According to a new report Global Bionic Eye Market, published by KBV research, 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 external eye segment registered the largest market share in the year 2019, as it helps in improving the visual experience. Technological advancements are continually increasing in order to provide better outcomes to the patient and have become a key parameter on which the market players are focusing on.
By End-use segmentation, 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. Hospitals offer well-equipped and trained ophthalmologists, provide the first line of care to their patients as well as modern equipment that provides efficient and effective care to the patient. The increasing patient’s medical coverage and positive outcome of surgeries is likely to surge the surgical procedures, thus augmenting the market growth.
By technology, the electronic segment held the largest market share in the year 2019 and is expected to continue its dominance in the coming years. The rise in the number of clinical trials and an increase in adoption rates are positively contributing to the growth of the segment in the market. In the patient's eyes, these neural stimulation devices are implanted. The mechanical eye implant segment is anticipated to show a substantial growth rate during the foreseeable period. These implants are majorly used to restore the vision of end-stage incurable age-related macular degeneration.
North America holds the largest revenue share in the year 2019. This region is anticipated to maintain its dominance in the coming years. North America offers favorable reimbursement scenarios and grants access to healthcare services, at the same time this region has developed healthcare infrastructure, and intensive research activities thus promoting the market. In the Asia Pacific, the market is expected to show the fastest growth rate in the coming years due to the enhanced rate by which companies are launching new bionic eye implants. The Bionic Vision Technologies of Australia has announced a pilot study results of its bionic eye system- Gen3 device, that was conducted in patients suffering from late-stage retinitis pigmentosa.
Structural Insights: https://www.kbvresearch.com/bionic-eye-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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