Phakic Intraocular Lenses (IOL) Market is set to Grow at a Remarkable Pace in the Coming Years

According to Future Market Insights, the global Phakic Intraocular Lenses (IOL) Market will reach US$ 344.4 Mn in 2021. Over the forecast period, sales are expected to grow at a 9.5% CAGR, with the market valued at US$ 819.5 Mn in 2032.

Phakic intraocular lenses are used to treat patients who have severe ametropia or are contraindicated for laser refractive surgery (pIOLs). The preservation of accommodation is the key feature that makes these lenses ideal for use in young adults seeking ocular prescription independence, as lens extraction is not required.

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Furthermore, as the number of people who are myopic has grown in recent years, this refractive correction option has grown in importance. Simultaneously, it is an important area of research in light of future estimates of the prevalence of simple myopia and, more importantly, severe myopia.

Although phakic intraocular lenses have some advantages over laser refractive surgery, such as reversibility, improved optical quality in high ametropias, and a wider range of correction, it is important to remember that it is a surgical procedure with all of the risks associated with intraocular surgeries, such as endophthalmitis.

 “Advances in excimer laser procedures have presented a gateway into the development of implantable intraocular lenses with effective vision correction outcomes. Such developments are anticipated to auger well for the market over the forecast period,” says an FMI analyst.

Key Takeaways:

• In 2021, the posterior chamber phakic IOL segment accounted for 68.0% of the total market share, a trend that is expected to continue through 2032.
• Sales in the astigmatism segment are expected to grow at an 8.5% CAGR during the assessment period.
• In terms of end user, the hospitals segment will continue to be the most profitable over the forecast period.
• During the assessment period, the United States is expected to lead the North American phakic intraocular lenses market.
• China’s demand is expected to grow at a CAGR of 10.5% through 2032.
• Germany will emerge as a profitable market, with sales increasing at a 9.3% CAGR during the forecast period.

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Competition Landscape

Key players are investing in research and development to offer patient-specific and indication-specific pIOLs to enhance procedural outcomes. They are also focusing on new product launch activities, licensing of product sales within a specific region, as well as regulations associated with new device development and manufacturing. For instance:

• In January 2019, owing to the high regulatory standards, precision and quality requirements in Germany and Japan, Star Surgical announced expanded recommended diopter range for their EVO Visian ICL in both the countries.
• In December 2019, Johnson & Johnson Vision announced the Food and Drug Administration (FDA) approval and U.S. launch of TECNIS Toric II 1-Piece Intraocular Lens (IOL).

What Does the Report Cover?

Future Market Insights offers a unique perspective and actionable insights on the phakic intraocular lenses (IOL) market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.

The research study is based on the product – (posterior chamber phakic IOL, and anterior chamber phakic IOL), by indication (myopia, hyperopia, and astigmatism), by end user (hospitals, ophthalmology clinics, and ambulatory surgical centres), across seven key regions of the world.

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Key Market Segments Covered in Phakic Intraocular Lenses Industry Research

By Product:

• Posterior Chamber Phakic IOL
• Anterior Chamber Phakic IOL

By Indication:

• Myopia
• Hyperopia
• Astigmatism

By End User:

• Hospitals
• Ophthalmology Clinics
• Ambulatory Surgical Centers

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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