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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