Bionic Eye market COVID-19 Impact, Trends & Business Statistics By 2027

Posted by Mrudula Anil Karmarkar on March 22nd, 2022

The global bionic eye market size is expected to reach USD 476.0 million by 2027, expanding at a CAGR of 12.7%, according to a new report by Grand View Research, Inc. The market players are rapidly developing novel devices to cater to the unmet patient needs, due to the lack of treatment options available for permanently blind individuals. For instance, in November 2017, fast track approval was granted by the U.S. FDA for Second Sight Medical’s Orion bionic eye. The device 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 advancements to develop novel solutions for the growing prevalence of rare genetic conditions causing vision loss and increasing clinical trials are driving the market. 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. 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 trial in patients with atrophic dry Age-related Macular Degeneration (AMD).

Increasing product approvals, increasing prevalence of vision loss, and intensive research and development focused on product innovation to forge in the demand for bionic eye market. According to the World Health Organization, October 2020, around 2.2 billion people are affected with vision impairment or blindness, of which at least 1 billion people had unaddressed or preventable conditions worldwide. Positive clinical outcomes registered with the use of bionic eye help accelerate the adoption of the product among people suffering from incurable eye diseases and permanent vision loss. In 2015, a three-year clinical trial conducted in patients using Argus II bionic eye proved safety, reliability, and long-term efficacy. The study stated that the implants helped in vision restoration for people suffering from rare and degenerative eye diseases.

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Bionic Eye Market Report Highlights

• North America captured the largest share in 2020 owing to technological advancement and the presence of key industry players
• By product type, the external implant segment dominated the market in 2020 owing to the increasing number of product launches and the growing number of clinical trials
• Based on technology, the electric segment dominated the market due to the rising adoption of these devices and advanced features. The device delivers visual information to the brain to improve awareness of external objects
• By end-use, the hospital segment dominated the market owing to rising healthcare expenditure and the rising demand for artificial vision implants
• Market players are adopting several strategies such as higher investment in research and development and technological innovation to improve available pixel resolution for eye implants.

List of Key Players of 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