New reports published by Market Research Future on global aphakia market is likely to rise at a CAGR of 9.2 % during the forecast period 2017-2023. According to the new report, the global aphakia market is likely to exhibit steady growth in the years to come owing to the swelling demand for treatment of the ophthalmic diseases. Aphakia industry is commonly a condition where the crystalline lens of the eye gets vanished in its usual position of the pupillary area. Either way, there is no crystalline lens inside the eye, or the lens is subluxated or luxated. This occurs owing to the presence of diseases such as trauma and congenital conditions or after surgery for cataract removal.
The aphakia market is changing due to the presence of the key players and brands which are making moves like high developments, product launches, joint ventures, mergers and accusations that in turn, is changing the view of the global aphakia market.
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Global Aphakia Market: Drivers & Trends
Driving factors for the growth of global aphakia market are accounted as increasing prevalence of diabetes & other diseases, rising demand for better treatment, and a growing number of ophthalmic surgeries. As per the reports, MRFR mentions that according to World Health Organization (WHO), in 2014, it was recorded that 285 million people were visually decreased across the globe, in which 246 million had low vision, and 39 million became completely blind. Additionally, According to the WHO, 422 million people have diabetes, and this number is increasing at a rate of 8.5%.
It has been observed that changing lifestyle and increasing geriatric population have raised the prospect of causing aphakia. Also, the increasing need for cost-effective treatment and increasing per capita income has also fueled the aphakia market growth. However, restricted treatment options, coupled with the high cost of the surgery, are some of the factors that are hindering the growth of the aphakia market during the forecast period.
Moving forward, some more factors such as rapid development in the healthcare sector have also pushed the aphakia market to expand wisely in the assessment period. The facilities are now provided for aphakia as various treatments are engaged for the removal of aphakia.
Global Aphakia Market Segmentation
According to the reports by MFRF, the global aphakia market has been segmented by types, causes, treatment, and end user.
By type, the market of aphakia is segmented into primary, and secondary.
By cause, the aphakia market has been categorized into congenital aphakia, surgical aphakia, acquired aphakia, and others. Further, acquired aphakia is segmented into traumatic extrusion, posterior dislocation, couching, and other.
By treatment, the market is segmented into spectacles, contact lenses, intraocular lens implantation, refractive surgery, and others. Where, the spectacles are sub-segmented into +10D, +3-4D, and others.
By end user, the market of aphakia is segmented into hospitals, ophthalmic clinics, and others.
Geographically, the Americas leads the global aphakia market owing to the swelling prevalence of people with aphakia. It has been estimated that 6.1 million (5.1%) of Americans have pseudophakia/aphakia. Also, factors such as well-developed technology, substantial diabetic population, and strong government support for research & development have already fueled up the market growth in positive ways.
While Europe holds the second leading market position across the globe owing to the accessibility of funds for research, vast geriatric population and support from the government for research & development are, therefore, driving the market exponentially.
Whereas, Asia Pacific region is the fastest growing aphakia market owing to the presence of a speedily growing economy, increasing occurrence of ophthalmic diseases, and the presence of vast geriatric population. On the other hand, the Middle East & Africa occupies the smallest share of the market owing to the fewer funds, limited availability of medical facilities, and poor political conditions in Africa.
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MRFR has listed up some of key the players in the market. The names are Johnson & Johnson Services, Inc. (US), Ophtec BV (Netherland), Alcon Laboratories, Inc. (Switzerland), Bausch & Lomb (US), Carl Zeiss AG (Germany), Rayner Company (US), Bohus BioTech AB (Sweden), CooperVision, Inc. (US), Lifecore Biomedical, LLC (US), Aetna Inc. (US), Ciba Vision (Switzerland), and Menicon (Singapore).