A 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. It deals with a common tool in which a user could simply collaborate through the entire application lifespan by permitting fast or quick resolution of issues. Visual prosthetics are developed as a potentially valuable aid for individuals with a vision problem. This technology supports the advancement in medical care system by contributing in the precision and perfection of the diagnostics output. Visual prosthesis makes use of integrated tools to hold the entire sorting of consumers and healthcare professionals, and medical device providers and hence results in enhanced care quality, improved patient engagement, and reduction in healthcare cost and expenditure. Many health care specialists recommend that through visual prosthesis, programmed health assessments could be carried out electronically and virtually. The terrestrial obstructions could be resolute with this technology by making it possible to diagnose patients away from the diagnostic center and clinics.
According to a report of World Health Organization or WHO (2017), an estimated 253 million individuals live with vision impairment, among these 253 million, 36 million have lost their vision or are blind and 217 million have severe to moderate vision defect. In addition, 81% of blind people or who have moderate or severe vision defects are of age 50 years and above. This large population base with impaired vision could be a major factor in the market growth in the upcoming years.
The major key drivers boosting the market growth of visual prosthesis are increasing awareness related to daily eye care diagnostics and treatment, rising prevalence of retinal diseases among the aging population.
However, the new market rivals often scale up at a rapid pace offering lower cost could hamper the future market growth. While, various expertise technology firms are capitalizing significantly in this market, which could provide this market and opportunity to grow further.
On the geographical basis, the global visual prosthesis market is bifurcated into North America, Europe, Asia Pacific and the Latin America, Middle East & Africa. North America is expected to hold a significant share with developed countries such as U.S and Canada. The U.S. is expected to be a major market for visual prosthesis, owing to improved healthcare advancements and infrastructure. Advancement in information & technology, its presence in North America and medical health applications, aids in working procedures.
Europe is expected to share the same potential owing to governments favorable health care policies and infrastructure in developed countries like Germany, U.K, Italy, Switzerland, Spain and others and the presence of global leaders such as Intelligent Implants GmbH, Retina Implant AG, PIXIUM VISION, and others.
The Asia-Pacific market is also expected to boost in the upcoming years with countries like India, China, Japan, Russia, Australia and others, owing to the presence of competent technologies. As per the India Brand Equity Foundation, the hospital and diagnostic centers have attracted Foreign Direct Investment or FDI worth US$ 4.99 billion between April 2000 and December 2017, the heavy FDI in healthcare sector could fuel the market growth.
Latin America, Middle East Africa region is expected to grow in the upcoming years due to rising awareness and development in the healthcare sector in countries like Brazil, Argentina, South Africa, Egypt, and others. Some countries of LAMEA may enter the market lately owing to lack of technology and infrastructure.ck of technology and infrastructure.
The major key vendors of the global visual prosthesis are:
SECOND SIGHT (U.S)
Intelligent Implants GmbH (Germany)
Retina Implant AG (Germany)
PIXIUM VISION. (France)
Bionic Vision Australia (Australia)
The global visual prosthesis market is bifurcated based on Product type, Indication, and Usage basis.