Newark, NJ, Sept. 09, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global bionic eye market is expected to grow from USD 193.25 million in 2019 and to reach USD 502.93 million by 2027, growing at a CAGR of 12.70% during the forecast period 2020-2027.
The application of the bionic eye has grown significantly owing to the rise in the consumer inclination for the industry. The rate of eye-related ailments and disorders has been on the rise in recent years, which has compelled the utilization of bionic eyes, thereby driving the growth of the market. Better qualities of bionic eyes have been vital in promoting market growth during the forecast period. Easy availability of raw supplies has assured the production of an excellent quality product, which has boosted the demand and acceptance rate of bionic eyes over prosthetic. The rising pervasiveness of diseases changing the eyesight, technological development and growing prevalence of diseases like diabetes also contribute to the growth of the market. At the same time, the massive cost of the operation may hinder the growth of the market.
The bionic eye is acknowledged as a visual prosthetic. It is an artificial vision device that is used to revive the visual capacity of the patient undergoing total or partial blindness. Many devices and procedures are formed to cure the blindness of the people. The global bionic eye market is driven by an increasing number of people experiencing partial or complete blindness. The bionic eye is termed an optical prosthetic and has proven to be useful for the people who have lost their eyesight. It offers a prosthetic eye that compensates the operations of the eye. However, congenital disabilities, traumatic injuries like traffic accidents, cancer, and diabetes have been the risk factors that result in people losing their eye sights. Wartime is also a principal factor that can cause critical eye damages. Moreover, growing complexities of the eye owing to aging is a different factor in the growth of the market. In many developing nations, people are incapable of taking proper treatment due to financial constraints. Bionic eyes have reconstructed the vision impairment ailment that has generated immense scope for managing vision-related damages. Among the five senses, the sense of vision is crucial for the quality of life. For people who have lost sight due to any unforeseen situation or degenerative retinal conditions, the growth of the bionic eye provides a ray of hope for improving the visual capacities.
Driving factors that can fuel the bionic eye market include increasing accidents and injuries, age and age-related disorders, and an increase in the number of organ transplantation cases. One of the critical factors in the rise of visually impaired patients is the increasing number of aging populations across the globe. Moreover, alternative treatments such as anti-angiogenic drugs, photodynamic laser therapy (PTD), laser therapy, and vitamins fail to cure retinitis pigmentosa effectively and age-related macular degeneration, thereby, driving the global bionic eye market. However, limited surgical professionals, the high cost of the device, reimbursement conditions in various regions and stringent administrative guidelines restrains the growth of the bionic eye market.
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Key players operating in the global bionic eye market include Retina Implant AG, THE BIONIC EYE, iBionics, NeoStrata Company, Berlin Heart, Bionic Vision Australia, Second Sight Medical Products, ABIOMED, Pixium Vision and Zimmer Biomet. To gain a significant market share in the global bionic eye market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In Dec 2017, iBIONICS, an early-stage life sciences company, started creating a bionic-eye system to provide vision to the people having retinal degenerative diseases. The company has also added $1.5 million further in grants and attained a combined private and public funding goal of US$2.5 million. The company is also anticipating to settle its additional pre-seed financing. iBIONICS have also obtained an exclusive worldwide license for their prototype.
The external eye segment dominated the market and held the largest market share of 56.02% in the year 2019
The type segment includes implanted eye and external eye. The external eye segment held the highest share of 56.02% in the bionic eye market in 2019 as it enhances the visual experience. Technological improvements provide better patient outcomes. Hence, the market players are emphasizing on technological innovations and advancements.
The electronic segment dominated the market and valued at USD 99.67 million in the year 2019
The technology segment includes mechanical and electronic. The electronic segment held the highest share of UDS 99.67 million in the bionic eye market in 2019. Factors such as high adoption rates and the increasing number of clinical trials contribute to the growth of the segment. Electronic devices are neural stimulation devices that are inserted in the patient’s eyes. A battery-powered device used by the patient interprets the video signal obtained from the video camera on the glasses, which are then converted into electrical simulation data. The data is then transferred to the embedded stimulation machine.
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Regional Segment Analysis of The Bionic Eye Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global bionic eye market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region is anticipated to show the most significant growth in the bionic eye market over the forecast period. It is due to the accelerated speed of the companies towards the launch of innovative bionic eye implants. In January 2020, Bionic Vision Technologies announced pilot research results administered in patients with late-stage retinitis pigmentosa for its Gen3 device, a bionic eye system.
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About the report:
The global bionic eye market is analyzed on the basis of value (USD Million), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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