The global phakic intraocular lenses (IOL) market in 2022 was US$ 377.1 million and is estimated to be US$ 412.9 million in 2023. Future Market Insights has mentioned in its reports that the phakic intraocular lenses (IOL) market is anticipated to expand at a CAGR of 8.1% between 2023 and 2033, totaling around US$ 897.4 million by 2033.
An important factor that drives the growth of the market is because of the rise in the prevalence of eye diseases. The government has taken several initiatives in controlling and treating blind people and diseases caused by them that act as the driving factors of market growth. Further, technological advancements also take place in intraocular lenses thus accelerating the market growth.
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Rise in the funding by the federal government has led to an upward push in the adoption of these solutions that further influence the market. Boost in healthcare expenditure with advancements in healthcare infrastructure, and high rise in demand for expanded care delivery positively hence, affect the intraocular lens (IOL) market.
The growth of the market is going to fall due to the shortage of appropriate coverage and reimbursement policies for premium intraocular lenses. The scarcity of ophthalmologists might create numerous challenges for the market thus a decline in the phakic intraocular lenses (IOL) market can be seen.
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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