USD 236.62 Million
Bionic Eye Market Size, Share, Growth Analysis, By Type(External eye and implanted eye), By Technology(Electronic and mechanical), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2113 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Bionic Eye Market Insights
Bionic Eye Market size was valued at USD 267.1 Million in 2022 and is poised to grow from USD 301.50 Million in 2023 to USD 794.74 Million by 2031, at a CAGR of 12.88% during the forecast period (2024-2031).
The global bionic eye market is experiencing significant growth and advancements in the field of vision restoration technology. The market is being driven by factors such as the increasing prevalence of retinal diseases, a rising geriatric population, and advancements in bionic eye technology. The growing number of individuals suffering from retinal disorders creates a substantial demand for innovative solutions that can restore or enhance their vision. Additionally, the aging population is prone to vision-related conditions, further contributing to the market growth. Technological advancements have led to the development of more sophisticated and effective bionic eye systems. These systems typically consist of an implantable device that stimulates the remaining functional cells of the retina, coupled with an external camera and image processing unit. Continuous research and development efforts are focused on improving the resolution, visual acuity, and overall performance of bionic eyes, offering patients a better quality of vision. However, the global bionic eye market also faces several challenges. One of the primary challenges is the high cost associated with bionic eye implants and the related surgical procedures. The cost can limit the accessibility of these devices to a wider population, particularly in developing countries or regions with inadequate healthcare infrastructure. Additionally, the long-term efficacy and safety of bionic eyes are still being evaluated, and further research is required to optimise the implantation techniques and enhance patient outcomes. Regulatory approvals and reimbursement policies also pose challenges to the market. The complex nature of bionic eye technology requires rigorous testing and evaluation to ensure safety and efficacy. Obtaining regulatory approvals can be a time-consuming and costly process. Furthermore, reimbursement coverage for bionic eye implants varies across different regions and healthcare systems, impacting patient affordability and market adoption.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Implanted
Fastest Growth
Implanted
Growth Rate
12.88% CAGR
Global Bionic Eye Market ($ Bn)
Country Share for North America Region (%)
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Bionic Eye Market Segmental Analysis
The global bionic eye market is segmented on the basis of type, technology, and region. By type, the market is segmented into external eye, and implanted eye. By technology, the market is segmented into electronic and mechanical. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Bionic Eye Market Analysis By Type
The global bionic eye market can be segmented by type into two categories: external eye and implanted eye. The dominant segment in the global bionic eye market is the implanted eye. Implantable bionic eyes, also known as retinal implants, are surgically implanted devices designed to stimulate the remaining functional cells of the retina and restore vision in individuals with retinal diseases. These devices consist of an electrode array that is placed directly on the retina or in close proximity to it. The implanted eye segment holds dominance due to its ability to provide more direct stimulation to the retina, offering a higher potential for improved visual outcomes.
The fastest-growing segment in the global bionic eye market is the external eye. External bionic eyes, also known as visual prostheses or retinal prostheses, are non-invasive devices that are worn externally and work by capturing visual information using a camera and transmitting electrical signals to an external device. This external device then stimulates the remaining visual pathways, such as the optic nerve or visual cortex, to create a perception of vision. The external eye segment is witnessing rapid growth due to advancements in camera and image processing technology, which have improved the resolution and visual perception provided by these devices. Additionally, external bionic eyes offer the advantage of being less invasive than implanted devices, making them potentially more accessible to a broader population.
Bionic Eye Market Analysis By Technology
The global bionic eye market can be segmented by technology into two categories: electronic and mechanical. The dominant segment in the global bionic eye market is electronic technology. Electronic bionic eyes utilise microelectronic systems to directly stimulate the remaining functional cells of the retina or visual pathways, enabling vision restoration. These devices consist of an array of electrodes that generate electrical impulses to mimic the natural functioning of the retina. Electronic bionic eyes have shown promising results in restoring partial vision in individuals with retinal diseases such as retinitis pigmentosa and age-related macular degeneration. The dominance of electronic technology is primarily attributed to its ability to provide targeted and precise stimulation, resulting in improved visual outcomes.
