Bionic Eye Market Size Worth $476.0 Million By 2027 | CAGR: 12.7%: Grand View Research, Inc.

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Aug 17, 2020, 04:35 ET

SAN FRANCISCO, Aug. 17, 2020 /PRNewswire/ -- The global bionic eye market size is expected to reach USD 476.0 million by 2027, expanding at a CAGR of 12.7%, according to a new report by Grand View Research, Inc. The market players are rapidly developing novel devices to cater to the unmet patient needs, due to the lack of treatment options available for permanently blind individuals. For instance, in November 2017, fast track approval was granted by the U.S. FDA for Second Sight Medical's Orion bionic eye. The device uses a brain implant and camera to bypass the optic nerve in visually impaired patients. Also, researchers at Monash University, Australia, and Illinois Institute of Technology, Chicago are working on similar devices that can connect to the brain directly.

Key suggestions from the report:

North America captured the largest share in 2019 owing to technological advancement and the presence of key industry players
By product type, the external implant segment dominated the market in 2019 owing to the increasing number of product launches and the growing number of clinical trials
Based on technology, the electric segment dominated the market due to the rising adoption of these devices and advanced features. The device delivers visual information to the brain to improve awareness of external objects
By end-use, the hospital segment dominated the market owing to rising healthcare expenditure and the rising demand for artificial vision implants
Market players are adopting several strategies such as higher investment in research and development and technological innovation to improve available pixel resolution for eye implants.

Read 108 page research report with ToC on "Bionic Eye Market Size, Share & Trends Analysis Report By Type (External, Implanted), By Technology (Electronic, Mechanical), By End Use (Hospitals, Ophthalmic Clinics), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/bionic-eye-market

Increasing research advancements to develop novel solutions for the growing prevalence of rare genetic conditions causing vision loss and increasing clinical trials are driving the market. According to the article published in MIT Technology, an estimated 1.5 million people worldwide, including around 100,000 people in the U.S., have retinitis pigmentosa. In January 2018, Pixium Vision received the U.S.FDA approval to initiate the clinical trials for PRIMA, a sub-retinal implant. The implant was approved for trial in patients with atrophic dry Age-related Macular Degeneration (AMD).

Grand View Research has segmented bionic eye market based on type, technology, end-use, and region:

Bionic Eye Type Outlook (Revenue, USD Million, 2016 - 2027)

External Eye
Implanted Eye

Bionic Eye Technology Outlook (Revenue, USD Million, 2016 - 2027)

Electronic
Mechanical

Bionic Eye End-use Outlook (Revenue, USD Million, 2016 - 2027)

Hospitals
Ophthalmic Clinics
Others

Bionic Eye Regional Outlook (Revenue, USD Million, 2016 - 2027)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain

Asia Pacific

Japan
China
India
South Korea
Australia

Latin America

Brazil
Mexico
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

List of Key Players of Bionic Eye Market:

Second Sight Medical Products LLC
Optobionics Corporation
Intelligent Implants GmbH
Retina Implant AG
Biomedical Technologies S.L.
Bionic Vision Technologies
Pixium Vision
Monash Vision Group

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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