Bionic Eye Market (2023 - 2030)

Bionic Eye Market Size & Trends

The global bionic eye market size was estimated to be USD 259.1 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 13.3% from 2023 to 2030. An increasing number of aging population, increasing prevalence of vision loss, product approvals, and intensive research and development focused on product innovation and advancement are expected to contribute to market growth. According to the World Health Organization, in October 2019, around 2.2 billion people were affected with vision impairment or blindness, of which at least 1 billion have unaddressed or preventable conditions worldwide. Positive outcomes of the clinical trials registered with bionic eye help accelerate the adoption of the product among people suffering from incurable eye diseases and permanent vision loss. In addition, positive results of the studies performed by conducting clinical trials on patients have proven safety, reliability, and long-term efficacy.

According to the National Eye Institute, retinitis pigmentosa (RP) is a rare genetic disorder that affects one in 4,000 people globally. According to Bright Focus Foundation, around 11 million people in the U.S. are suffering from some age-related macular degeneration, and the number is expected to double by 2050. The foundation further stated that the number of people with macular degeneration is estimated to reach 288.0 million by 2040, from 196.0 million in 2020 globally.

Increasing funding to help researchers develop novel ways to restore sight in blind individuals is a significant market growth contributor. In 2018, the Australian government granted funds from its BioMedTech Horizons program for commercializing a bionic eye developed by Monash Vision Group. The company commercialized its product by 2021, thus, addressing the unmet need for complete blindness.

Type Insights

Based on type, the market is categorized into external and implanted eyes segments. The external eye segment held the largest revenue share of over 60% in 2022, as it improves the visual experience. Technological advancements to provide better patient outcomes are a significant parameter focused by the market players. According to the National Institutes of Health, about three million Americans over the age of 40 are likely to suffer from macular degeneration by 2020.

Moreover, the external eye segment is anticipated to register the fastest CAGR of 13.6% over the forecast period, due to its better visual experiences than the other segments. Continuous advances in technology from various competitors in the industry, leading to cost reductions in the procedures, are expected to boost the market’s growth.

End-use Insights

Based on end-use, the market is segmented into hospitals, outpatient facilities, and research and manufacturing. The hospital segment held the largest revenue share of around 45% in 2022 and is anticipated to maintain its dominance over the forecast period. Hospitals offer the first line of care to the patients and are well-equipped with trained ophthalmologists and modern equipment to provide efficient patient care. Also, increasing medical coverage for the patient population and positive outcomes of surgeries are expected to increase the volume of surgical procedures, thereby augmenting the market growth.

The outpatient facilities segment is anticipated to register the fastest CAGR of 13.7%. This growth is anticipated due to the preference for outpatient facilities over hospitals. The collaboration between hospitals and product developers for conducting clinical trials has resulted in drastic growth of the segment.

Regional Insights

Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In 2022, North America held the largest market share of around 42%. The region is expected to continue with its dominance over the forecast period. North America has a favorable reimbursement scenario granting access to healthcare services, developed healthcare infrastructure, and intensive research activities. Thus, technology creates a significant impact on the market as it overcomes the challenge of printing electronics on curved surfaces. In 2018, researchers from Stanford University, in collaboration with Israel, received a grant from the U.S. National Institutes of Health and the U.S. Air Force. The primary focus was to develop a solar-powered retina to cure blindness caused by degenerative retinal disease- retinitis pigmentosa.

The market in the Asia Pacific region is anticipated to witness the fastest CAGR of 15.5% over the forecast period owing to the accelerated pace of the companies towards the launch of novel bionic eye implants. In January 2020, Bionic Vision Technologies, Australia announced pilot study results conducted in patients with late-stage retinitis pigmentosa for its bionic eye system- Gen3 device.

Key Bionic Eye Company Insights

Market players are adopting several strategies such as acquisitions to intensify the type of portfolio, geographical expansions, higher investment in research and development, and innovations to gain a significant share in the global market. For instance, in January 2022, Bionic Vision Technologies (BVT) announced the grant by the Food and Drug Administration (FDA) for its first bionic eye system in the U.S.

Bionic Eye Market