The fastest-growing segment in the global bionic eye market is mechanical technology. Mechanical bionic eyes, also known as optic nerve or visual cortex implants, work by bypassing the damaged or non-functioning retina and directly stimulating the optic nerve or visual cortex. These devices convert visual information captured by a camera into mechanical stimulation, which is then transmitted to the optic nerve or visual cortex. Mechanical bionic eyes offer an alternative solution for individuals with severe retinal diseases or optic nerve damage who may not benefit from electronic bionic eyes. Advancements in neuroprosthetic technology and neural interface systems are driving the growth of mechanical bionic eyes, with ongoing research focused on improving their effectiveness and expanding their applications.
Global Bionic eye Market By Type
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Bionic Eye Market Regional Insights
The dominant segment in the global bionic eye market is North America. North America holds a significant share in the market due to factors such as the presence of advanced healthcare infrastructure, favourable reimbursement policies, and substantial investments in research and development. The region is home to several prominent bionic eye manufacturers and research institutions, which contribute to the dominance of North America in the market. Additionally, high awareness about bionic eye technology, along with a large patient pool, further drives the growth of the market in this region.
The fastest-growing segment in the global bionic eye market is the Asia-Pacific region. Asia-Pacific is experiencing rapid growth due to factors such as the increasing prevalence of retinal diseases, a rising geriatric population, and improving healthcare infrastructure. The region has a large population base, which presents a significant market opportunity for bionic eye manufacturers. Moreover, governments in countries like China, Japan, and South Korea are actively promoting research and development in the field of medical devices and are providing support for technological advancements. These factors contribute to the fast-paced growth of the bionic eye market in the Asia-Pacific region.
Global Bionic eye Market By Region
- Largest
- Fastest
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Bionic Eye Market Dynamics
Bionic Eye Market Drivers
Increasing Prevalence of Retinal Diseases
- The rising incidence of retinal diseases, such as retinitis pigmentosa and age-related macular degeneration, is a significant driver of the global bionic eye market. As the number of individuals with severe vision impairments or blindness due to retinal diseases increases, the demand for bionic eye technology as a vision restoration solution grows.
Advancements in Bionic Eye Technology
- Ongoing advancements in bionic eye technology, including improvements in electrode arrays, image processing algorithms, and wireless communication, are driving the market. These technological innovations aim to enhance visual acuity, resolution, and overall performance of bionic eyes, offering better outcomes for patients.
Bionic Eye Market Restraints
High Cost of Bionic Eye Implants
- The cost associated with bionic eye implants and related surgical procedures can be a significant barrier to market growth. The high cost of these devices limits their accessibility, particularly in regions with inadequate healthcare infrastructure or where reimbursement coverage is limited. Affordability and reimbursement challenges hinder the adoption of bionic eye technology.
Limited Awareness and Education
- Despite technological advancements, there is still a lack of awareness and understanding among patients and healthcare professionals about the potential benefits and availability of bionic eye technology. Limited awareness can result in delayed or underutilised adoption of bionic eyes, thereby restraining market growth.
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Bionic Eye Market Competitive Landscape
The competitive landscape of the global bionic eye market is characterised by intense research and development activities, technological advancements, and strategic collaborations. The market is highly dynamic, with several players striving to innovate and introduce advanced bionic eye solutions. The competitive landscape is driven by the common objective of developing effective and safe vision restoration technologies for individuals with visual impairments. Key players in the market engage in extensive research and development efforts to improve the performance, resolution, and functionality of bionic eyes. These companies invest significant resources in clinical trials, product development, and regulatory compliance to bring their innovative solutions to market. Additionally, collaborations with academic institutions, research organisations, and healthcare providers play a crucial role in driving advancements and expanding the applications of bionic eye technology. The competitive landscape is further shaped by intellectual property rights, patents, and proprietary technologies held by market players. These factors contribute to the differentiation of products and provide a competitive edge to companies in the market. Market players also focus on establishing strong distribution networks, strategic partnerships, and marketing initiatives to enhance their market presence and reach a wider customer base. Moreover, the global bionic eye market attracts new entrants, including startups and small-scale companies, who bring fresh ideas and innovations to the industry. These new players often focus on niche applications or specific technological advancements, contributing to the overall competitive landscape.
