The global phakic intraocular lenses (IOL) market demonstrated robust growth in 2022, reaching US$ 377.1 million, and is poised to continue its upward trajectory, estimated to touch US$ 412.9 million in 2023. A recent report by Future Market Insights highlights a promising forecast, projecting the market to expand at a Compound Annual Growth Rate (CAGR) of 8.1% between 2023 and 2033, ultimately reaching a valuation of around US$ 897.4 million by 2033.
The driving force behind this remarkable growth is primarily attributed to the increasing prevalence of eye diseases globally. With a rising number of individuals affected by various eye conditions, governments worldwide have initiated comprehensive measures to control and treat blindness and associated diseases, catalyzing the growth of the phakic intraocular lenses (IOL) market.
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Technological advancements in intraocular lenses further contribute to the market’s acceleration. Ongoing innovations are enhancing the efficiency and effectiveness of phakic intraocular lenses, providing patients with more advanced and reliable solutions. This convergence of medical technology and market demand is propelling the industry forward and is expected to continue driving growth in the coming years.
The phakic intraocular lenses (IOL) market is not merely a testament to the increasing demand for advanced eye care solutions but also reflects the collaborative efforts of governments, healthcare providers, and technology innovators working towards a shared vision of enhancing global eye health.
Factors Driving Market Growth:
- Prevalence of Eye Diseases: Increasing global prevalence of eye diseases is a key driver for market growth.
- Government Initiatives: Governments worldwide are actively involved in controlling and treating blindness, contributing significantly to market expansion.
- Technological Advancements: Ongoing innovations in intraocular lenses are accelerating market growth.
The global phakic intraocular lenses (IOL) market presents substantial opportunities for stakeholders, including manufacturers, healthcare providers, and investors, to contribute to and benefit from this burgeoning sector. As the industry evolves, collaboration and innovation will remain crucial to addressing the growing demand for advanced eye care solutions and ensuring improved vision outcomes for individuals worldwide.
Key Takeaways from the Market Study:
- Sales of the phakic intraocular lenses (IOL) market are considered to expand at a 9.5% CAGR over the assessment period.
- North America’s phakic intraocular lenses (IOL) market holds a value share of 28.7%.
- China is anticipated to increase at an 11.80% CAGR over the forecast period.
- Demand in Germany is set to rise at a value of 2.7%.
- Europe has a value share of 34.1% of the phakic intraocular lenses (IOL) market during the forecast period.
- Based on product segment, posterior chamber phakic IOL is expected to increase at a value share of 68% during the assessment period.
- Under the indication segment, myopia is anticipated to hold a market share of 36% during the forecast period.
“Revolutionization of refractive surgery in case of phakic intraocular lenses is one of the key opportunities for the Phakic Intraocular Lenses market”, comments Future Market Insights analyst.
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Competitive Analysis:
The industry consists of a substantial number of market players. Research and development in the introduction of environmental-friendly product lines form the core aspect of these manufacturers. In addition, other expansion strategies, including collaborations, mergers and acquisitions, and seeking regulatory approvals, are also relied upon.
Some Of The Prominent Players Profiled In The Global Market Are:
- STAAR SURGICAL
- Care Group
- Ophtec BV/Abbott
- Johnson & Johnson
- Ambu
- Boston Scientific
- Olympus
- Verathon Inc
- Duomed
- PENTAX Medical
- Neoscope Inc
Some of the important developments of the key players in the market are:
- In July 2020, STAAR Surgical Company received CE Mark approval from its European Notified Body, DEKRA, for their new commercial product offering EVO Viva.
- In December 2019, Johnson & Johnson received the USA FDA approval and launched of TECNIS Toric II 1-Piece Intraocular Lens (IOL).
- In December 2022, Johnson & Johnson took another step forward in establishing two independent, market-leading companies with the announcement of Kenvue as the name for the planned New Consumer Health Company. The new corporate brand comes to life through a compelling purpose and a timeless visual brand.
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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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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