Global Bionic Eye Market to Reach US$ 772.2 Million by 2032, Stimulated by Increasing Prevalence of Visual Impairments

August 18, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Bionic Eye Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global bionic eye market size reached US$ 301.6 Million in 2023. A bionic eye, also known as a retinal prosthesis or artificial vision device, is a cutting-edge technology that aims to restore vision in individuals who are blind or visually impaired. It consists of an external camera, a processor, and an implanted retinal implant. It encompasses various aspects, including image acquisition, processing, and transmission. It is a highly innovative and interdisciplinary field that combines engineering, medicine, and neuroscience. It provides a sense of vision to people who have lost their sight due to conditions, such as retinitis pigmentosa or age-related macular degeneration. It also offers individuals with visual impairments a greater level of independence and the opportunity to participate more fully in society.

Global Bionic Eye Market Trends:

At present, the increasing prevalence of visual impairments and blindness worldwide, resulting due to rising aging populations and chronic diseases, represents one of the crucial factors impelling the growth of the market. Besides this, rising advancements in technology, especially in the fields of robotics, bioengineering, and artificial intelligence (AI), are contributing to the growth of the market. In addition, the growing demand for advanced vision restoration solutions offering improved vision capabilities and enhanced quality of life for visually impaired individuals is offering a favorable market outlook. Apart from this, increasing investments in research and development (R&D) activities by government organizations, private companies, and academic institutions to overcome existing challenges, such as device miniaturization, power consumption, and biocompatibility and make bionic eyes more accessible, affordable, and widely accepted is supporting the growth of the market. Looking forward, the market value is projected to reach US$ 772.2 Million by 2032, expanding at a CAGR of 11.01% during 2024-2032.

Market Summary:

  • Based on the type, external eye represents the largest segment, followed by the implanted eye.
  • On the basis of the technology, the market has been bifurcated into electronic and mechanical. Currently, electronics dominate the market, holding the largest share.
  • Based on the end user, the market has been segregated into hospitals, ophthalmic clinics, and others. At present, hospitals represent the largest share in the market.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being AAV Media LLC, Bionic Vision Technologies, iBIONICS, Monash Vision Group, NIDEK Co. Ltd., Pixium Vision, Second Sight Medical Products Inc., etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Type
  • Technology
  • End User
  • Region
Types Covered External Eye, Implanted Eye
Technologies Covered Electronic, Mechanical
End Users Covered Hospitals, Ophthalmic Clinics, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AAV Media LLC, Bionic Vision Technologies, iBIONICS, Monash Vision Group, NIDEK Co. Ltd., Pixium Vision and Second Sight Medical Products Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Bionic Eye Market to Reach US$ 772.2 Million by 2032, Stimulated by Increasing Prevalence of Visual Impairments
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