Global Bionic Eye Market: Introduction
According to Encyclopedia Britannica, Inc., bionic eye is an electrical prosthesis, which is surgically implanted into a human eye in order to allow for the transduction of light, i.e. the change of light from the environment into impulses the brain can process in people who have sustained severe damage to the retina. The bionic eye comprises an external camera and transmitter and an internal microchip. The camera is mounted on a pair of eyeglasses, where it serves to organize the visual stimuli of the environment before emitting high-frequency radio waves. In the U.S., the FDA has approved just one commercially available bionic eye system. The device, called the Argus II Retinal Prosthesis System, was developed by a California-based company Second Sight Medical Products. Different bionic eye models take aim at different target areas in the visual pathway. Bionic eye implants work inside the existing eye structure or in the brain. These are designed to achieve functional vision goals as opposed to physical, cosmetic ones.
Key Drivers of Global Bionic Eye Market
Rise in Prevalence of Vision Loss
The global population has increased by 18.5% in 2002 over that in 1990. The population 50 years of age and older has increased by nearly 30%. Population increase is more prominent in developing countries. Health is the centerpiece of development and poverty alleviation continuing to eliminate avoidable blindness among the poorest of the poor is a moral imperative. According to The Lancet Global Health, a report estimated that in 2015, 36.0 million people were blind, 217 million had moderate and severe vision impairment, 188 million had mild vision impairment, and 667 million additional people had vision impairment from uncorrected presbyopia.
Rise in Prevalence of Eye Diseases
According to the World Health Organization, globally, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Tens of millions have a severe vision impairment and could benefit from rehabilitation, which they are not currently receiving. Aging population coupled with rise in sedentary lifestyle and unhealthy eating habits also contribute toward increase in number of people with eye conditions and vision impairment are likely to augment the global market.
North America to Account for Major Share of Global Bionic Eye Market
- North America is projected to account for major share of the global bionic eye market during the forecast period. The market in the region is anticipated to grow at a rapid pace in the next few years due to increase in research & development and technologically advanced products being introduced in the market. Europe is expected to be the second largest market during the forecast period owing to the advanced facilities provided by the hospital infrastructure.
- The bionic eye market in Asia Pacific is likely to expand at a high CAGR during the forecast period
Key Players Operating in Global Bionic Eye Market
The global bionic eye market is highly consolidated owing to the presence of several key players. Leading players operating in the global 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
Global Bionic Eye Market: Research Scope
Global Bionic Eye Market, by Type
- External Eye
- Implanted Eye
Global Bionic Eye Market, by Technology
Global Bionic Eye Market, by End-user
- Ophthalmic Clinics
Global Bionic Eye Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.