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Ocular Implants Market Analysis 2024: Innovations, Demand, and Key Players
Ocular Implants Market Analysis
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According to The Business Research Company's, The ocular implants market size has grown rapidly in recent years. It will grow from $13.57 billion in 2023 to $15.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to ocular trauma, vision correction, diabetic retinopathy, eye diseases, regulatory approvals.
The ocular implants market size is expected to see rapid growth in the next few years. It will grow to $22.96 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to growing aging population, rising myopia prevalence, glaucoma management, minimally invasive surgery, patient safety. Major trends in the forecast period include technological advancements, ophthalmic innovation, digital healthcare, regenerative medicine, digital healthcare, artificial intelligence (ai).
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Market Drivers and Trends:
The rise in the geriatric population across the globe is expected to propel the growth of the ocular implants market going forward. The geriatric population refers to a specific age group consisting of individuals who are typically 65 years of age or older. Ocular implants provide solutions to the geriatric population for common age-related eye conditions such as cataracts, glaucoma, and presbyopia, improving vision, reducing reliance on corrective eyewear, and enhancing the quality of life for older individuals. For instance, in October 2022, according to the World Health Organization, a Switzerland-based international public health organization, the global population of individuals aged 60 years is projected to increase to 1.4 billion by 2022 compared to 1 billion in 2020. Moreover, 1 out of 6 people in the world will be aged more than 60 years or older by 2030. Therefore, the rise in the geriatric population across the globe will drive the growth of the ocular implants market.
Technological advancements and innovations has been a key trend gaining popularity in the ocular implants market. Technological advancements are the discovery of knowledge that helps in developing products using advanced technology. Major companies operating in the ocular implants market are focused on developing new technological solutions to meet customer demand and make ocular implants more advanced. For instance, In July 2021, ZEISS, a Germany-based manufacturer of optical systems and optoelectronics, introduced the ZEISS Medical Ecosystem. The ZEISS Medical Ecosystem is an entirely integrated setting that uses various tools for data management, apps, and services to enhance patient outcomes continuously. This ecosystem's unique combination of unmatched ocular knowledge and cutting-edge digital technology makes it possible to make decisions based on the best available data, ensuring the most effective treatment delivery on a single, secure platform.
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Major Key Players of the Market:
Alcon Inc., Bausch & Lomb Inc., Carl Zeiss AG, STAAR Surgical Company, Johnson and Johnson Services Inc., Morcher GmbH, Aurolab Ltd., Cornea Biosciences, KERAMED INC., Price Vision Group, Gulden Ophthalmics Co. Inc., AJL Ophthalmic SA, Hoya Corp., Rayner Intraocular Lenses Limited, Lenstec Inc., SIFI S.p.A, Ophtec BV, HumanOptics AG, Medicontur Medical Engineering Ltd., Plant Physiology, Hanita Lenses, Omni Lens Pvt. Ltd., EyeKon Medical Inc., FCI Ophthalmics Inc., Santen Pharmaceutical Co. Ltd., Ocular Therapeutix Inc., AcuFocus Inc., Glaukos Corporation, Ivantis Inc.
Ocular Implants Market 2024 Key Insights:
• The ocular implants market size is expected to see rapid growth in the next few years. It will grow to $22.96 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Growing Geriatric Population Fuels Ocular Implants Market Growth
• A Thriving Landscape Fueled By Technological Advancements And Cutting-Edge Innovations
• North America was the largest region in the ocular implants market in 2023
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