Visual prosthesis, also known as a bionic eye, is a visual device intended to restore functional vision in people suffering from partial or total blindness. Visual prosthetics are developed as a potentially valuable aid for individuals with a vision problem. This technology supports the advancement in the medical care system by contributing to the precision and perfection of the diagnostics output.
According to a report of World Health Organization (WHO), in 2017, over 253 million individuals were living with vision impairment. Moreover, among these 253 million, 36 million have already lost their vision or are blind, and 217 million have severe to moderate vision defects. Large population base with impaired vision could be a major factor in the market growth in the upcoming years.
Increasing awareness related to daily eye care diagnostics and treatment, rising prevalence of retinal diseases among the aging population is some of the factors likely to fuel the market growth.
However, the new market rivals often scale up at a rapid pace offering lower cost could hamper the future growth while various expertise technology firms are capitalizing significantly in this market, which could provide this market with an opportunity to grow further.
The visual prosthesis market is segmented by product type, indication, end user, and region.
Based on product type, the market is segmented into retina implant alpha AMS, implantable miniature telescope, Argus II, and others. The implantable miniature implants are expected to grow significantly during the forecast period 2019–2026.
Based on indication, the market is segmented into age-related macular degeneration (AMD), retinitis pimentos (RP), and other retinal degenerative diseases. Amongst indication, retinitis pimentos (RP) segment is expected to experience steady growth.
By end user, the global visual prosthesis market is segmented into specialty eye clinics, eye hospitals, eye care centers, and others. Eye hospitals more commonly equipped with advanced eye care services and equipment, which further attracts huge patient crowd.
In terms of region, the global visual prosthesis market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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North America is expected to hold a significant share with developed countries such as the U.S and Canada. The U.S. is expected to be a major market for visual prosthesis, owing to improved healthcare advancements and infrastructure. Major companies in the region are actively investing in the research and development of visual prosthesis systems which, in turn, is likely to escalate the market growth further in the next few years.
Europe is expected to share the same potential owing to favorable government health care policies and infrastructure in developed countries like Germany, the U.K, Italy, Switzerland, Spain, and others and presence of global leaders such as Intelligent Implants GmbH, Retina Implant AG, PIXIUM VISION, and others in the region. The Asia-pacific market is expected to boost up its share in the global market in upcoming years with countries like India, China, Japan, Australia, and others, owing to the presence of competent technologies.
Some of the prominent players in the global visual prosthesis market are Optobionics (U.S), SECOND SIGHT (U.S), Intelligent Implants GmbH (Germany), Retina Implant AG, (Germany), PIXIUM VISION (France), Bionic Vision Australia (Australia), NeoStrata (U.S), and iBionics (Canada).
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