Among the five senses, the sense of vision is most crucial of all for quality of life. But for those who have lost their vision either due to retinal degenerative conditions or due to any accidental condition, the development of Bionic eye provide a ray of hope for restoring the visual capabilities. The bionic organs are artificial organs constructed in a way so that they can imitate the functions of the damaged organ so that it can operate properly. The market is projected to grow during the forecast period owing to the increasing demand for artificial organs in the healthcare sector.
Bionic Eye Market: Drivers and Restraints
Some of driving factors that can propel the Bionic eye market include age and age related disorders, increasing accidents and injuries and growth in the number of organ transplant cases. One of the key factor is the increase of visually impaired patients is the expanding number of aging population in the world. As per the WHO, around 285 million people globally aged 50 or above are visually impaired (i.e., approximately 65%). Furthermore, alternative therapies such as anti-angiogenic drugs, laser therapy, Photodynamic Laser Therapy (PTD), and vitamins fails to completely cure Age Related Macular Degeneration and Retinitis Pigmentosa, thus giving momentum to the bionic eye market. However, high cost of device, limited surgical professionals, re-imbursement conditions in different regions and stringent regulatory guidelines are the reason restraining the growth of Bionic eye market.
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Bionic Eye Market: Overview
According to WHO estimates, 285 million people are visually impaired worldwide, with 39 million being blind. Also, low income countries account for 90 percent of people with visual impairments. Owing to rising income and growing awareness among the rising economies like India and China, the market for Bionics is poised to see a growth in the forecasted years.
Bionic Eye Market: Region-wise Outlook
Depending on geographic regions, market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. North America is expected to occupy the largest market share in 2015, followed by Europe.North America is leading market for Second sight Argus II implant while phase II trial of Retinal Implant in the US is already going on.
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Bionic Eye Market: Key Players
The Key market players for global Bionic eye market areSecond Sight Medical Products, Inc., Retina Implant AG. Strategic acquisitions, geographic expansion, agreements, new product launches and collaborations are the major adopted strategies by most key players to achieve growth in the global Bionic eye.