Global Bionic Eye Market – Industry Trends and Forecast to 2030

Global Bionic Eye Market, By Types (External Eye and Implanted Eye), Technology (Electronic and Mechanical), End Users (Hospitals, Clinics and Others) – Industry Trends and Forecast to 2030.

Bionic Eye Market Analysis and Size

The increasing prevalence of visual impairments the globe has carved the way for the growth of global bionic eye market.  Bionic eyes have the potential to significantly impact the lives of individuals with visual impairments or blindness. They aim to restore or enhance vision through the use of advanced technology such as implantable microelectrode array, image processing unit, and external processor and transmitter, among others.  .                                

Data Bridge Market Research analyses that the global bionic eye market which was USD 245.03 million in 2022, is expected to reach USD 504.10 million by 2030, and is expected to undergo a CAGR of 8.80% during the forecast period of 2023 to 2030. “Electronic” dominates the technology segment of the global bionic eye market due to advancement in technology. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Bionic Eye Market Scope and Segmentation

Market Definition

A bionic eye, also known as an artificial or electronic eye, refers to a visual prosthesis designed to restore vision in individuals who are visually impaired or blind. It is a technology that aims to replicate the functionality of a natural human eye by capturing and converting visual information into electrical signals that can be interpreted by the brain.             

Global Bionic Eye Market Dynamics

Drivers

• Increasing Prevalence of Visual Impairments

The rising prevalence of visual impairments, including age-related macular degeneration (AMD), retinitis pigmentosa, and other retinal diseases, is a significant driver for the bionic eyes market. As the population ages and the incidence of these conditions increases, the demand for vision restoration technologies such as bionic eyes grows.

• Increasing Awareness and Patient Demand

Growing awareness among individuals with visual impairments and their caregivers about the availability and potential benefits of bionic eyes contributes to market growth. As more people become aware of these technologies and their potential to restore vision, the demand for bionic eyes increases, driving market expansion.

• Improved Healthcare Infrastructure

Advances in healthcare infrastructure and access to specialized eye care services facilitate the growth of the bionic eyes market. The availability of skilled ophthalmologists, surgeons, and rehabilitation professionals trained in bionic eye procedures and post-implantation care contributes to the market's expansion by ensuring proper assessment, implantation, and follow-up care for patients.

• Supportive Reimbursement Policies

Reimbursement policies and insurance coverage for bionic eye procedures and related services are important drivers for market growth. Adequate reimbursement and coverage policies reduce financial barriers for patients and encourage healthcare providers to offer bionic eye technologies as viable treatment options.

 Opportunities

• Increased Mobility and Independence

Restored vision can greatly enhance mobility and independence for individuals with visual impairments. They can navigate their environment more safely, avoiding obstacles, and gaining a better understanding of their surroundings. This can lead to increased confidence and a reduced reliance on assistance from others

• Advancements in Research and Technology

The development of bionic eye technology contributes to advancements in the fields of neuroscience, biomedical engineering, and ophthalmology. The research and innovation involved in creating bionic eyes can lead to breakthroughs in understanding the visual system, improving surgical techniques, and developing new technologies for other sensory prostheses.

Restraints/Challenges

• High Cost

Bionic eye technology is currently expensive, which limits its accessibility to a broader population. The cost encompasses various factors, including research and development, surgical procedures, implantation, post-implantation care, and rehabilitation. The high costs associated with bionic eyes can pose a barrier to widespread adoption, especially in regions with limited healthcare resources and reimbursement challenges.

• Limited Awareness and Education

Lack of awareness and understanding among potential patients, healthcare professionals, and the general public can hinder the growth of the bionic eyes market. Many individuals with visual impairments may not be aware of the existence of bionic eye technologies or may have misconceptions about their effectiveness. Educating and raising awareness about the benefits, functionality, and availability of bionic eyes is crucial to increasing their acceptance and adoption.

This global  bionic eye market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the  Bionic eye Market Contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In January 2022, Bionic Vision Technologies (BVT), announced that Australia’s world-first Bionic Eye System has been granted designation as a Breakthrough Device by the Food and Drug Administration (FDA) in the United States
• In June 2020, Hong Kong University of Science and Technology (HKUST) announced the development of  world’s first 3D artificial eye with capabilities better than existing bionic eyes and in some cases, even exceed those of the human eyes, bringing vision to humanoid robots and new hope to patients with visual impairment

Global Bionic Eye Market Scope

The global bionic eye market is segmented on the basis of type, technology, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• External Eye
• Implanted Eye

Technology  

• Electronic
• Mechanical  

End User

• Hospitals
• Clinics 
• Others

Bionic Eye Market Regional Analysis/Insights

The global bionic eye market is analysed and market size insights and trends are provided by country, type, technology, and end user as referenced above.

The countries covered in the global bionic eye market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the global bionic eye market because of the strong base of healthcare facilities, strong presence of major players in the market, increases cases of eye diseases and rising number of research activities in this region.   

Asia-Pacific is expected to witness significant growth in the global bionic eye market during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed Base and New Technology Penetration

The global bionic eye market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for global bionic eye market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the global bionic eye market. The data is available for historic period 2015-2020.

Competitive Landscape and Global Bionic Eye Market Share Analysis

The global bionic eye market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global bionic eye market.

Some of the major players operating in the global bionic eye market are:

• Second Sight (U.S.)
• Bionic Vision Technologies (Australia)
• THE BIONIC EYE (U.K)
• PIXIUM VISION (France)
•  Integrated Bionic Microsystems Laboratory (U.S.)
•  NIDEK CO., LTD. (Japan)
•  Optobionics Corporation (U.S.)
•  Biomedical Technologies Inc.(U.S.)
• Monash Vision Group(Australia)
• Nano Retina (Israel)
•  MetaModal LLC (U.S)
•  NEOSTRATA COMPANY, INC.(U.S.)
•  Berlin Heart(Germay)
• ABIOMED(U.S.)
•  Zimmer Biomet(U.S.)
•  eSight (Canada)
• Alpha IMS GmbH (Germany)
• Intelligent Implants GmbH (Germany)
• iBIONICS (Canada)
• IIP Technologies GmbH (Germany)