The global phakic intraocular lenses (IOL) market experienced significant growth in 2022, achieving a valuation of USD 377.1 million, as reported by Future Market Insights. The upward trend is expected to continue, with the market projected to reach USD 412.9 million by the end of 2023.
This strong growth trajectory is driven by a robust Compound Annual Growth Rate (CAGR) of 8.1% forecasted between 2023 and 2033. According to the comprehensive report, by 2033, the market is anticipated to reach an impressive valuation of approximately USD 897.4 million. This demonstrates the enduring appeal and substantial market potential of phakic IOLs.
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The continuous advancements in ophthalmic technologies, coupled with the rising prevalence of vision impairment and eye-related disorders, are significant contributors to this market expansion. The increasing awareness and adoption of phakic IOLs for vision correction, especially among younger populations, further underscore the market’s growth prospects.
As the market continues to evolve, stakeholders are optimistic about the opportunities that lie ahead. The steady growth reflects the ongoing demand and innovation within the phakic IOL sector, paving the way for enhanced vision solutions globally.
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 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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