Bionic Eye Market size was valued at US$ 262.6 Mn. in 2022 and the total revenue is expected to grow at a CAGR of 12.7% through 2022 to 2029, reaching nearly US$ 606.5 Mn.
Bionic Eye Market Overview:A camera linked to a pair of spectacles delivers high-frequency radio signals to a microchip implanted in the retina in the bionic vision system. These signals are converted into electrical impulses by electrodes on the implanted chip, which stimulate cells in the retina that link to the optic nerve. The successful creation of a bionic eye has the potential to improve people's lives in very real and tangible ways. Restoring even basic eyesight to those who have lost it may allow them to become more mobile and independent, restoring some of the quality of life they lost when their vision was lost. To know about the Research Methodology :- Request Free Sample Report
Bionic Eye Market Dynamics:Product approvals are increasing, the prevalence of visual loss is rising, and rigorous research and development focused on product innovation is driving demand for bionic eyes. According to the World Health Organization, about 2.2 billion people worldwide are affected by vision impairment or blindness as of October 2019, with at least 1 billion having untreated or preventable illnesses. Positive clinical outcomes associated with bionic eye use have aided in the product's adoption among those with incurable eye disorders and permanent vision loss. RP is an uncommon genetic condition that affects one in every 4,000 persons worldwide, according to the National Eye Institute. According to the Bright Focus Foundation, around 11 million Americans have age-related macular degeneration, with the number expected to double by 2050. According to the foundation, the global population of people with macular degeneration is expected to reach 288.0 million by 2040, up from 196.0 million in 2020. A major factor to market growth is increasing funding to enable researchers explore novel techniques to restore sight in blind people. A bionic eye developed by Monash Vision Group was funded by the Australian government's BioMedTech Horizons program in 2018. By 2022, the business hopes to have its product on the market, solving the unmet need for total blindness.
Bionic Eye Market Segment Analysis:Based on the Type, the market is segmented into External Eye, and Implanted Eye. External Eye segment is expected to hold the largest market share of xx% by 2029. The market participants are focusing on technological advances in order to give better patient results. In 2017, Second Sight released the Orion bionic eye, which features an upgraded Video Processing Unit (VPU), a face detection system, and 3D vision via stereo cameras mounted on the eyewear. Obstacle detection and navigational features are now available to patients in the revised version. Expedited Access Pathway Designation was given to the device by the FDA. The use of the bionic eye is expected to increase as the prevalence of age-related vision loss caused by macular degeneration, which results in blurred vision, rises. Macular degeneration is expected to affect about three million Americans over the age of 40 by 2022, according to the National Institutes of Health. Based on the Technology, the market is segmented into Electronic, and Mechanical. Electronic segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The segment's growth is driven by factors such as an increase in the number of clinical studies and strong adoption rates. These are implanted neural stimulation devices in the patient's eyes. The video signal obtained from the video camera on the glasses is decoded by a battery-powered device worn by the patient, which is then translated into electrical simulation data. The information is subsequently delivered to the stimulation device that has been implanted. Based on the End-User, the market is segmented into Hospitals, Ophthalmic Clinics, and Others. Hospitals segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The first line of treatment for patients is provided by hospitals, which are well-equipped with trained ophthalmologists and contemporary equipment to provide effective patient care. Increased medical coverage for the patient population, as well as excellent surgical outcomes, is expected to boost the volume of surgical procedures, driving the bionic eye market growth during the forecast period.
Regional Insights:North America region is expected to dominate the Bionic Eye market during the forecast period 2022-2029. It's region is expected to hold the largest market shares of xx% by 2029. North America offers a favourable reimbursement scenario that allows for access to healthcare services, as well as a well-developed healthcare infrastructure and extensive research. As a result, the technology has a big impact on the market since it solves the problem of printing electronics on curved surfaces. Asia Pacific region is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is due to the rapid pace at which businesses are launching novel bionic eye implants in Asia Pacific. Bionic Vision Technologies, Australia, announced pilot trial results for its bionic eye system-Gen3 device in patients with late-stage retinitis pigmentosa in January 2021. The objective of the report is to present a comprehensive analysis of the Global Bionic Eye Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global Bionic Eye Market dynamic, structure by analyzing the market segments and project the Global Bionic Eye Market size. Clear representation of competitive analysis of key players by Product Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Bionic Eye Market make the report investor’s guide.
