Bionic Eye Market

Bionic Eye Market Outlook (2023 to 2033)

The global bionic eye market is valued at US$ 297.1 million in 2023 and is expected to reach US$ 1 billion by 2033. As per this study by Fact.MR, worldwide demand for bionic eyes is predicted to increase rapidly at a CAGR of 13% during the next 10 years.

A bionic eye or artificial eye is an electronic implant that is surgically implanted into a patient's eye to allow the transmission of light or the transformation of ambient light into impulses that can be processed by the brain, in those who have experienced a major retinal loss. An internal microprocessor, an external camera, and a transmitter are all features of the bionic eye.

Before transmitting high-frequency radio waves, the camera is equipped with glasses to assist in the generation of visual data from the environment. The bionic eye is a synthetic organ created to mimic the functions of the diseased organ so that it can keep working properly.

External eye and implanted eye are terms used to treat a specific area of the eyes. Based on the issue, respective bionic eye surgeries are suggested. Since the synthetic lens is surgically and permanently implanted inside the eye, the phrase ‘implanted eye’ is used. The eyelids and surrounding tissues, conjunctiva, the lacrimal system, the cornea, and the anterior chamber are all areas, where external eye treatment is performed.

External bionic eye surgeries accounted for a major share of around 55% in 2022. One of the major areas on which market players concentrate their efforts is eye care technological development for better patient outcomes.

The use of bionic eye solutions is projected to expand due to the rising prevalence of age-related vision loss brought on by macular degeneration and resulting in blurred vision. The rising incidence of vision loss and increasing cases of accidents and injuries are boosting the growth of the bionic eye market.

• The National Institutes of Health (NIH) estimated that macular degeneration affected nearly 5 million Americans over the age of 40 in 2020.

Report Attributes	Details
Bionic Eye Market Size (2023E)	US$ 297.1 Million
Forecasted Market Value (2033F)	US$ 1 Billion
Global Market Growth Rate (2023 to 2033)	13% CAGR
Leading Regional Market	North America
Key Companies Profiled	Nano Retina Ltd. Monash Vision Group Second Sight Medical Products Pixium Vision Nidek Co. Ltd. MetaModal LLC Bionic Vision Technologies Biomedical Technologies S.L.

Why are Sales of Bionic Eyes Surging Worldwide?

“Rising Prevalence of Eye-related Disorders”

A person's ability to see may be harmed by several eye-related disorders if they are not treated on time. Among the most prevalent eye disorders globally are diabetic retinopathy, cataract, and glaucoma.

• WHO estimates that the prevalence of distant vision impairment is four times greater in low- and middle-income countries than in high-income ones. There are at least 2.2 billion blind or vision-impaired individuals across the globe, out of which, at least 1 billion are still unaddressed or ignored treatment.
• The same source estimates that in high-income regions including North America, Western Europe, and Asia Pacific, rates of untreated near vision impairment are thought to be less than 10%, compared to rates that are anticipated to be high than 80% in central, eastern, and western sub-Saharan Africa.

Several factors, including inheritance, illness, and injury, can result in full, partial, or colour vision loss. In some cases of hereditary blindness, such as retinitis pigmentosa, the photoreceptors (the rods and cones) are destroyed, causing visual loss but leaving the majority of the other retinal cells intact. The optic nerve and visual circuitry may sustain long-term damage from other conditions, such as glaucoma or acute eye injury.

Owing to these variations, researchers are striving to produce several forms of bionic eye implants based on the percentage of eye blindness; among these types, the retinal implant & cortical implant are exhibiting the most promising results.

“Rapid Developments in Bionic Eye Technologies”

Those with untreated and preventable blindness or vision impairment are treated with the bionic eye. External and implanted eye supports are highly sought-after with the most recent advancements in penetrating eye care technologies.

Bionic eye implants are becoming more widely used to treat target patients. This can be due to bionic eye technology being readily available and easier to utilize for end users. Sales of bionic eye solutions are also increasing due to the rising research expenditures into cutting-edge tactics for sight restoration.

The future of bionic eyes depends on improved electrodes that give implant users eyesight and more realistic vision. These changes undoubtedly are expected to increase the adoption of bionic eye transplants. To improve eyesight, the new bionic/artificial eye lenses are about to change affected lenses. The major goal is to improve visual quality while restoring eyesight at all distances.

The electrodes on the implant activate the retinal cells and transfer visual information to the brain using a particular pair of glasses and electronic data. The modern bionic eye implant is easier for the user to use and requires less upkeep. Thus, the ongoing technological advancements are expected to boost the market for bionic eyes in the coming 10 years.

Which Obstacles Need to Be Tackled By Suppliers of Bionic Eye Technologies?

“High Overall Treatment Cost”

Demand for bionic eyes is expected to experience slower growth in developing regions due to the high cost of eye care operations. Bionic eye transplantation is a complex procedure. It is a form of treatment that makes use of the brain's ability to correct vision. The bionic eye is a high-end product made with cutting-edge technologies.

