May 2024 | Report Format: Electronic (PDF)
The global bionic eye market size is expected to reach USD 699.5 million by 2030, projected to grow at a CAGR of 13.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market players are rapidly developing technological advancements to the devices to cater to the unmet patient needs due to the lack of treatment options available for permanently blind individuals. The bionic eye uses a brain implant and camera to bypass the optic nerve in visually impaired patients. Also, researchers at Monash University, Australia, and Illinois Institute of Technology, Chicago, are working on similar devices that can connect to the brain directly.
Increasing research developments and advancements to develop novel solutions for the growing prevalence of rare genetic conditions causing vision loss and advancements in clinical trials are driving the market growth. According to the article published in MIT Technology, an estimated 1.5 million people worldwide, including around 100,000 people in the U.S., have retinitis pigmentosa (RP). In January 2018, Pixium Vision received the U.S. FDA approval to initiate the clinical trials for PRIMA, a sub-retinal implant. The implant was approved for trials in patients with atrophic dry age-related macular degeneration (AMD).
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Bionic Eye Market Report
In terms of region, North America held the largest share of 42.0% in 2022 owing to technological advancements and the presence of key industry players
Based on type, the external implant segment dominated the market with a share of about 60% in 2022 owing to the increasing number of product launches and the growing number of clinical trials
In terms of end-use, the hospital segment dominated the market and held the largest market share of around 45% owing to rising healthcare expenditure and the rising demand for artificial vision implants
Market players are adopting strategies such as higher investment in research and development and technological innovation to improve available pixel resolution for eye implants
List of Key Players in the Bionic Eye Market
Second Sight Medical Products LLC
Nidek Co. Ltd.
Nano Retina Ltd.
MetaModal LLC
Biomedical Technologies S.L.
Bionic Vision Technologies
Pixium Vision
Monash Vision Group