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Global Bionic Eye Market is Experiencing Tremendous Growth Owing to Rising Preference for Minimally Invasive Surgeries, Aging Population and Government Initiatives; A Report by Absolute Markets Insights

Published On 21 Nov 2022 09:12 AM


The global bionic eye market size in terms of revenue was worth US$ 235.8 Mn in 2021, according to a new report published by Absolute Markets Insights. The market is expected to expand at a CAGR of 12% from 2022 to 2030. In people who have had severe retinal loss, a bionic eye is an electronic prosthesis that is surgically implanted into the human eye to enable light transduction, or the translation of ambient light into signals that can be processed by the brain. The retina is a light-sensitive tissue layer located inside the inner eye that transforms images from the outside world into brain impulses. The main visual cortex, or the "visual processing centre," is located in the occipital lobe of the brain and receives these neural impulses after travelling along the optic nerve and the thalamus. The most likely candidates for a bionic eye are middle-aged or older people with severely reduced vision as a result of age-related macular degeneration (a condition that causes the degeneration of the cells present in the centre of the retina) or retinitis pigmentosa (a group of hereditary diseases that destroy photosensitive rod and cone cells in the retina).

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In 2009, surgeons at Manchester and Moorfields created history when they performed the RP version of the Argus II bionic eye implant's first-ever trial. FDA gave the device its official approval for usage in 2013 after Professor Stanga implanted the first artificial eye in a patient with age-related macular degeneration (AMD) in 2015. In December 2016, NHS England announced that it would pay for additional Argus II testing for 10 patients with Retinitis Pigmentosa (RP), a hereditary condition that causes blindness. Argus II is also referred to as the "bionic eye." In addition, the Association for Computing Machinery said that The Keck School of Medicine at USC created a cutting-edge computer model to mimic the human retina in 2021. This may help with the development of colour vision and improved clarity because it closely resembles the structures of millions of nerve cells. Hence in the upcoming years, bionic eye market has promising results with the assistance of advanced technologies.

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Global Bionic Eye Market Report Highlights:

  • Based on the type segment, the global bionic eye market is segmented into external and implanted. Implanted bionic eye are anticipated to be the fastest growing segment in the upcoming year. Depending on the particular eye or prototype, bionic eyes use different forms of technology when implanted.  A bionic eye that was only partially functional was initially implanted in 2012. Although this technology is new, the promise that it has so far demonstrated may allow some patients who would otherwise have permanent vision loss to regain their sight. But in 2021, enhancements to the Argus II Retinal Prosthesis System were made possible by advances in computer modelling. For those utilizing the Argus II, USC researchers essentially produced signals that may improve clarity and colour vision, opening up a whole new world for those who require eye implants and making them more functional than ever.
  • Asia Pacific region is anticipated to be the fastest growing region in the bionic eye market. In the last few years, as there have been rising cases of people suffering from various vision loss diseases, there has been a rise in demand for bionic eye. Moreover, the leading players in the Asian market are investing into advanced research and development of the bionic eye. For instance, in 2021 In a three-month study, a bionic eye being developed by a group of biomedical researchers at the Universities of Sydney and New South Wales (UNSW) in Australia proved to be secure and stable enough for long-term implantation, clearing the way for human trials. The Phoenix99 Bionic Eye is an implantable technology created to provide people who have lost their eyesight completely due to degenerative conditions some type of vision again. The market will therefore experience growth in the next few years as a result of Asia Pacific region's approval of bionic eye human clinical studies.

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List of Key Players of Global Bionic Eye Market:

  • Bionic Vision Technologies
  • Nano Retina
  • Second Sight
  • Other Market Participants

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Global Bionic Eye Market Segmentation

Absolute Markets Insights has segmented the global bionic eye market on the basis of type, technology, end users and region:

Global Bionic Eye Market Type Outlook (Revenue, USD Million, 2015 - 2030)

  • External
  • Implanted

Global Bionic Eye Market Technology Outlook (Revenue, USD Million, 2015 - 2030)

  • Electronic
  • Mechanical

Global Bionic Eye Market End User Outlook (Revenue, USD Million, 2015 - 2030)

  • Hospitals and clinics
  • Ophthalmic Clinics
  • Others

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Global Bionic Eye Market Region Outlook (Revenue, USD Million, 2015 - 2030)

  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries, Benelux Union, Rest of Europe)
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia, Rest of Asia Pacific)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

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