Bionic Eye Market – Overview

Bionic eyes have revolutionized the vision impairment ailment in such a manner that has created immense scope for treating vision related defects. Market Research Future, which researches and publishes reports linked to the healthcare sector along with published reports on other sectors, recently issued a report with findings of this particular industry. The Bionic Eye Market is expected to reach USD 516.2 Million by 2030 at 14.3% CAGR during the forecast period 2022-2030.

The use of bionic eyes has increased significantly in the past few years, due to increased consumer preference for the industry. The rate of eye related disorders and ailments have been on the rise in the recent year which have necessitated the use of bionic eyes, thereby boosting market growth. Better qualities of bionic eyes have been key to facilitating the market growth of the sector in the forecast period. Easy availability of raw materials have ensured creation of a superior quality product, which has increased the demand and acceptance rate of bionic eyes over prosthetics.   

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Global Competitive Analysis

The corporate strategy of the competitors in the market is focused currently on capitalizing the dynamic pace of technological innovations which have led to plenty of changes both in terms of product development and handling competition. This particular trend has enabled portfolio improvement along with the affinity for diversification in the sector, which has indirectly enabled the players to use the valuable state of dealings available in this industry. The use of these prospects by contenders, who are trying to cultivate their industry stake by intensive expansion can stimulate the expansion of this industry. The companies are also moreover trying to create and capture financial in a suitable manner. This has elevated the potential for the forthcoming growth period significantly. The strategic decision-making process has increased the productivity of companies so that they maintain their company’s liquidity and sustain feasible to take effective choices in terms of strategy designing and implementation.

Pixium Vision (France), Second Sight (US), Bionic Vision Australia (Australia), Retina Implant AG (Germany), The Bionic Eye (UK), iBionics (Canada) are a few of the prominent players existing in the industry for the bionic eye market.

Industry Segments 

The bionic eye industry is segmented on the basis of type, technology and end user. The type category is divided into implanted eye and external eye. The External eye segment is additionally sub segmented into microsystem-based visual prosthesis (MIVP) and retinal prosthesis. On the basis of technology, the segment includes electronic and mechanical. Finally on the basis of end user the end users are segmented into clinics, hospitals and others. The regions included in the regional segmentation of the market are Europe, Asia Pacific, Latin America, North America and the Middle East & Africa.

Detailed Regional Analysis

The regional analysis of the bionic eye market includes Asia Pacific, Europe, North America and rest of the world. The North American region controls the bionic eye industry globally. The advances in  technology and increasing number of people suffering from eye sight problem owing to the growing prevalence of diabetes has fuelled the development of the industry. The European region controls the second biggest market for bionic eye which is followed by the Asia Pacific region. 

Industry Updates:

Dec 2017 iBIONICS which is an Early stage life sciences company which is creating a bionic-eye system to give back vision to people with retinal degenerative diseases. The company has also reached a combined private and public funding goal of US$2.5 million and added $1.5 million further in grants. The firm is also expecting to finalize their additional pre-seed financing in the next two quarters. They have also secured an exclusive worldwide license for their prototype.

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