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

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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