Bionic Eye Market: Rise in Prevalence of Eye Diseases is expected to drive the market
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.
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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.
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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.
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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
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Key Players Operating in Global Bionic Eye Market
The global bionic eye market is highly consolidated owing to the presence of several key players.
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