As cited by the business intelligence report titled ‘Global Bionic Eye Market Size study, by Type (External Eye, Implanted Eye), by Technology (Electronic, Mechanical), by End-Use (Hospitals, Ophthalmic Clinics, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global bionic eye market was worth USD 183.5 million in 2019 and is touted to register a robust CAGR of 12.7%, subsequently reaching a valuation of USD 477.6 million by the end of the forecast period.
 

As per the report findings, rising prevalence of ophthalmic diseases owing to expanding elderly population is spurring global bionic eye market growth. In fact, the World Health Organization claims that about 2.2 billion individuals across the globe were suffering from vision impairment or blindness in October 2019, of which at least 1 billion had preventable or unaddressed conditions. Hence, the rising burden of vision related complication will impel the adoption of corrective or therapeutic devices in the coming years.
 

Besides, favorable investments and funding from both private and public organizations, along with increasing research & development activities aimed at introducing innovative products in the market are adding substantial traction to the overall bionic eye industry expansion.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3002312/
 

For the record, bionic eye, also known as visual prosthesis, refers to an experimental visual device which helps in restoring visual function of patients experiencing complete or partial blindness.
 

Speaking of the negatives, high costs associated with the devices as well as their research & development activities will continue to remain a major growth barrier for the industry during the analysis timeframe.
 

Regionally speaking, Latin America, North America, Europe, and Asia-Pacific are the key contributors of the total global bionic eye market value. Among these, North America holds a substantial portion of the overall market share and is slated to grow tremendously through 2027. High concentration of industry participants, growing awareness regarding ophthalmic diseases, and increasing research & development efforts are fostering the regional market expansion.
 

Meanwhile, Asia-Pacific bionic eye market is expected to amass significant returns over 2020-2027, owing to growing geriatric population and rising prevalence of ophthalmic disorders, mainly presbyopia and myopia. 
 

Nidek Co. Ltd., Second Sight Medical Products, Inc., Pixium Vision, Nano Retina, Inc., Biomedical Technologies, Inc., MetaModal LLC, Bionic Vision Technologies Pty Ltd., Monash Vision Group (MVG), and NeoStrata Company are the top firms influencing worldwide bionic eye market trends.