The technique requires the use of 3D cameras and contemporary tools which raises the treatment's overall cost. Some people with lower incomes across the globe cannot afford bionic eye procedures because of their overall treatment costs. Thus, such aspects are expected to hamper the adoption of bionic eye systems during the forecast period.

“Lack of Knowledge about Bionic Eye Technology in Developing Regions”

One difficulty encountered by companies in the bionic eye market is the lack of knowledge about bionic eye treatments among common people. New medical procedures are quickly adopted in developed regions.

More people are conscious of bionic eye treatments in developed regions such as North America and Europe. However, some people in underdeveloped countries are unaware of such technologies. It is crucial to raise public knowledge of the treatment and its advantages in developing regions. Lack of awareness might impede the bionic eye market growth in developing regions to some extent.

Country-wise Analysis

Will Rising Prevalence of Diabetes Benefit Producers of Bionic Eyes in the United States?

“High Prevalence of Diabetes Leading to Retinal Disorders”

The presence of well-established healthcare infrastructure, the growing rate of the geriatric population, and increasing cases of diabetic retinopathy are boosting demand for bionic eye systems in the United States.

Cases of diabetes have sharply risen in the United States over the last ten years. The main factor contributing to new instances of blindness in adults in the United States between the ages of 20 to 74 is diabetic retinopathy.

• According to the Centers for Disease Control and Prevention (CDC) in 2020, around 4.1 million Americans were living with diabetic retinopathy, and close to 900,000 were at risk of vision-damaging retinopathy. Thus, the rising cases of diabetic retinopathies are expected to boost demand for bionic eye surgeries in the United States.

What is the Demand Outlook for Bionic Eye Treatment Procedures in Germany?

“Older Population More at Risk of Eye-related Diseases”

The market for bionic eyes in Germany is anticipated to experience substantial growth over the forecast period. This can be attributed to the rising incidence and prevalence of eye-related conditions such as macular degeneration, presbyopia, and diabetic retinopathy among the ageing population. Additionally, as bionic eye models with advanced technologies become more widely available, a greater number of patients in the country are choosing to undergo bionic eye surgeries to treat their eye-related conditions.

As the older generation is more vulnerable to eye-related disorders, demand for bionic eye treatment procedures is expected to increase healthily during the forecast period.

• Germany had 16.2 million residents over the age of 67 as of the end of 2021, according to figures from the Federal Statistical Office (Destatis) from January 2022. Thus, according to this data, the risk of eye disorders can be assumed.

Why is Australia Viewed as an Opportunistic Marketplace for Bionic Eye Manufacturers?

“Introduction of Highly Improved Bionic Eye Care Solutions”

In the Asia Pacific region, Australia is booming in the field of bionic eye technology. Rapid technological advancements are supporting the demand growth. Along with this, the presence of advanced medical infrastructure and skilled ophthalmologists & researchers is benefitting the bionic eye sector to grow significantly.

• The Food and Drug Administration (FDA) of the United States designated Australia's bionic eye system developed by Bionic Vision Technologies, the Centre for Eye Research Australia, the Bionics Institute, the University of Melbourne, and CSIRO's Data61, as a breakthrough device.
• This ground-breaking technology aims to restore the functional vision of the vast number of individuals who have lost their eyesight due to retinitis pigmentosa.

Category-wise Analysis

Why are Electronic Bionic Eye Technologies Gaining Immense Traction?

“Advanced Features and Designs Aiding Product Demand Growth”

Electronic eye implants and mechanical eye implants are two types of bionic eye technologies. The rising number of clinical trials & increasing adoption rates are driving demand for electronic bionic eye treatment procedures. These are implants for neural stimulation in the patient's eyes. A battery-operated gadget worn by the patient decodes the visual data obtained from the video camera on the spectacles and converts it into electrical simulation data. The implanted stimulation device receives the information after that.

It is anticipated that during the projected period, sales of mechanical eye implants are expected to grow at a healthy pace. When age-related macular degeneration has reached its most mature stage, these implants are utilized to treat it. To enlarge the visual projection onto the retina, these devices are inserted into the posterior chamber of the eye.

Competitive Landscape

According to Fact.MR, a market research and competitive intelligence provider, key players in the bionic eye market are using various marketing tactics such as acquisitions to broaden their portfolio range and to expand internationally, more investments in R&D to launch innovative products & to gain a major position in the worldwide market.

Second Sight Medical Products, Pixium Vision, Nidek Co. Ltd., MetaModal LLC, and Bionic Vision Technologies are some of the leading companies in the bionic eye market.

• 13 September 2022: The first patient in the PRIMAvera pivotal trial for atrophic dry age-related macular degeneration was successfully implanted with 'Prima System' in Italy, according to Pixium Vision, a bioelectronics company that creates novel bionic vision systems to help people who have lost their sight.

Key Segments of Bionic Eye Industry Research

• By Eye Type :

  • External
  • Implanted

• By Technology :

  • Electronic
  • Mechanical

• By End User :

  • Hospitals
  • Ophthalmic Clinics

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA