Global Bionic Eye Market Report and Forecast 2024-2032

Bionic Eye Market Size

The global bionic eye market was valued at USD 287.3 million in 2023, driven by the rising geriatric population and technological advancements across the globe. The market is expected to grow at a CAGR of 11.24% during the forecast period of 2024-2032, with the values likely to reach USD 748.3 million by 2032.

Bionic Eye Market Outlook

• The market growth is driven by the rising aging population, demand for vision correction, and advancements in microelectronics, biotechnology, and materials science.

• In February 2023, NIDEK partnered with HOYA Vision Care, to offer products and instruments to eye care professionals (ECPs). Such partnerships exhibit the increasing trend of collaborations, expected to impact the market value positively in the forecast period.

• The North American market is expected to have the largest market share of bionic eyes due to improved healthcare facilities, high healthcare costs, and key players in this region.

Bionic Eye Market Overview

Bionic eyes, or visual prostheses, are tools to help people with serious vision problems see again. The rise in retinal diseases, technological advancements, and the need for new treatments are driving the market growth. These devices work around impaired photoreceptors in the retina by activating unaffected cells to send visual signals to the brain.

Bionic Eye Market Growth Drivers

Rising Incidence of Visual Impairment Boosts Market Growth

The World Health Organization reports that around 2.2 billion people are affected by either near or distant vision problems. The market is rapidly expanding due to the increasing incidence of visual impairment and blindness, with global factors being age-related macular degeneration (AMD), retinitis pigmentosa, and diabetic retinopathy. AMD affects central vision in the elderly, leading to a gradual decline, while retinitis pigmentosa also results in a progressive reduction in vision. As cases rise, there is a growing demand for advanced solutions such as bionic eyes, leading to market expansion.

Growing Aging Population Drives the Market Growth

The elderly are more susceptible to age-associated eye pathologies such as macular degeneration and retinitis pigmentosa, resulting in blindness or significantly reduced vision. Bionic eye technology makes it possible to help such individuals regain vision. With the increasing proportion of elderly people around the world, the demand for bionic eyes will increase, thereby fuelling market growth in the forecast period.

Bionic Eye Market Trends

Growing Technological Advancements

Technological growth in the areas of microelectronics, biotechnology, and material science is revolutionizing bionic eye systems. All these developments serve to upgrade comfort and aesthetics, optimize image handling, and increase effectiveness. Other features include wireless communication and power management, which increase the implant's utility. Such advancements contribute to market growth by boosting adoption rates and encouraging innovation.

High Supportive Government Initiative

Governments are funding vision restoration technologies to enhance the lives of the visually impaired. They disburse funds, grants, and support for research and development, facilitate approvals, and promote innovation, which enhances investor interest and investment in firms with bionic eye technologies.

Enhanced Funding for Medical Research

Better funding for medical research and innovative projects from public and private organizations fuels bionic eye development. Subsequently, partnerships that are established between various research institutions, universities, and industry players enhance research, is leading to discoveries in this market.

Increasing Healthcare Expenditure

An increase in healthcare spending across developing and developed nations is promoting the uptake of modern medical devices such as bionic eyes. Huge investments are being made in healthcare facilities by governments and private bodies, which are predicted to fuel market growth.

Recent Developments in the Bionic Eye Market

In February 2023, NIDEK CO., LTD. signed a strategic partnership agreement with HOYA Vision Care, the world’s leading company in optical technology, to offer products and instruments to eye care professionals (ECPs). The strategic alignment focuses on an improved experience, patients’ well-being, and advanced eye care, along with superior solutions that would improve their quality of life.

Bionic Eye Market Segmentation

Market Breakup by Type

• External Eye

• Implanted Eye

• Others

Market Breakup by Technology

• Mechanical

• Electronic

Market Breakup by Indication

• Vision Loss and Impairment

• Dry Age-related Macular Degeneration (dry AMD)

• Others

Market Breakup by End User

• Hospitals

• Ophthalmic Clinics

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Bionic Eye Market Share

Electronic Bionic Eye Segment is Anticipated Substantial Growth in the Market Segmentation Based on Technology

Based on the application the market is segmented into mechanical, and electronic bionic eyes. Among these, the electronic bionic eye is expected to dominate the market as it uses microelectrode array technology to stimulate healthy retinal cells or the visual cortex to offer artificial vision with functionality. The development in electrodes and implantable electronics is increasing the performance of these devices and miniaturizing them for better integration with the eye.

Market Segmentation Based on Indication Set to Witness Substantial Growth

Based on the indication, the market is divided into vision loss and impairment, dry age-related macular degeneration (dry AMD), and others. Among these, the vision loss and impairment market is projected to lead to bionic eye systems for people with visual disorders. These solutions assist in regaining or boosting vision, hence having the potential to make patient lives better.

Bionic Eye Market Analysis by Region

Regionally, the market report offers an insight into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Among these, North America is expected to dominate the market due to the presence of several prominent market players, enhanced healthcare facilities, and greater healthcare spending. This region’s market growth rate has been enhanced through the contributions of the United States and Canada.

The Asia-Pacific region is expected to show rapid growth rate in the forecast period. The growth can be attributed to an increased focus on regional factors such as growing healthcare costs, developing healthcare facilities, and a high patient population.

Leading Players in the Global Bionic Eye Market 

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies are:

Bionic Vision Technologies Ca

The company was established in 2009 and is in Melbourne, Australia. Bionic Vision Technologies is developing retinal implants for retinitis pigmentosa patients, with their flagship product, BVT Bionic Eye, undergoing clinical trials for functional vision.

PIXIUM VISION

The company was founded in 2011 and is in Paris, France. PIXIUM VISION develops cutting-edge bionic vision systems such as PRIMA, designed for patients with severe vision loss, with a specific focus on sub-retinal implants for dry age-related macular degeneration.

Vivani Medical, Inc.

Established in 2012 and headquartered in California, USA, Vivani Medical, Inc., creates cutting-edge neural interface systems like the Argus II Retinal Prosthesis System to help patients with severe retinitis pigmentosa by offering electrical stimulation to restore vision.

Monash Vision Group

Based in Australia and established in 2009, Monash Vision Group, spearheaded by Monash University, is working on the Gennaris Bionic Vision System. It is a cortical implant designed to stimulate the visual cortex by bypassing impaired retinas.

iBIONICS

Founded in 2016 and headquartered in Canada, iBIONICS creates advanced retinal implants for diseases such as AMD. Their top products include Diamond Eye, which enhances visual experience by activating healthy retinal cells.

Kindly note that this only represents a partial list of companies, and the complete list has been in the report.

Key Highlights of the Report

Key Questions Answered in the Bionic Eye Market 

• What was the global bionic eye market value in 2023?
• What is the global bionic eye market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What are the major factors aiding the global bionic eye market demand? 
• What are the market's major drivers, opportunities, and restraints? 
• What is the market segmentation based on the type?
• What is the market breakup based on technology?
• What is the market segmentation based on the indication?
• What is the market breakup based on the end user?
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• What are the major global bionic eye market trends?
• How does the rise in the geriatric population impact the market size?
• Who are the key players involved in the bionic eye market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?
• What are the current trends and developments in external bionic eyes?
• What is the latest innovation in electronic bionic eye technology?
• What advancements are being made in bionic eyes for treating vision loss and impairment?
• How are hospitals integrating bionic eye technologies into their treatment protocols?
• What factors are influencing the growth of the bionic eye in North America?
• How is the Asia Pacific region contributing to the global bionic eye market, and what are the prospects?