eye Market.

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Second Sight Medical Products Inc., Nidek Co. Ltd., Nano Retina Ltd., MetaModal LLC, Biomedical Technologies S.L., among others are leading the global bionic eye market in the forecast period, 2024-2028.

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Sakshi Bajaal

Business Consultant
Press Release

North America to Dominate the Global Bionic Eye Market till 2026

Jun, 2021

Increasing prevalence of ocular disorders and high healthcare funding is expected to drive the demand for global bionic eye market in the forecast period.

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