The Global Bionic Eye Market is estimated to reach over USD 571.90 million by 2030, exhibiting a CAGR of 10.1% during the forecast period.
The bionic eye is a type of electronic prosthesis surgically implanted into a human eye to allow light transduction, or the conversion of light from the environment into impulses that the brain can process, in persons who have had substantial retinal damage. The bionic eye is made comprised of an exterior camera and transmitter, as well as an inside CPU. Before broadcasting high-frequency radio waves, the camera is fitted with glasses to help in the generation of visual clues from the environment.
The bionic eye market is likely to grow over the forecast period as demand for artificial organs in the healthcare sector rises. Traumatic injuries, such as traffic accidents, cancer, congenital disabilities, and diabetes, have been known to cause people to lose their eyesight; this is also a common cause of severe eye injuries.
However, the high treatment costs are a stumbling block for the bionic eye market. The bionic eye transplant is a complex operation. It's a treatment that uses the brain's ability to correct eyesight. The bionic eye is a high-end product using advanced manufacturing technology. Furthermore, 3D cameras and contemporary equipment are required to complete the surgery. It raises the treatment's overall price. Bionic eye systems are also only accessible in the United States. Many areas lack the necessary equipment to carry out the process. Even with all these prices, only a few people can afford it. The bionic eye procedure is affordable to the people of impoverished countries. The cost element has the potential to stifle the market's overall expansion.
The Bionic Eye Market is segmented on the basis of product type, technologies, and end-users. by product type, the market is categorized as External eye and Implanted eye. By technologies, the market is segmented into Electronic and Mechanical. By end-users, the market is categorized into Hospitals, Ophthalmic Clinics, and Others.
Based on product, the hospital segment is accounted as a significant contributor in the Bionic Eye Market.
In 2021, The hospital segment had the highest revenue share, which is likely to remain throughout the forecast period. Hospitals are the first line of therapy for patients since they are well-equipped with qualified ophthalmologists and contemporary equipment to give appropriate patient care. Increased medical coverage for the patient population and excellent surgical outcomes are predicted to boost the volume of surgical procedures, boosting the market growth. The segment has grown dramatically because of the partnership between hospitals and product developers for conducting clinical trials. Tufts Medical Center was among the first to open hospitals in the US to offer Argus II prosthetic eye implantation to patients with retinitis pigmentosa.
Electronic segment witnessed growth at a rapid rate
In 2021, The electronic segment had the highest revenue share, which is predicted to remain during the forecast period. Several factors such as a rise in the number of clinical trials and high adoption rates are driving the segment's growth. These are neural stimulation devices implanted in the patient's eyes. The visual information gathered from the video camera on the glasses is decoded by a battery-powered device worn by the patient and turned into electrical simulation data. Following that, the information is sent to the implanted stimulation device. However, the mechanical eye implant segment is also predicted to increase at a high rate during the projection period. These implants are used to treat age-related macular degeneration that has progressed to the final stage. These devices are placed in the posterior chamber of the eye and serve to increase the size of the visual projection onto the retina.
In the region, the North America Bionic Eye Market holds a significant revenue share.
North America generated the most revenue in 2021, accounting for more than 45% of total revenue. Over the predicted period, the region is expected to maintain its dominance. North America offers a favourable reimbursement system that allows access to healthcare services, well-developed healthcare infrastructure, and extensive research. As a result, the technology has a significant impact on the market since it solves the problem of printing electronics on curved surfaces. Stanford University researchers recently obtained funding from the US National Institutes of Health and the US Air Force in conjunction with Israeli experts. The main goal was to create a solar-powered retina to treat retinitis pigmentosa, a degenerative retinal disease that causes blindness. However, the market in the Asia Pacific region is predicted to grow at the fastest rate throughout the forecast period, given the high pace at which businesses are developing revolutionary bionic eye implants.
There is less competition in the bionic eye sector. The market is dominated by a few leading players employing numerous strategies. In this market, more innovations and developments are predicted. There will be more product varieties on the market during the forecast period. The primary strategy in the competitive landscape includes market expansion, acquisition, and mergers. There will be more bionic eye devices accessible. Several firms prioritise new releases, product approvals, and other organic growth techniques such as patents and events. In the market, acquisitions, partnerships, and collaborations were viewed as inorganic growth strategies. These measures have cleared the way for market participants to grow their businesses and client base.With the increased demand for bionic eyes in the worldwide market, market participants in the bionic eye market are expected to have attractive growth prospects. Some of the market players are, Second Sight Medical Products LLC, Optobionics Corporation, Intelligent Implants GmbH, Retina Implant AG, Biomedical Technologies, Bionic Vision Technologies, NeoStrata, Monash Vision Group, Pixium Vision, and Other Prominent Players