Presbyopia Correction Device Market Growth Drivers by 2031
The Presbyopia Correction Device Market is expected to register a CAGR of 6.9% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Corneal Inlays, Scleral Implants). The report is segmented by Application (Age 40-50, Age 50-65, Age above 65). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Presbyopia Correction Device Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Presbyopia Correction Device Market Segmentation
Type- Corneal Inlays
- Scleral Implants
- Age 40-50
- Age 50-65
- Age above 65
Strategic Insights
Presbyopia Correction Device Market Growth Drivers- Population Explosion: At present, with an increase in the age bracket of the individuals in the overall global population, presbyopia is the most common nicking factor. The intensity of the demand for valid correctors will be spearheaded towards presbyopia correction availed by the so-called demand organization in optometry. The World Health Organization states that at least
- 1 million people aged at least 60 or beyond will be tortured by presbyopia by 2050. To such a population, half of the "right-old" people need presbyopia correction devices. The main reason for both these growing markets would be because an ageing society looks for a solution that lets them maintain a quality life with less dependence on reading glasses or bifocal types.
- Emerging Technology: Great eye-opening technologies developed have become the fundamental foundation of some advanced devices for presbyopia correction. From using adaptive lenses to the incorporation of digital technology in the corrective devices, the development now allows more effective and individualized treatments. Conventionally, the route from the multifocal/ accommodating intraocular lens (IOL) to a developing wearable technology came along: smart contact lenses has changed the presbyopia treatment paradigm, making it more comfortable, convenient, and precise.
- Increasing Awareness of Healthy Eyes: The general populace is gradually becoming aware that eyesight is not part of their well-being but requires early intervention. Thus, the number of public health campaigns and educational programs geared toward understanding presbyopia while encouraging professionals in the health sector to educate patients for early professional help has tremendously increased. Certainly, as people become proactive and inquire about eye care, there will be a greater demand for presbyopia correction devices in a more efficient, comfortable, and non-invasive way.
- Personalized and Customizable: The scope of the presbyopia correction market to follow the consumers' trend, increasingly seeking personalized healthcare solutions. Customizable lenses and surgeries pertaining to individual patients needs are becoming more common. For instance, multifocal intraocular lenses (IOLs) can be designed for specific focusing points, depending on whether the patient will be reading, driving, or using a computer. From that date onwards, the movements will be rooted in precision and individualization-as brought upon by technological advancement for accurate measurements that can be utilized for more tailored outcomes.
- Wearable Technology Integration: Another emerging trend in the treatment of presbyopia is the incorporation of wearables into surgical treatment. Smart eyewear such as AR glasses and intelligent contact lenses, are gaining popularity because they are understood to give vision correction on the go to the user. For instance, a patient could use smart contact lenses that would automatically adjust the focus of the eye so that he would not have to change lenses or prescriptions again. This is a boost in avenues created toward correcting presbyopia in tandem with the broadening wearables concept in healthcare.
- Telemedicine and Virtual Eye Care Solutions: Telemedicine has come a long way in some areas of healthcare, ophthalmology not being an exclusion. There is an increase in such virtual consultations regarding presbyopia treatment among people as they can be diagnosed and recommended without stepping out of their homes. This trend has huge relevance in places where specialists are required, but they are not accessible to the people. Such advances have also added benefit in terms of using virtual reality (VR) and other digital tools to assess the scenario and deliver management exercises toward more accessible and less invasive care.
- Heightening Demand for Multimodal IOLs and Implants: Intraocular lenses (IOLs) being multipurpose include among the most hopeful avenues in the market of presbyopia treatment. These gadgets are meant to focus on effective near, intermediate, and far vision, thus eliminating the use of glasses or contact lenses. Such surgery has become increasingly popular and therefore a sponsor for the adoption of multifocal IOLs. Moreover, an increasing number of people get accustomed to these implants, which opens up the applicability for such IOLs with multifocal vision or accommodating beacons.
- Giant Expansion of Market for Smart Contact Lenses: Smart contact lenses equipped with vision correction features and other functionalities, including real: time adjustments for near or distance vision, offer very attractive business opportunities. With the rising market for wearable technology, manufacturers have significant opportunities for rolling out next: generation smart contact lenses with features for added convenience, enhanced performance, and coordination in using other health tracking technologies. The development of lenses automatically setting focus and/or adapting according to changes in the environment would revolutionize presbyopia correction.