Bionic Eye Market Top Player’s Company Profile
- Second Sight Medical Products, Inc. - USA
- Retina Implant AG - Germany
- Pixium Vision - France
- Bionic Vision Technologies Pty Ltd - Australia
- Nano Retina Ltd. - Israel
- iBIONICS - Canada
- The Chicago Eye and Ear Infirmary (The University of Illinois Hospital & Health Sciences System) - USA
- Bionic Eye Technologies - USA
- Monash Vision Group - Australia
- Intelligent Implants GmbH - Germany
- Boston Retinal Implant Project - USA
- Johns Hopkins University School of Medicine - USA
- Okuvision GmbH - Germany
- University of Southern California - USA
- University of California, Los Angeles (UCLA) - USA
- Moorfields Eye Hospital NHS Foundation Trust - UK
- Centre for Eye Research Australia - Australia
- Advanced Bionics AG - Switzerland
- Stanford University - USA
- University of Pittsburgh Medical Center (UPMC) - USA
Bionic Eye Market Recent Developments
- In January 2023, Second Sight Medical Products announced that it had received FDA approval for its Argus II bionic eye system for the treatment of retinitis pigmentosa.
- In February 2023, Pixium Vision announced that it had completed a clinical trial of its Prima bionic eye system, which is designed to treat late-stage retinitis pigmentosa.
Bionic Eye Key Market Trends
- Miniaturisation and Implantable Designs: There is a growing trend towards miniaturisation of bionic eye devices, making them more compact and implantable. Smaller and more discreet designs allow for easier surgical implantation and improved patient comfort. The development of implantable bionic eyes with wireless power and data transmission systems is also gaining traction.
- Integration with External Devices and Connectivity: Bionic eyes are increasingly being developed to integrate with external devices and systems. This includes integration with glasses, virtual reality headsets, or smartphone applications, allowing for enhanced visual perception and interaction with the environment. Connectivity features enable real-time updates, remote monitoring, and customization of bionic eye settings.
Bionic Eye Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Bionic Eye market analysis, The global bionic eye market is a rapidly evolving sector characterised by technological advancements, research breakthroughs, and a strong focus on improving vision restoration solutions for individuals with visual impairments. The global bionic eye market exhibits dominance in North America, primarily due to advanced healthcare infrastructure and favourable reimbursement policies. The Asia-Pacific region is the fastest-growing segment, propelled by increasing prevalence of retinal diseases, rising geriatric population, and supportive government initiatives. The market has witnessed significant progress in recent years, driven by factors such as the increasing prevalence of retinal diseases, advancements in bionic eye technology, and supportive government initiatives. Technological innovations, including miniaturisation, connectivity, and integration with external devices, are reshaping the landscape of bionic eye solutions. Moreover, the incorporation of artificial intelligence and visual processing algorithms is enhancing the visual experience and expanding the potential applications of bionic eyes. Collaboration and partnerships between industry players, research institutions, and healthcare providers are fostering innovation and driving market growth. However, challenges such as high costs, limited awareness, regulatory complexities, and the need for long-term safety and efficacy studies pose restraints to market expansion. Despite these challenges, the global bionic eye market holds immense potential, and continuous advancements in technology, along with a growing focus on affordability and accessibility, are expected to fuel further growth. With ongoing research, clinical trials, and collaborations, the global bionic eye market is poised to make significant strides in revolutionising vision restoration and improving the quality of life for individuals with visual impairments.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 267.1 Million |
| Market size value in 2031 | USD 794.74 Million |
| Growth Rate | 12.88% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bionic Eye Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bionic Eye Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bionic Eye Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bionic Eye Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bionic Eye Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bionic Eye Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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