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[Estimated market size and growth projections are calculated for potential bionic eye market with a view on the replacement of prosthetic eyes]

An estimated 1 billion people worldwide having a near or distant vision impairment may have been avoided or has yet to be addressed.

The bionic eye market holds extreme potential and growth opportunities in upcoming years if bionic eyes will be made affordably available to the general public and if production scalability is improved. With the currently available technology, prosthetic eyes can potentially serve some aesthetic solutions to the blind population. But if the prices of production and implantation of bionic eyes go down to some extent, it can definitely replace prosthetic eyes with bionic eyes. The replacement of bionic eyes with prosthetic eyes is only possible if prices are reduced, surgical safety and long-term effects are improved, and patient access to such care improves. Our market sizing for bionic eyes is complexly based on these trends considering market potential of prosthetic eyes.

Ophthalmologic conditions are medical conditions that affect the eyes and the structures that surround them. These diseases can impact vision, eye health, and overall health. Refractive errors, age-related macular degeneration, glaucoma, cataracts, diabetic retinopathy, corneal disease, and dry eyes are some of the major ophthalmologic conditions. According to a study in 2019, around 19.83 million Americans suffered from some age-related macular degeneration. For people aged 50 and older, ADM is one of the leading causes of vision loss in North America. As stated by the National Library of Medicine, according to detailed estimates, 200 million individuals globally have AMD, which is anticipated to increase to nearly 300 million by 2040. Rising tendencies like this are expected to affect 5.4 million Americans by 2050. In addition, according to the WHO’s August 2023 estimates, cataracts and refractive errors are the leading causes of blindness and vision impairments globally. Only 17% of cataract patients have received sufficient access to proper interventions.

 

In addition, according to the CDC’s November 2020 estimates, glaucoma affects around 3 million individuals in North America. Glaucoma damages optic nerves in the eyes and is one of the leading causes of blindness worldwide. Furthermore, according to the National Library of Medicine, the number of diabetic retinopathy individuals in North America is projected to reach 16.0 million by 2050, with vision-threatening problems impacting approximately 3.4 million of them.

Ophthalmic conditions are the major driving force behind the growth of the bionic eye market. The global prevalence of such ophthalmologic conditions is significantly increasing due to the increasing diabetic population, rising ageing population, and advancements in diagnostics. This ultimately corresponds to an increasing number of patients seeking options for vision restoration. Traditional treatments such as eyeglasses, medicine, and surgery are either unsuccessful or provide little relief for many of these disorders. Bionic eyes are a potential option for recovering some level of eyesight and improving quality of life. As the prevalence of these disorders rises, and technology progresses, bionic eyes are likely to become more effective and accessible, providing hope and a better quality of life for millions of individuals who are blind.

The Role of Ophthalmic Implants

Ocular implants, small devices placed into the eye and releasing medicine locally over time, are gaining popularity as a modern treatment choice.  As patients look for more convenient, less painful therapies, the market for these implants will expand. Ophthalmic implants are a swiftly expanding area of ophthalmology that provides potential therapies for various eye illnesses and conditions. These implants are intended to repair or enhance the function of injured or diseased ocular structures, thereby restoring or improving vision. Ophthalmic implants are emerging as a breakthrough technique in ophthalmology, providing a ray of hope to millions of people suffering from vision loss caused by various diseases and traumas. Their influence extends beyond vision repair to research and define the future of vision restoration. Several ophthalmic implants include intraocular lenses, orbital implants, retinal implants, glaucoma implants, corneal implants, and others.

In addition, ophthalmic implants have the ability to enhance patient outcomes by resorting vision impairments. The rising implementation of intraocular lenses in cataracts, restoring vision and presbyopia, improves the quality of life for patients suffering from ocular disorders. Chronic conditions such as glaucoma extensively require ocular implants to limit vision loss and manage intraocular pressure. The rise in product launches and the adoption of advanced technology also foster market growth.

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