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

Report Overview

The global bionic eye market size was valued at USD 183.5 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 12.7% from 2020 to 2027. Increasing product approvals, increasing prevalence of vision loss, and intensive research and development focused on product innovation to forge in the demand for bionic eye market. According to the World Health Organization, October 2019, around 2.2 billion people are affected with vision impairment or blindness, of which at least 1 billion people had unaddressed or preventable conditions worldwide. Positive clinical outcomes registered with the use of bionic eye help accelerate the adoption of the product among people suffering from incurable eye diseases and permanent vision loss. In 2015, a three-year clinical trial conducted in patients using Argus II bionic eye proved safety, reliability, and long-term efficacy. The study stated that the implants helped in vision restoration for people suffering from rare and degenerative eye diseases.

The device developed by Second Sight was approved by the U.S. FDA in 2013 as a Humanitarian Use Device (HUD). The device is mainly used to restore visual perception to those suffering from severe Retinitis Pigmentosa (RP). According to the National Eye Institute, 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, where 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 major market growth contributor. In 2018, the Australian Government granted funds from its BioMedTech Horizons program for the commercialization of bionic eye, developed by Monash Vision Group. The company aims to commercialize its product by 2021, thus addressing the unmet need for complete blindness. In 2016, the U.K. Government’s healthcare funding authority announced funding for Second Sight’s Argus II bionic eye to support blind patients with RP in receiving the treatment.

Type Insights

The external eye segment accounted for the largest revenue share of 59.6% in 2019, as it improves the visual experience. Technological advancements to provide better patient outcomes is a major parameter focused by the market players. In 2017, Second Sight introduced Orion bionic eye with enhanced external hardware, which includes an updated Video Processing Unit (VPU), featuring face detection system, 3D vision with stereo cameras mounted on eyewear. The updated version provides obstacle detection and navigational capabilities to the patients. The device received FDA Expedited Access Pathway Designation.

Increasing prevalence of age-related vision loss caused due to macular degeneration resulting in blurred vision is likely to increase the adoption of the bionic eye. According to the National Institutes of Health, around three million Americans over the age of 40 are likely to suffer from macular degeneration by 2020.

End-use Insights

The hospital segment accounted for the largest revenue share of 64.4% in 2019 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 outcome of surgeries is expected to increase the volume of surgical procedures, thereby augmenting the market growth.

The collaboration between hospitals and product developers for conducting clinical trials has resulted in the drastic growth of the segment. In June 2017, Tufts Medical Center was among the first hospitals to offer bionic eye implantation with Argus II, in patients suffering from retinitis pigmentosa.

Technology Insights

The electronic segment accounted for the largest revenue share of 69.0% in 2019 and is anticipated to maintain its dominance over the forecast period. Factors such as the increasing number of clinical trials and high adoption rates are contributing to the growth of the segment. These are neural stimulation devices that are implanted in the patient's eyes. A battery-powered device worn by the patient deciphers the video signal received from the video camera on the glasses, which are then transformed into electrical simulation data. The data is then sent to the implanted stimulation device.

The mechanical eye implant segment is expected to witness a significant growth rate during the forecast period. These implants are used for the treatment of end-stage age-related macular degeneration. These devices are implanted in the eye’s posterior chamber and help in increasing the size of the visual projected onto the retina.

Regional Insights

North America accounted for the largest revenue of 46.1% in 2019 and valued USD 84.6 million in 2019. The region is expected to continue its dominance over the forecast period. Regionally, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America has a favorable reimbursement scenario granting access to healthcare services, developed healthcare infrastructure, and intensive research activities. Thus, the 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 Israeli received a grant from the U.S. National Institutes of Health and the U.S. Air Force. The major focus was to develop a solar-powered retina to cure blindness caused by degenerative retinal disease- retinitis pigmentosa.

In Asia Pacific, the market is likely to witness the fastest growth rate 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 Companies & Market Share Insights

The leading players present in the market include Second Sight Medical Products LLC, Nidek Co. Ltd., Nano Retina Ltd., MetaModal LLC, Biomedical TechnologiesS.L., Bionic Vision Technologies, Monash Vision Group, and Pixium Vision. Market players are adopting several strategies such as acquisitions to intensify the type portfolio and for geographical expansion, higher investment in research and development, and type launch and innovation to gain a significant share in the global market. In November 2017, the U.S. FDA granted fast track approval for Second Sight Medical’s Orion bionic eye. Some of the prominent players in the bionic eye market include:

• Second Sight Medical Products LLC

• Nidek Co. Ltd.

• Nano Retina Ltd.

• MetaModal LLC                                                     

• Biomedical Technologies S.L.

• Bionic Vision Technologies

• Pixium Vision

• Monash Vision Group

Bionic Eye Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels as well as provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global bionic eye market report 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

    • The U.S.

    • Canada

  • Europe

    • The 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