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Global Bionic Eye Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 262.6 Mn. Forecast Period 2023 to 2029 CAGR: 12.7% Market Size in 2029: US $ 606.5 Mn. Segments Covered: by Type External Eye Implanted Eye by Technology Electronic Mechanical by End-User Hospitals Ophthalmic Clinics Others
Bionic Eye Market, by RegionNorth America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)
Key Players1. Retina Implant Ag 2. Second Sight Medical Products LLC 3. Bionic Vision Australia 4. Nidek Co. Ltd. 5. Nano Retina Ltd. 6. Biomedical Technologies S.L. 7. Pixium Vision 8. Monash Vision Group 9. MetaModal LLC 10.The Bionic Eye 11.iBionics 12.Zimmer Biomet 13.Essilor and AAC Media 14.Neostrata Company 15.Berlin Heart Frequently Asked Questions: 1] What segments are covered in Bionic Eye Market report? Ans. The segments covered in Bionic Eye Market report are based on Type, Technology, and End-User. 2] Which region is expected to hold the highest share in the Bionic Eye Market? Ans. North America is expected to hold the highest share in the Bionic Eye Market. 3] Who are the top key players in the Bionic Eye Market? Ans. Retina Implant Ag, Second Sight Medical Products LLC, Bionic Vision Australia, Nidek Co. Ltd., and Nano Retina Ltd are the top key players in the Bionic Eye Market. 4] Which segment holds the largest market share in the Bionic Eye market by 2029? Ans. External Eye segment hold the largest market share in the Bionic Eye market by 2029. 5] What is the market size of the Bionic Eye market by 2029? Ans. The market size of the Bionic Eye market is expected to reach US $606.5 Mn. by 2029. 6] What was the market size of the Bionic Eye market in 2022? Ans. The market size of the Bionic Eye market was worth US $262.6 Mn. in 2022.
1. Global Bionic Eye Market: Research Methodology 2. Global Bionic Eye Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Bionic Eye Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Bionic Eye Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Bionic Eye Market Segmentation 4.1 Global Bionic Eye Market, by Type (2022-2029) • External Eye • Implanted Eye 4.2 Global Bionic Eye Market, by Technology (2022-2029) • Electronic • Mechanical 4.3 Global Bionic Eye Market, by End-User (2022-2029) • Hospitals • Ophthalmic Clinics • Others 5. North America Bionic Eye Market (2022-2029) 5.1 Global Bionic Eye Market, by Type (2022-2029) • External Eye • Implanted Eye 5.2 Global Bionic Eye Market, by Technology (2022-2029) • Electronic • Mechanical 12.7 Global Bionic Eye Market, by End-User (2022-2029) • Hospitals • Ophthalmic Clinics • Others 5.4 North America Bionic Eye Market, by Country (2022-2029) • United States • Canada • Mexico 6. Asia Pacific Bionic Eye Market (2022-2029) 6.1. Asia Pacific Bionic Eye Market, by Type (2022-2029) 6.2. Asia Pacific Bionic Eye Market, by Technology (2022-2029) 6.3. Asia Pacific Bionic Eye Market, by End-User (2022-2029) 6.4. Asia Pacific Bionic Eye Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Bionic Eye Market (2022-2029) 7.1 Middle East and Africa Bionic Eye Market, by Type (2022-2029) 7.2. Middle East and Africa Bionic Eye Market, by Technology (2022-2029) 7.3. Middle East and Africa Bionic Eye Market, by End-User (2022-2029) 7.4. Middle East and Africa Bionic Eye Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Bionic Eye Market (2022-2029) 8.1. Latin America Bionic Eye Market, by Type (2022-2029) 8.2. Latin America Bionic Eye Market, by Technology (2022-2029) 8.3. Latin America Bionic Eye Market, by End-User (2022-2029) 8.4. Latin America Bionic Eye Market, by Country (2022-2029) • Brazil • Argentina • Rest Of Latin America 9. European Bionic Eye Market (2022-2029) 9.1. European Bionic Eye Market, by Type (2022-2029) 9.2. European Bionic Eye Market, by Technology (2022-2029) 9.3. European Bionic Eye Market, by End-User (2022-2029) 9.4. European Bionic Eye Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Retina Implant Ag 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Second Sight Medical Products LLC 10.3. Bionic Vision Australia 10.4. Nidek Co. Ltd. 10.5. Nano Retina Ltd. 10.6. Biomedical Technologies S.L. 10.7. Pixium Vision 10.8. Monash Vision Group 10.9. MetaModal LLC 10.10. The Bionic Eye 10.11. iBionics 10.12. Zimmer Biomet 10.13. Essilor and AAC Media 10.14. Neostrata Company 10.15. Berlin Heart