Bionic Eye Market

Bionic Eye Market Size

Bionic Eye Market size was valued at around USD 286.3 million in 2023 and is anticipated to register a CAGR of 11.6% between 2024 and 2032. Bionic eye, also known as a retinal prosthesis or visual implant, is a device designed to restore vision in individuals with severe vision impairment or blindness. It works by electrically stimulating the remaining functional cells of the retina, bypassing damaged photoreceptors, and transmitting visual information to the brain.

The increasing prevalence of vision loss and other chronic eye diseases has emerged as a significant public health concern worldwide. For instance, according to the World Health Organization (WHO), around 2.2 billion people have vision impairment or blindness, of which at least 1 billion have unaddressed or preventable conditions. Thus, as the prevalence continue to rise, there is a growing demand for innovative management and treatment solutions, highlighting the importance of advancements in the bionic eye market.

Furthermore, public and private organizations are investing significantly in research and development activities, aimed at innovating and improving various ophthalmic viscosurgical devices which is estimated to account for USD 732.6 million by 2032, introducing advanced dry eye treatment devices, among other contributing factors for the market.

Bionic Eye Market Trends

The ongoing advancements in technology have catalyzed the evolution of more sophisticated and user-friendly bionic eye devices in the market. These advancements have contributed to the refinement of implantable components, signal processing algorithms, and user interfaces, resulting in enhanced visual acuity, improved device usability, and greater overall user satisfaction.

• Innovations in bionic eye design enable the creation of devices with a wider field of view, enhancing the user's ability to navigate their surroundings and interact with their environment more effectively.
  
• Furthermore, technological advancements in bionic eye technology offer significant advantages in terms of enhanced visual perception, expanded field of view, improved reliability and durability, miniaturization and integration, wireless connectivity and improving the quality of life for individuals with visual impairments.
  

Bionic Eye Market Analysis

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Based on eye type, the market is bifurcated into external eye and implanted eye. The external eye segment held a business size of USD 172.1 million in 2023.

• The external eye plays a pivotal role in regulating the entry of light into the eye and ensuring the production and distribution of tears to maintain the health and lubrication of the ocular surface.
  
• Furthermore, external components, such as eyewear, and prosthetic covers contribute to improving the aesthetic appeal of bionic eye devices, thereby enhancing their social acceptance and reducing the stigma often associated with visual impairment.
  
• The external eye offers numerous advantages, including enhanced functional adaptation, flexible customization, simplified maintenance, and upgrades and improving the user experience and quality of life for individuals with visual impairment, thereby propelling the segment progress.
  

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Based on technology, the bionic eye market is segmented into electronic, mechanical, and other technologies. The electronic segment is estimated to account for around USD 494.4 million revenue size by 2032.

• Electronic technology has demonstrated effectiveness in restoring partial vision for individuals with certain types of blindness, such as retinitis pigmentosa. Similarly, clinical trials and real-world use have shown promising results in improving visual perception and quality of life for patients.
  
• Furthermore, advanced electronic components such as microelectrode arrays and signal processing units facilitate enhanced visual perception by converting visual input into electrical signals that can stimulate the remaining functional cells of the retina or optic nerve.
  
• Additionally, continuous advancements including higher resolution, better image processing, improved battery life, and smaller and more comfortable implants, have led to improvements in electronic bionic eye. thereby accelerating the segment development.
  

Based on indication, the bionic eye market is segmented into vision loss and impairment, retinitis pigmentosa, dry age-related macular degeneration (dry AMD), and other indications. The dry age-related macular degeneration (dry AMD) segment is estimated to reach USD 122.9 million by 2032.

• Bionic eye restores partial vision or visual perception in individuals with dry AMD, enabling them to perceive light, shapes, and movement, thus compensating for the loss of central vision caused by macular degeneration.
  
• For instance, according to the National Centre of Biotechnology Information, in 2022, neovascular age-related macular degeneration (AMD) affected over 200 million people globally and was one of the leading causes of blindness worldwide.
  
• Furthermore, bionic eye provides user with improved functional vision, allowing them to perform tasks that require central vision, such as reading, recognizing faces, and watching television, thereby enhancing their independence and quality of life.
  

Based on end-user, the bionic eye market is segmented into hospitals, ophthalmic clinics, and other end-users. The hospitals segment accounted for around USD 170.5 million revenue size in 2023.

• Hospitals play a pivotal role in facilitating the adoption and utilization of bionic eye technology, as they typically have multidisciplinary teams of ophthalmologists, surgeons, and rehabilitation specialists with expertise in bionic eye technology.
  
• Furthermore, hospitals are equipped with advanced diagnostic and surgical facilities necessary for the evaluation and treatment of individuals with severe vision impairment or blindness. These facilities include imaging technologies, operating rooms, and specialized equipment required for bionic eye implantation surgeries.
  

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In 2023, the North America bionic eye market accounted for a business share of 40.5% and is predicted to witness substantial market growth.

• The substantial market presence in the bionic eye sector is linked to a sophisticated healthcare infrastructure, rising prevalence of vision-related conditions, continuous technological progress, substantial investments in healthcare, and the growing aging population.
  
• For instance, according to the American Academy of Ophthalmology, in 2019, approximately 19.83 million individuals in the U.S were living with some form of age-related macular degeneration (AMD) and of these, 18.34 million had early-stage AMD, while 1.49 million had late-stage AMD.
  
• Furthermore, favorable reimbursement policies and government initiatives aimed at advancing vision care and research further stimulate market growth for market in North America.
  

Bionic Eye Market Share

The bionic eye industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products based on different technologies is among a key market strategy. Some of the leading industry players have a notable presence in the market.

Bionic Eye Market Companies

Some of the eminent market participants operating in the bionic eye industry include:

• Bionic Eye Technologies, Inc.
• Bionic Vision Technologies
• iBionics
• Monash Vision Group
• Nidek Co. Ltd.
• Optobionics
• Pixium Vision SA
• Schott
• Second Sight Medical Products, Inc.
• Vivani Medical, Inc.

Bionic Eye Industry News:

• In January 2022, Bionic Vision Technologies (BVT) announced that the world-first bionic eye system from Australia had been designated as a breakthrough device by the Food and Drug Administration (FDA) in the U.S. Thus, it boosted the company's product portfolio and geographical expansion.
  
• In July 2022, Pixium Vision SA successfully implanted the first patient in the Netherlands as part of its PRIMAvera pivotal trial for atrophic dry age-related macular degeneration (dry AMD), approved by the Dutch Ministry of Health, Welfare, and Sport. This achievement underscored the company's advancement in research and development, thereby generating sales for the company.
  

The bionic eye market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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Market, By Eye type

• External eye 
• Implanted eye

Market, By Technology

• Electronic
• Mechanical
• Other technologies

Market, By Indication

• Vision loss and impairment
• Retinitis pigmentosa                     
• Dry age-related macular degeneration    
• Other indications               

Market, By End-use

• Hospitals
• Ophthalmic clinics              
• Other end-users      

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa