Global Bionic Eye Market : Industry Analysis and Forecast (2019-2027)
Global Bionic Eye Market was valued US$ 170.50 Mn in 2019 and is expected to reach US$ XX0.30 Mn by 2027, at a CAGR of XX.91% during a forecast period.
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A bionic eye delivers the function of the retina to restore sight. It uses a retinal implant, which is connected to a video camera to convert images into electrical impulses. It also activates remaining retinal cells which then carry the signal back to the brain.
Global Bionic Eye Market, Dynamics:
Technology has been evolving at an admirable pace. The iterations of the bionic system is expected to offer feature advanced implants with higher numbers of electrodes. It has ability to produce sharper, more functional vision for people who are blind from retinitis pigmentosa. An increase in complications of eye due to ageing is one of the key drivers for the market growth. The growth in prevalence of vision loss, and intensive research and development focused on product innovation are expected to boost the market growth.
However, presence of limited number surgical professionals, the high cost of the device, reimbursement conditions in many regions and stringent administrative guidelines are some of the factors, which are expected to limit the growth of the global bionic eye market. On the other hand, in the current market scenario, researchers are focusing to test devices with even more electrodes and devices, which can bypass the retina and stimulate the brain directly. It is expected to provide key opportunities for the healthcare service key players.
Global Bionic Eye Market, Segment Analysis:
The electronic segment held the largest revenue share of XX % in 2019 and is expected to maintain its dominance during the forecast period. An increase in number of clinical trials and high adoption rates are some of the prominent factors behind the market growth.The demand for the electronic technology is increasing because of the neural stimulation devices are implanted in the patient’s eyes. With the usage of the battery-powered device, patient deciphers the video signal received from the video camera on the glasses. It is then transformed into electrical simulation data and then dada is sent to the implanted stimulation device.
The hospital segment is expected to grow at a XX% CAGR during the forecast period. Hospitals offer then line of care to the patients. It gives safety treatment because of its well-equipped infrastructure with trained ophthalmologists. The presence of the modern equipment are offering efficient patient care. Also, an increase in medical coverage for the patient population and positive outcome of surgeries is expected to drive the global bionic eye market by hospital segment.
Global Bionic Eye Market, Regional Analysis:
North America region is expected to contribute XX% share in the global bionic eye market. The regional growth is attributed to the presence of the well-established healthcare infrastructure and research & development activities in the healthcare sector. The region has favorable reimbursement scenario, which is granting access to healthcare services. The region is an early adopter for the technology and it creates a significant impact on the marketto overcome the challenge of healthcare sector. On the other hand, in the region, several bionic eye implants are in development. Currently, one is available in the United States, which is suitable only for blindness caused by specific eye diseases. Furthermore, more and more peoplemay soon get benefit from high-tech bionic eyes by research & development activities in the region.In the United States, the FDA has approved just one commercially available bionic eye system, which is expected to boost the regional market growth across the globe.
Global Bionic Eye Market, Competitive Analysis:
According to the competitive analysis, it is witnessed that start-up and mid-size ophthalmic device companies areencouraged by recent developments.On the other hand, the larger multinational firms are expected to seek new growth strategies through acquisitions and strong research and development efforts.For instance,Bionic Vision Australia, which is a consortium of world-leading Australian researchers are collaborating to develop an advanced bionic eye. It has made collaborationswith the Bionics Institute (BI), The University of Melbourne, The University of New South Wales, and the Centre for Eye Research Australia (CERA).
The objective of the report is to present a comprehensive analysis of the Global Bionic Eye Marketincluding all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Bionic Eye Marketdynamics, structure by analyzing the market segments and projects the Global Bionic Eye Marketsize. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Bionic Eye Marketmake the report investor’s guide.
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Global Bionic Eye Market, By Type
• External Eye
• Implanted Eye
Global Bionic Eye Market, By Technology
Global Bionic Eye Market, By End User
• Ophthalmic Clinics
Global Bionic Eye Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Bionic Eye Market
• Retina Implant Ag
• Second Sight Medical Products LLC
• Bionic Vision Australia
• Nidek Co. Ltd.
• Nano Retina Ltd.
• Biomedical Technologies S.L.
• Pixium Vision
• Monash Vision Group
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