North America to Dominate the Global Bionic Eye Market till 2026
Increasing prevalence of ocular disorders and high healthcare funding is expected to drive the demand for global bionic eye market in the forecast period.
According to TechSci Research report, “Global Bionic Eye Market By Type (Implant v/s External) By Technology (Electronic v/s Mechanical) By End User (Hospitals, Ophthalmic Clinics, Others) By Company, By Region, Forecast & Opportunities, 2026”, global bionic eye market is expected to witness steady growth for the upcoming five years. Bionic eye is a medical device that supports the restoring a sense of vision to patients suffering from vision impairment or blindness. Rise in the number of people suffering from eye problems due to inability to afford the treatment is creating the need for supportive policies which government are providing to suffering patients is expected to fuel the demand for bionic eyes around the world.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected countries adversely. Leading authorities across the world-imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath, coughing, and sneezing. Leading authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. Patient suffering from visual problems avoided the elective surgical procedures to ensure safety of themselves. Also, the disruption in supply chain due to restriction in import and export activities is expected to negatively affect the bionic eye market. However, after the pandemic is under control the market is expected to pick up the pace eventually.
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Global bionic eye market is segmented into type, technology, end user, regional distribution, and company. Based on end user, market can be further divided into hospitals, ophthalmic clinics, and others. The hospitals segment is expected to account for major market share for the forecast period, 2022-2026. Presence and construction of huge number of hospitals around the world and high patient in-flow into the hospital facilities is boosting the demand for bionic eye market. Hospitals are well equipped with trained ophthalmologists and laboratories and use advanced technology to provide effective treatment to patients. Supportive government policies and favourable reimbursement plans is expected to influence the demand of bionic eyes world-wide. Also, the partnership between hospitals and market players to conduct clinical trials is fostering the high growth of bionic eyes market.
Based on technology, market is further bifurcated into electronic and mechanical. The electronic segment is expected to dominate the bionic eye market for the next five years due to high number of adoption rates and increasing number of clinical trials. Electronic bionic eyes are battery powered device which reads the video signal obtained from the camera integrated over the glass which is then transferred into electrical stimulation data. The data is then sent to implanted stimulation device. On the basis of regional analysis, North America is expected to hold significant share in the bionic eye market. Presence of favourable reimbursement policies, well-developed healthcare system, and huge number of ongoing research and development activities is fueling the demand for bionic eyes in the region.
Second Sight Medical Products Inc., Nidek Co. Ltd., Nano Retina Ltd., MetaModal LLC, Biomedical Technologies S.L., Bionic Vision Technologies, Pixium Vision S.A., Monash Vision Group, iBionics, Optobionics Corporation are the leading players operating in global bionic eye market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several bionic eye manufacturers are coming up with their technologically advanced offerings.
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“High-end investments by the major market players to develop technology and upgrade the existing infrastructure is expected to fuel the demand for bionic eyes. Launch of novel advanced bionic eyes which comprises of video processing unit, face detection system, 3D vision with stereo cameras mounted on eye wear. Also, the integration of navigation technology and hurdle detection facility is further driving the demand for bionic eyes. Increase in occurrence of chronic diseases such as hypertension and diabetes which affect the health of the eye adversely and rise in awareness about the benefits of adoption of bionic eyes is expected to propel the market growth until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Bionic Eye Market By Type (Implant v/s External) By Technology (Electronic v/s Mechanical) By End User (Hospitals, Ophthalmic Clinics, Others) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global bionic eye market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global bionic eye market.
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