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Aphakia Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033
Aphakia Market
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According to The Business Research Company's, The aphakia market size has grown rapidly in recent years. It will grow from $1.5 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to increasing prevalence of cataracts, growth in advanced surgical techniques, increasing awareness about eye health, rising number of eye surgeries, increasing number of clinical trials.
The aphakia market size is expected to see rapid growth in the next few years. It will grow to $2.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increasing demand for advanced intraocular lenses (IOLs), growth in ophthalmic surgical procedures, increasing prevalence of eye trauma, growth in medical tourism for eye surgeries, increasing focus on personalized treatment options. Major trends in the forecast period include integration of digital technology in cataract surgery, advancements in minimally invasive surgical techniques, advancements in lens materials, implementation of patient specific data analytics, adoption of robotic assisted surgery.
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Market Drivers and Trends:
The rising prevalence of cataracts is expected to propel the growth of the aphakia market going forward. Cataracts refer to a condition where the eye's lens becomes cloudy, leading to impaired vision. Cataract cases are growing populations, higher incidences of diabetes, excessive exposure to sunlight, smoking, and poor nutrition. Cataract causes aphakia by necessitating the removal of the natural lens of the eye during surgery to treat the clouded lens, leaving the eye without its natural lens. For instance, in July 2023, according to the data from the 2021-2023 National UK Eye Care Statistics Survey, conducted by the Well-being of Future Generations Act (WFG), a UK-based government agency, there were an estimated 16,500 cataract admissions in 2022-2023, an increase of 23.7% from the previous year. Therefore, the rising prevalence of cataracts is driving the aphakia market.
Major companies operating in the aphakia market are developing presbyopia-correcting intraocular lenses (IOL) to enhance visual outcomes and patient satisfaction. Presbyopia-correcting IOLs help in aphakia by restoring vision and correcting presbyopia, allowing clear sight at multiple distances without extra eyewear. For instance, in November 2023, Alcon, a Switzerland-based surgical equipment company, launched Clareon Vivity in Canada. It is an innovative nondiffractive extended depth of focus (EDOF) intraocular lens (IOL), offering high-quality vision with minimal visual disturbances. The Clareon Vivity IOL is used to treat aphakia, which is a condition where the eye's natural lens has been removed, typically during cataract surgery. Utilizing x-wave technology enhances focus without splitting the wavefront, reducing halos for a more precise visual experience. This innovation marks a significant advancement in the aphakia market, providing cataract patients with a superior option for presbyopia correction.
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Major Key Players of the Market:
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.
Aphakia Market 2024 Key Insights:
• The aphakia market size is expected to see rapid growth in the next few years. It will grow to $2.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Rising Cataract Prevalence Fuels Growth In The Aphakia Market
• Advancements In Aphakia Market Alcon's Clareon Vivity IOL Enhances Vision With EDOF Technology
• North America was the largest region in the aphakia market in 2023
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