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Bionic Eye Market Size

Report ID: GMI8433
Published Date: Mar 2024
Report Format: PDF

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Bionic Eye Market Size

Bionic Eye Market size was valued at around USD 286.3 million in 2023 and is anticipated to register a CAGR of 11.6% between 2024 and 2032. Bionic eye, also known as a retinal prosthesis or visual implant, is a device designed to restore vision in individuals with severe vision impairment or blindness. It works by electrically stimulating the remaining functional cells of the retina, bypassing damaged photoreceptors, and transmitting visual information to the brain.

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The increasing prevalence of vision loss and other chronic eye diseases has emerged as a significant public health concern worldwide. For instance, according to the World Health Organization (WHO), around 2.2 billion people have vision impairment or blindness, of which at least 1 billion have unaddressed or preventable conditions. Thus, as the prevalence continue to rise, there is a growing demand for innovative management and treatment solutions, highlighting the importance of advancements in the bionic eye market.

Bionic Eye Market Report Attributes
Report Attribute	Details
Base Year:	2023
Bionic Eye Market Size in 2023:	USD 286.3 Million
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	11.6%
2024 – 2032 Value Projection:	USD 762.5 Million
Historical Data for:	2018 – 2023
No. of Pages:	130
Tables, Charts & Figures:	270
Segments covered:	Eye Type, Technology, Indication, End-use, and Region
Growth Drivers:	Growing prevalence of vision loss and other chronic eye diseases Increasing funding by private and public organization Rapid advancements in technological developments
Pitfalls & Challenges:	Low awareness among target population High costs associated with these procedures

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Furthermore, public and private organizations are investing significantly in research and development activities, aimed at innovating and improving various ophthalmic viscosurgical devices which is estimated to account for USD 732.6 million by 2032, introducing advanced dry eye treatment devices, among other contributing factors for the market.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global bionic eye market was valued at around USD 286.3 million in 2023 and is estimated to reach over USD 762.5 million by 2032, owing to the increasing prevalence of vision loss and other chronic eye diseases.

The electronic segment is estimated to account for around USD 494.4 million by 2032, as advanced electronic components such as microelectrode arrays and signal processing units facilitate enhanced visual perception by converting visual input into electrical signals.

In 2023, North America bionic eye market accounted for a revenue share of 40.5%, attributed to rising prevalence of vision-related conditions, continuous technological progress, substantial investments in healthcare, and the growing aging population.

Bionic Eye Technologies, Inc., Bionic Vision Technologies, iBionics, Monash Vision Group, Nidek Co. Ltd., Optobionics, Pixium Vision SA, Schott, Second Sight Medical Products, Inc., and Vivani Medical, Inc.