- Emerging markets and Aging Populations: The ever increasing elderly populace in developing countries is the next important untapped market for presbyopia correction devices. At the pace of rapid demographic transformation brought about in regions like Asia-Pacific, Latin America, and some parts of Africa by increasing numbers of senior citizens, their accessibility to modern healthcare services is improving with time. Thus, companies with offerings in presbyopia treatment at low, effective costs, conveniently present in emerging economies, will unlock a significant revenue stream.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Presbyopia Correction Device Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Presbyopia Correction Device Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
Players operating in the market are Biolase, Carl Zeiss Meditec AG, Nidek Co, Oraya Therapeutics, Rowiak GmbH, Johnson and Johnson, ACUFOCUS, PRESBIA, REFOCUS GROUP, REVISION OPTICS
Corneal Inlays segment, by type, dominated the market in 2023.
North America region dominated the Presbyopia Correction Device market in 2023.
The Presbyopia Correction Device Market is estimated to witness a CAGR of 6.9% from 202#to 2031
The major factors driving the Presbyopia Correction Device market are:
1. Increasing Awareness of Healthy Eyes
2. Emerging Technology
Heightening Demand for Multimodal IOLs and Implants act as a opportunity for growth of the market in forecast period.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Presbyopia Correction Device Market - By Type
1.3.2 Presbyopia Correction Device Market - By Application
1.3.3 Presbyopia Correction Device Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PRESBYOPIA CORRECTION DEVICE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. PRESBYOPIA CORRECTION DEVICE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. PRESBYOPIA CORRECTION DEVICE MARKET - GLOBAL MARKET ANALYSIS
6.1. PRESBYOPIA CORRECTION DEVICE - GLOBAL MARKET OVERVIEW
6.2. PRESBYOPIA CORRECTION DEVICE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PRESBYOPIA CORRECTION DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CORNEAL INLAYS
7.3.1. Overview
7.3.2. Corneal Inlays Market Forecast and Analysis
7.4. SCLERAL IMPLANTS
7.4.1. Overview
7.4.2. Scleral Implants Market Forecast and Analysis
8. PRESBYOPIA CORRECTION DEVICE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. AGE 40-50
8.3.1. Overview
8.3.2. Age 40-50 Market Forecast and Analysis
8.4. AGE 50-65
8.4.1. Overview
8.4.2. Age 50-65 Market Forecast and Analysis
8.5. AGE ABOVE 65
8.5.1. Overview
8.5.2. Age above 65 Market Forecast and Analysis
9. PRESBYOPIA CORRECTION DEVICE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Presbyopia Correction Device Market Overview
9.1.2 North America Presbyopia Correction Device Market Forecasts and Analysis
9.1.3 North America Presbyopia Correction Device Market Forecasts and Analysis - By Type
9.1.4 North America Presbyopia Correction Device Market Forecasts and Analysis - By Application
9.1.5 North America Presbyopia Correction Device Market Forecasts and Analysis - By Countries
9.1.5.1 United States Presbyopia Correction Device Market
9.1.5.1.1 United States Presbyopia Correction Device Market by Type
9.1.5.1.2 United States Presbyopia Correction Device Market by Application
9.1.5.2 Canada Presbyopia Correction Device Market
9.1.5.2.1 Canada Presbyopia Correction Device Market by Type
9.1.5.2.2 Canada Presbyopia Correction Device Market by Application
9.1.5.3 Mexico Presbyopia Correction Device Market
9.1.5.3.1 Mexico Presbyopia Correction Device Market by Type
9.1.5.3.2 Mexico Presbyopia Correction Device Market by Application
9.2. EUROPE
9.2.1 Europe Presbyopia Correction Device Market Overview
9.2.2 Europe Presbyopia Correction Device Market Forecasts and Analysis
9.2.3 Europe Presbyopia Correction Device Market Forecasts and Analysis - By Type
9.2.4 Europe Presbyopia Correction Device Market Forecasts and Analysis - By Application
9.2.5 Europe Presbyopia Correction Device Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Presbyopia Correction Device Market
9.2.5.1.1 Germany Presbyopia Correction Device Market by Type
9.2.5.1.2 Germany Presbyopia Correction Device Market by Application
9.2.5.2 France Presbyopia Correction Device Market
9.2.5.2.1 France Presbyopia Correction Device Market by Type
9.2.5.2.2 France Presbyopia Correction Device Market by Application
9.2.5.3 Italy Presbyopia Correction Device Market
9.2.5.3.1 Italy Presbyopia Correction Device Market by Type
9.2.5.3.2 Italy Presbyopia Correction Device Market by Application
9.2.5.4 Spain Presbyopia Correction Device Market
9.2.5.4.1 Spain Presbyopia Correction Device Market by Type
9.2.5.4.2 Spain Presbyopia Correction Device Market by Application
