Aphakia Market Report 2024

This Aphakia market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 observed during the historical period is linked to the rising incidence of cataracts, advancements in surgical techniques, heightened awareness of eye health, an increasing number of eye surgeries, and a greater 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 anticipated growth during the forecast period is driven by the rising demand for advanced intraocular lenses (IOLs), an increase in ophthalmic surgical procedures, a higher prevalence of eye trauma, a surge in medical tourism for eye surgeries, and a growing emphasis on personalized treatment options. Key trends during the forecast period include the integration of digital technology into cataract surgery, improvements in minimally invasive surgical techniques, advancements in lens materials, the use of patient-specific data analytics, and the adoption of robotic-assisted surgery.

The increasing incidence of cataracts is anticipated to drive the growth of the aphakia market in the future. Cataracts are a condition in which the lens of the eye becomes opaque, resulting in blurred vision. Factors contributing to the rise in cataract cases include an aging population, a higher prevalence of diabetes, excessive sun exposure, smoking, and inadequate nutrition. The condition leads to aphakia, as surgery to remove the cloudy lens necessitates the extraction of the eye's natural lens. For example, data from the National UK Eye Care Statistics Survey (2021-2023), conducted by the Well-being of Future Generations Act (WFG), revealed that there were approximately 16,500 cataract admissions in the UK during 2022-2023, reflecting a 23.7% increase from the prior year. Consequently, the growing occurrence of cataracts is boosting the aphakia market.

Key players in the aphakia market are developing presbyopia-correcting intraocular lenses (IOLs) aimed at improving visual outcomes and enhancing patient satisfaction. These IOLs assist individuals with aphakia by restoring vision and correcting presbyopia, allowing clear vision at various distances without the need for additional eyewear. For instance, in November 2023, Alcon, a surgical equipment company based in Switzerland, introduced the Clareon Vivity in Canada. This innovative nondiffractive extended depth of focus (EDOF) IOL delivers high-quality vision with minimal visual disturbances. The Clareon Vivity IOL is specifically designed for treating aphakia, a condition arising from the removal of the natural lens during cataract surgery. By employing x-wave technology, it enhances focus without splitting the wavefront, thus minimizing halos and providing a more precise visual experience. This advancement represents a significant step forward in the aphakia market, offering cataract patients an improved solution for presbyopia correction.

In July 2024, iCare Health Solutions, a US-based ocular care services provider, acquired Beraja Medical Group for an undisclosed sum. This acquisition aims to broaden iCare Health Solutions' eyecare offerings and enhance patient outcomes. The initiative seeks to improve access to high-quality care while integrating established expertise into iCare’s network. Additionally, it ensures the continuation of local operations and maintains familiar staff for the community. Beraja Medical Group specializes in comprehensive ophthalmology, with a focus on advanced eye care and aesthetic services, including those related to aphakia.

Major companies operating in the aphakia market are 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.

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 regions covered in the aphakia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the aphakia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Aphakia is defined as the absence of the crystalline lens in the eye, which can result in significant visual impairment since the lens plays a vital role in focusing light onto the retina. This condition may arise from the surgical removal of the lens (such as during cataract surgery), trauma, or other medical conditions that result in the loss of the natural lens.

The primary categories within the aphakia market include congenital aphakia, surgical aphakia, and acquired aphakia. Congenital aphakia describes a condition present at birth, where an individual is born without a natural lens in one or both eyes. Various treatment options are available, including spectacles, contact lenses, intraocular lens implantation, and refractive surgery, with end users comprising hospitals, ophthalmic clinics, and other facilities.

The aphakia market research report is one of a series of new reports that provides aphakia market statistics, including aphakia industry global market size, regional shares, competitors with a aphakia market share, detailed aphakia market segments, market trends, and opportunities, and any further data you may need to thrive in the aphakia industry. This aphakia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aphakia market consists of revenues earned by entities by providing services such as diagnosis, surgical implantation of intraocular lenses (IOLs), postoperative care, and rehabilitation. The market value includes the value of related goods sold by the service provider or included within the service offering. The aphakia market also includes sales of intraocular lenses (IOLs), contact lenses, spectacles, and ocular implants. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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