The Market size of the Global Bionic Eye Market in the year 2021 is valued at 243.73 million and is predicted to reach 571.90 million by the year 2028 at 10.1% CAGR during the forecast period.
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The bionic eye is known as an electrical prosthetic device that is surgically implanted into a human eye to enable light transduction, or the translation of environmental light into impulses that the brain can interpret, in individuals with extensive retinal damage. The bionic eye consists of an external camera and transmitter and an inside CPU. Before sending high-frequency radio waves, the camera is placed on a pair of glasses to help in the generation of environmental visual signals.
The market growth is attributed to increasing the number of people suffering from complete or partial blindness, increasing the incidences of eye diseases, increasing the number of accidents and injuries, increasing the occurrence of conditions affecting eyesight such as diabetes, increasing the number of organ transplantation cases, and the geriatric population, combined with an increase in inactive lifestyles and unhealthy eating habits, are expected to expand the market in the forecasted period. Moreover, alternative therapies such as anti-angiogenic drugs, photodynamic laser therapy (PTD), laser therapy, and vitamins have failed to effectively cure retinitis pigmentosa and age-related macular degeneration. Furthermore, the rigorous research and development focused on product invention, as well as the growing expenses to aid researchers’ progress in novel ways to restore sight in blind individuals, are a few other components expected to propel the growth of the bionic limb industry. However, the lack of surgical specialists, the high cost of the device, the repayment circumstances in various counties, and the strict administrative laws are all expected to stymie the bionic eye market’s expansion in the near future.
List of Prominent Players in the Bionic Eye Market:
Second Sight Medical Products LLC
Intelligent Implants GmbH
Retina Implant AG
Bionic Vision Technologies
Monash Vision Group
Other Prominent Players
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The rise in vision loss is a significant market driver for bionic eyes. The world’s population is growing at an annual rate of 1%. The number of infants born with vision issues is increasing as the population grows. Many people suffer from both moderate and severe blindness. The urge to discover a viable solution to the problem is driving up the demand for prosthetic eyes. Multiple and moderate visual issues can be treated with the bionic eye. Many people who have vision difficulties suffer from uncorrected presbyopia. Bionic eye implants, on the other hand, address these issues. In addition, the incidence of eye problems is a major driver of the bionic eye market. In many areas, childhood eye illnesses are on the rise. The majority of babies are born with eye disorders and require treatment. As the prevalence of eye illnesses rises, more people are opting for a bionic eye. Another group with a lot of eye problems is the elderly. In developing countries, the demand to treat these diseases is augumented. All of these variables are projected to have a beneficial impact on the market for bionic eyes.
A market challenge is a lack of understanding about bionic eye treatment. The developed world is one of the first to adopt innovative medical therapies. North America, for example, has a higher awareness of bionic eye treatment. The procedure can be aided by a variety of technologies and equipment. However, the bionic eye, on the other hand, is not well-known among emerging nations. The method can help people with visual probe elms get the treatment they need. A bionic eye can help restore vision that has been lost. It is essential to increase knowledge about the treatment and its benefits. The bionic eye market’s growth trajectory may be slowed by a lack of awareness.
North America generated the most revenue in 2021, accounting for more than 50% of total revenue. North America is again expected to account for the majority of the global bionic eye market during the forecast period. The regional growth is expected to proliferate in the coming years as a result of increased research and development and the introduction of technologically improved products. However, due to the enhanced amenities given by the hospital infrastructure, Europe is predicted to be the second-largest market over the forecast period. Furthermore, Asia Pacific is the fastest-growing and most-demanded area on the planet. The use of solar power in the retina will aid in the treatment of rare eye illnesses. The introduction of the gen three bionic eye will result in significant market shifts. In addition, the bionic eye market in emerging economies has a lot of potentials.
Recently, Bionic Vision Technologies of Australia announced pilot trial findings for its bionic eye system, the Gen3 device, in patients with late-stage retinitis pigmentosa.
Bionic Eye Market Segmentation:
Bionic Eye Market Segmentation: By Component Estimates & Trend Analysis
- External Eye
- Implanted Eye
Bionic Eye Market Segmentation: By Application Estimates & Trend Analysis
Bionic Eye Market Segmentation: By Therapeutic Application Estimates & Trend Analysis
- Ophthalmic Clinics
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