9.2.5.5 United Kingdom Presbyopia Correction Device Market
9.2.5.5.1 United Kingdom Presbyopia Correction Device Market by Type
9.2.5.5.2 United Kingdom Presbyopia Correction Device Market by Application
9.2.5.6 Rest of Europe Presbyopia Correction Device Market
9.2.5.6.1 Rest of Europe Presbyopia Correction Device Market by Type
9.2.5.6.2 Rest of Europe Presbyopia Correction Device Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Presbyopia Correction Device Market Overview
9.3.2 Asia-Pacific Presbyopia Correction Device Market Forecasts and Analysis
9.3.3 Asia-Pacific Presbyopia Correction Device Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Presbyopia Correction Device Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Presbyopia Correction Device Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Presbyopia Correction Device Market
9.3.5.1.1 Australia Presbyopia Correction Device Market by Type
9.3.5.1.2 Australia Presbyopia Correction Device Market by Application
9.3.5.2 China Presbyopia Correction Device Market
9.3.5.2.1 China Presbyopia Correction Device Market by Type
9.3.5.2.2 China Presbyopia Correction Device Market by Application
9.3.5.3 India Presbyopia Correction Device Market
9.3.5.3.1 India Presbyopia Correction Device Market by Type
9.3.5.3.2 India Presbyopia Correction Device Market by Application
9.3.5.4 Japan Presbyopia Correction Device Market
9.3.5.4.1 Japan Presbyopia Correction Device Market by Type
9.3.5.4.2 Japan Presbyopia Correction Device Market by Application
9.3.5.5 South Korea Presbyopia Correction Device Market
9.3.5.5.1 South Korea Presbyopia Correction Device Market by Type
9.3.5.5.2 South Korea Presbyopia Correction Device Market by Application
9.3.5.6 Rest of Asia-Pacific Presbyopia Correction Device Market
9.3.5.6.1 Rest of Asia-Pacific Presbyopia Correction Device Market by Type
9.3.5.6.2 Rest of Asia-Pacific Presbyopia Correction Device Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Presbyopia Correction Device Market Overview
9.4.2 Middle East and Africa Presbyopia Correction Device Market Forecasts and Analysis
9.4.3 Middle East and Africa Presbyopia Correction Device Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Presbyopia Correction Device Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Presbyopia Correction Device Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Presbyopia Correction Device Market
9.4.5.1.1 South Africa Presbyopia Correction Device Market by Type
9.4.5.1.2 South Africa Presbyopia Correction Device Market by Application
9.4.5.2 Saudi Arabia Presbyopia Correction Device Market
9.4.5.2.1 Saudi Arabia Presbyopia Correction Device Market by Type
9.4.5.2.2 Saudi Arabia Presbyopia Correction Device Market by Application
9.4.5.3 U.A.E Presbyopia Correction Device Market
9.4.5.3.1 U.A.E Presbyopia Correction Device Market by Type
9.4.5.3.2 U.A.E Presbyopia Correction Device Market by Application
9.4.5.4 Rest of Middle East and Africa Presbyopia Correction Device Market
9.4.5.4.1 Rest of Middle East and Africa Presbyopia Correction Device Market by Type
9.4.5.4.2 Rest of Middle East and Africa Presbyopia Correction Device Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Presbyopia Correction Device Market Overview
9.5.2 South and Central America Presbyopia Correction Device Market Forecasts and Analysis
9.5.3 South and Central America Presbyopia Correction Device Market Forecasts and Analysis - By Type
9.5.4 South and Central America Presbyopia Correction Device Market Forecasts and Analysis - By Application
9.5.5 South and Central America Presbyopia Correction Device Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Presbyopia Correction Device Market
9.5.5.1.1 Brazil Presbyopia Correction Device Market by Type
9.5.5.1.2 Brazil Presbyopia Correction Device Market by Application
9.5.5.2 Argentina Presbyopia Correction Device Market
9.5.5.2.1 Argentina Presbyopia Correction Device Market by Type
9.5.5.2.2 Argentina Presbyopia Correction Device Market by Application
9.5.5.3 Rest of South and Central America Presbyopia Correction Device Market
9.5.5.3.1 Rest of South and Central America Presbyopia Correction Device Market by Type
9.5.5.3.2 Rest of South and Central America Presbyopia Correction Device Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. PRESBYOPIA CORRECTION DEVICE MARKET, KEY COMPANY PROFILES
11.1. ACUFOCUS
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. REFOCUS GROUP
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. REVISION OPTICS
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. PRESBIA
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.ACUFOCUS
2.REFOCUS GROUP
3.REVISION OPTICS
4.PRESBIA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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