Global Aphakia Market Share Report 2024, Forecast To 2033
12 Nov, 2024
The aphakia market has rapidly expanded, growing from $1.5 billion in 2023 to $1.68 billion in 2024 at a CAGR of 12.3%. This growth is attributed to the increasing prevalence of cataracts, advancements in surgical techniques, greater awareness about eye health, a rising number of eye surgeries, and an increase in clinical trials. The aphakia market is expected to grow to $2.69 billion by 2028, at a CAGR of 12.5%. The growth is driven by demand for advanced intraocular lenses, more ophthalmic surgeries, increased eye trauma, medical tourism for eye surgeries, and a focus on personalized treatments. Trends include digital technology in cataract surgery, advancements in minimally invasive techniques, lens material improvements, patient-specific data analytics, and robotic-assisted surgery adoption.
Major Driver In The Aphakia Market
The increasing prevalence of cataracts is expected to drive the aphakia market, as cataracts often lead to the clouding of the eye's lens, requiring removal during treatment. Factors such as higher diabetes rates and excessive sunlight exposure contribute to the rising incidence of cataracts. The National UK Eye Care Statistics Survey conducted by the WFG in July 2023 indicated that there were an estimated 16,500 cataract admissions in 2022-2023, a 23.7% increase from the previous year. As such, the increasing prevalence of cataracts is expected to fuel the growth of the aphakia market, continuing its upward trajectory through 2024 and 2028.
Request A Free Sample Of The Aphakia Market ReportAphakia Market Competitive Landscape
Johnson & Johnson Services Inc., Aetna Inc., Alcon Laboratories Inc., Hoya Corporation, CooperVision Inc., Carl Zeiss AG, Santen Pharmaceutical Co. Ltd., Appasamy Associates, Aurolab, Rayner Intraocular Lenses Limited, VSY Biotechnology, Ophtec BV, SIFI SpA, Aaren Scientific Inc., Mediphacos, Hanita Lenses Ltd., Menicon Co. Ltd., Lenstec Inc., Morcher GmbH, Bausch & Lomb Incorporated, Bohus BioTech AB, Nidek Co. Ltd., Swiss Advanced Vision AG, UltraVision CLPL, Medennium Inc.
Key Aphakia Market Trend
Companies in the aphakia market are developing presbyopia-correcting intraocular lenses (IOLs) to enhance vision outcomes. For example, in November 2023, Alcon launched the Clareon Vivity IOL in Canada, a non-diffractive extended depth of focus lens that improves focus and reduces visual disturbances for cataract patients.
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Global Aphakia Market Segmentation
The aphakia market covered in this report is segmented –
1) By Type: Congenital Aphakia, Surgical Aphakia, Acquired Aphakia
2) By Treatment: Spectacles, Contact Lenses, Intraocular Lens Implantation, Refractive Surgery
3) By End User: Hospitals, Ophthalmic clinics, Other End Users
By Geography:The regions covered in the aphakia market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the aphakia market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Aphakia Global Market Report 2024 furnishes information about the global aphakia market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.