Implantable Collamer Lens (ICL) Market Growth Set to Reach USD 1,141.80 Million by 2034 at a 13.2% of CAGR

Implantable Collamer Lens (ICL) Market

The global implantable collamer lens (ICL) market is poised for substantial growth over the next decade, driven by the increasing popularity of minimally invasive surgical procedures. According to recent projections, the ICL market size is expected to reach USD 330.5 million by 2024, with a robust compound annual growth rate (CAGR) of 13.2% forecasted from 2024 to 2034. This growth trajectory will result in the market reaching an estimated value of USD 1,141.80 million by 2034.

Implantable collamer lenses, known for their precision, safety, and effectiveness in vision correction, are becoming a preferred option over traditional methods such as LASIK surgery. Their rise in demand aligns with advancements in surgical technology and the increasing number of patients seeking minimally invasive alternatives for vision correction.

As the market evolves, ICLs are becoming increasingly sought after for their effectiveness and comfort in treating various vision impairments, highlighting a promising future for the implantable collamer lens industry.

The ICL was only offered in the U.S. in a spherical variant until 2018. As a result, high astigmatism and high myopia could not be treated simultaneously. In light of this, several surgeons in the refractive fiend adopted a sequential operation strategy that employs the use of an excimer-laser enhancement after ICL implantation. This sequence has been referred to as “Bioptics”.

The use of ICL in refractive surgery is increasing. ICLs are often regarded as an alternative to laser-based corneal procedures such as LASIK and photorefractive keratectomy (PRK). The implantable collamer lens is a specific type of posterior chamber phakic intraocular lens (pIOL). High levels of refractive error or situations where corneal refractive surgery is not recommended call for the adoption of pIOL. Quicker healing and reversibility are the additional benefits of this procedure over corneal refractive surgery.

High incidence of cataracts and other vision impairments among elderly and diabetic individuals is underpinning the need for implantable collamer lens. In addition to this, rising healthcare costs, and government-backed investments for the construction of healthcare infrastructure are some of the key factors propelling the market.

Key Takeaways:

• By indication, sales in the myopia segment are slated to increase at a 12.6% CAGR through 2032.
• In terms of end user, demand in the hospitals segment will grow at a 7% CAGR during the forecast period.
• China accounted for 6%of the total market share in 2021 and the trend is expected to continue over the assessment period.
• The U.S. will continue dominating the North America implantable collamer lens market through 2032.
• Japan will emerge as a lucrative pocket in the East Asia implantable collamer lens market.

Competition Landscape

The global implantable collamer lens market includes only one manufacturer known as STAR SURGICAL. Incorporated in 1982 for the purpose of developing, producing, and marketing implantable lenses, the company is the first to receive the U.S. FDA approval for implantable collamer lens. Some recent developments include:

• In April 2021, STAAR submitted clinical data to the FDA to support a marketing approval for their EVO family of myopia lenses. The submission remains under interactive review with the FDA.

What Does the Report Cover?

Future Market Insights offers a unique perspective and actionable insights on the implantable collamer lens 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 indication (myopia, hyperopia, and astigmatism), and end user (hospitals, ophthalmic clinics, ambulatory surgical centers, and eye research institutes), across seven key regions.

About Healthcare Division at Future Market Insights

Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business.

A Full Report Analysis Click Here

Key Market Segments Covered in Implantable Collamer Lens Industry Research

By Indication:

• Myopia
• Hyperopia
• Astigmatism

By End User:

• Hospitals
• Ophthalmic Clinics
• Ambulatory Surgical Centers
• Eye Research Institutes

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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