The bionic eye market is set to flourish at a CAGR of 12.5% between 2023 and 2033. The market is expected to reach a value of US$ 297.14 Million in 2023 while it is anticipated to achieve a valuation of US$ 964.91 Million by 2033.
The increasing prevalence of vision loss and increasing accidents, as well as injuries, will attribute the revenue growth of the bionic eye market across the world.
A bionic eye is an electronic prosthesis that is surgically inserted into a person's eye to enable the transduction of light or the conversion of environmental light into brain-processable impulses, in individuals who have suffered a significant retinal loss. The bionic eye has a transmitter, an internal microchip, and an external camera. The camera is fitted with glasses to help in the development of visual information from the environment before broadcasting high-frequency radio waves.
The bionic eye is an artificial organ designed to replicate the functions of the damaged organ so that it can continue to function normally.
Attributes
Details
Bionic Eye Market Size (2023E)
US$ 297.14 Million
Bionic Eye Projected Size (2033F)
US$ 964.91 Billion
Value CAGR (2023 to 2033)
12.5%
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Bionic Eye Market: Overview and Growth Determinant
The bionic eye provides support to people with unaddressed and preventable vision impairment or blindness. With the latest innovations in penetrating eye care technology, external and implanted eye support is in high demand.
The increase in the number of people adopting bionic eye implants as the technology is reaching the end-users at affordable prices and easy implementation.
Rising investment in research into advanced strategies for sight restoration has fueled the sales of bionic eye solutions. Factors such as the increasing number of individuals suffering from complete or partial blindness and a rise in the incidence of eye disorders also increase the bionic eye market size.
Eye hospitals and research centers require various optical equipment that involves the latest bionic eye technology.
The retinal cells are stimulated by the electrodes. This sends incoming information to the optic nerve. The researchers established that only 60 electrodes are part of these bionic eyes. Research activities are on the rise due to new findings. Increasing research and development activities have fueled the demand for bionic eye solutions.
The future of bionic eyes rests with enhanced electrodes that provide eyesight and more natural vision for those with the implant. Significant vision gains are expected in the prospects. These developments are sure to propel the market.
The new bionic lenses are on the verge of transforming natural lenses or replacing them for better eyesight. The main purpose is to restore vision at all distances while enhancing visual quality. People who suffer from blindness are able to see with the help of these eyesight gears.
The latest electrode implant helps the one who suffers from retinitis pigmentosa absolve light again. With the help of a special pair of glasses and electronic data, the electrodes on the implant stimulate the retinal cells and transmit visual information to the brain. The new bionic eye implant comes with lower maintenance while providing more ease to the end user. New technologies like this are a booster for the market.
Though, the high cost associated with these bionic eye solutions has led to the slowdown of the bionic eye market. Additionally, skin reactions and other side effects due to the bionic eye are also restraints for the market.
What are the Major Drivers Boosting the Demand for Bionic Eye Market?
The major factor responsible for the growth of the bionic eye market is the number of patients with visual impairments increasing in the aging population. Rising product approvals, an increase in the prevalence of vision loss, and intense product innovation research and development are all contributing to the market need for bionic eyes. Furthermore, a significant factor in market expansion is increased funding for research into advanced strategies for sight restoration in the blind. Factors such as the increasing number of individuals suffering from complete or partial blindness, a rise in the incidence of eye disorders such as diabetes, and an increase in the number of organ transplants will boost the market expansion of the bionic eye market in the forecasted period.
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Which Region Shows Strong Growth Potential in the Bionic Eye Market?
Geographically, the bionic eye market is broadly divided into seven major regions, North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
Due to the state offering access to healthcare services and appropriate repayment, North America dominated the bionic eye market and is expected to show the same growth in the forecast period. Additionally, the development of the bionic eye market will be supported by robust research activities and modern healthcare infrastructure. Since companies are moving more quickly toward developing new bionic eye implants, which will increase demand for the technology in the European region in the upcoming years.
Furthermore, followed by East Asia and South Asia are expected to show rapid growth over the forecast period.
Who are the Key Manufacturers of the Bionic Eye Market?
Some of the key players operating in the bionic eye market are Optobionics Corporation, MetaModal LLC, ABIOMED, Nidek Co. Ltd, AAV Media, LLC., NEOSTRATA, Integrated Bionic Microsystems Laboratory, THE BIONIC EYE, Biomedical Technologies S.L., Pixium Vision, Second Sight Medical Products LLC, Nano Retina Ltd., and Monash Vision Group.
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Scope of Report
Report Attributes
Details
Growth Rate
CAGR of 9.4% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2012 to 2021
Forecast Period
2022 to 2032
Qualitative Units
Revenue in USD Billion, Volume in Units, and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segment Covered
Eye Type
Technology
End User
Region
Region Covered
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Key Countries Profiled
USA
Canada
Brazil
Mexico
Germany
United Kingdom
France
Spain
Italy
China
Japan
South Korea
Malaysia
Singapore
Australia
New Zealand
GCC Countries
South Africa
Israel
Key Players
Optobionics Corporation
MetaModal LLC
ABIOMED
Nidek Co. Ltd
AAV Media, LLC.
NEOSTRATA
Integrated Bionic
Microsystems Laboratory
THE BIONIC EYE
Biomedical Technologies S.L.
Pixium Vision
Second Sight Medical Products LLC
Nano Retina Ltd.
Monash Vision Group
Customization
Available Upon Request
Key Segments Covered in the Bionic Eye Industry Survey
By Eye Type:
External Eye
Implanted Eye
By Technology:
Electronic
Mechanical
By End-user:
Hospitals
Ophthalmic Clinics
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Frequently Asked Questions
What is the Growth Outlook for Bionic Eye Market?
The market is likely to register a CAGR of 12.5% through 2032.
What is the Current Valuation of the Bionic Eye Market?
The market is currently valued at US$ 297.14 Million in 2022.
How is the Future of the Bionic Eye Market?
The market is likely to grow to a valuation of US$ 964.91 Million by 2032.
Which is the Leading Region in the Market?
North America is likely to be a leading market during the forecast period.
