Bionic Eye Market Projected To Grow Radiantly By 2023; Asserts MRFR Unleashing Industry Forecast

Bionic eye is a processor chip that is placed in the back of the eye. This devices are utilized to treat the blindness in the people. Global bionic eye market is growing at a high rate. Growing demand for the bionic eye and increasing number of visually impaired individuals across the world are the major factors driving the growth of the market. Increasing standard of living in developing is further influencing the growth of the market. According to WHO (World Health Organization), number of visually impaired is continuously growing and about 90% of this patient are living in developing countries. Increasing individuals having vitamin deficiency and growing diseases related to blindness is also contributed in the growth of the market. Adjacent to this increasing aging population across the world is also influencing the growth of market. While high cost and limited surgical professionals of the treatment can hamper the growth of the market.

The market is forecasted to demonstrate a double digit growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017–2023.

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Global Bionic Eye Market - Segmentation

Global bionic eye market is segmented on the basis of type into external eye and implanted eye. External eye is further sub segmented into retinal prosthesis and microsystem-based visual prosthesis (MIVP). On the basis of technology, they are segmented into electronic and mechanical and on the basis of end user he market is segmented into hospitals, clinics, and others.

Global Bionic eye Market - Competitive Analysis

Characterized by the presence of several well-established and small players, the global market of Bionic eye appears to be highly competitive and fragmented. With well-established market in the Americas region major companies have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.

Due to increasing incidence of diseases like diabetes in the world and increasing number of individuals suffering from vision loss has attracted man of the major and medium sized company to introduce the better for the treatment. Many major company are investing in R&D so as to introduce a new device and method so as to withstand the competition and increase the market.

Retina Implant AG is the German headquartered company working in the manufacturing of the medical technologies. Retina Implant Alpha IMS is the most famous product of the company. In 2017, Okuvision and Retina Implant are merge together under the parent company Retina Implant AG.

Second Sight is the US headquarter company. The company has got FDA approval for the first visual prosthesis in 2013. Argus II Retinal Prosthesis System is the major product of the company. Argus II provides the electrical stimulation of the retina to induce visual perception in blind individuals.

Bionic Vision Australia is an Australian company. This company has introduced Suprachoroidal Retinal Prosthesis for the treatment of visual impairment. This treatment will provide vision to blind patients suffering from degenerative retinal conditions.

Pixium Vision is medical device manufacturing company headquartered in France. Intelligent Retinal Implant System is the major product of the company. IRIS is under clinical trials and PRIMA is under preclinical development.

NeoStrata is a professional skin care brand recommend by most the physicians worldwide. PHA 4 is the bionic eye cream manufactured by this company.

Retina Implant AG (Germany), Second Sight (US), Bionic Vision Australia (Australia), The Bionic Eye (UK), Pixium Vision (France), iBionics (Canada) are some of the prominent players at the forefront of competition in the Global Bionic eye Market and are profiled in MRFR Analysis.

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Global bionic eye market is segmented on the basis of geographies or regions which mainly includes Americas, Europe, Asia Pacific, and Middle East & Africa. Americas is dominating the global market for bionic eye with more than 40% share of the total market in 2016. The major factor for the growth of the market include due to high incidence of prevalence of individuals with eye issues, rising healthcare expenditure, increasing technology advancement and presence of major manufacturers furthermore influence the growth of market in Americas.

holds the second largest share of the global bionic eye market. Asia Pacific is the fastest growing bionic eye market across the globe. In Asia-Pacific there is wide range of opportunities for bionic eye market due to the presence of developing countries, companies grabbing these opportunities and expanding their presence in the region. These rising development in the region is further influencing the growth of the market.

The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.

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