The Global Bionic Eye Market size is expected to reach $416.5 Million by 2026, rising at a market growth of 13.8% CAGR during the forecast period. The bionic eye is also called visual prosthetic. It is an artificial vision device that is used to restore the function of the defected eye of the patient who has lost complete or partial vision of the eye. Many devices that are either invasive or non-invasive have been used for a long time. Surgeries are also developed in order to cure the lost eyesight of the people.
The bionic eye market is driven globally due to the rising number of patients suffering from complete or partial blindness. Moreover, increasing problems of eye-related to aging is another major factor leading to the growth of the market. According to a report by the WHO, nearly 250 million people above 50 years of age are visually damaged. More than 80% of people in the developing countries are suffering from problems related to eyesight, and due to financial conditions, almost 50% of people are not able to have a proper treatment.
Factors like the increasing incidence of diseases related to the eyesight, increasing prevalence of diseases such as diabetes, heart attacks, etc. along with technological development are contributing to the market growth. As treatment is very costly, so it may hamper the growth of the market. Bionics is also referred to as biomedical implants that are artificial devices added to the body. The artificial implants restore the normal functioning of the lost or non-functional body parts. The rise in the geriatric population, an increase in the number of patients suffering from chronic diseases, and the government’s attention to funding R&D initiatives are likely to drive the growth of the market. Though, the high cost of the bionic devices and treatment is expensive in addition to its stringent approval process for such devices that are anticipated to hinder the market growth.
Based on Technology, the market is segmented into Electronic and Mechanical. Based on End Use, the market is segmented into Hospitals, Eye Clinics and Other End uses. Based on Type, the market is segmented into Implanted Eye and External Eye. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
Free Valuable Insights: Global Bionic Eye Market to reach a market size of $416.5 million by 2026
| Report Attribute | Details |
|---|---|
| Market size value in 2019 | USD 170.4 Million |
| Market size forecast in 2026 | USD 416.5 Million |
| Base Year | 2019 |
| Historical period | 2016 to 2018 |
| Forecast Period | 2020 to 2026 |
| Revenue Growth Rate | CAGR of 13.8% from 2020 to 2026 |
| Number of Pages | 156 |
| Number of Tables | 329 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Technology, End Use, Type, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Second Sight Medical Products, Inc., Pixium Vision S.A., Nidek Co., Ltd., Optobionics Corporation, Biomedical Technologies S.L., Bionic Vision Technologies Pty. Ltd., Monash Vision Group, The Bionic Eye (The Bionic Group), Nano Retina Ltd. and iBionics.
Market Segmentation:
By Technology
By End Use
By Type
By Geography
Companies Profiled
The bionic eye market is projected to reach USD 416.5 million by 2026.
The major factors that are anticipated to drive the bionic eye industry include awareness among people regarding treatment of ophthalmic diseases.
Second Sight Medical Products, Inc., Pixium Vision S.A., Nidek Co., Ltd., Optobionics Corporation, Biomedical Technologies S.L., Bionic Vision Technologies Pty. Ltd., Monash Vision Group, The Bionic Eye (The Bionic Group), Nano Retina Ltd. and iBionics.
The hospital segment registered the largest market share in the year 2019 and is expected to show its dominance over the foreseeable period of time.
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