The Implantable Collamer Lens Market is experiencing significant growth, driven by the increasing popularity of minimally invasive surgical procedures. According to a recent market analysis, the ICL market size is estimated to reach US$330.5 million by 2024, with a projected growth rate of 13.2% between 2024 and 2034. This translates to a staggering market value of US$1.14 billion by 2034.
Innovation in Vision Correction: The Rise of Visian Implantable Collamer Lens (ICL)
Refraction surgeons, seeking advanced solutions for myopia cases unresponsive to excimer laser treatments, have leaned on phakic intraocular implants for the past two decades. A pivotal player in this landscape is the Visian Implantable Collamer Lens (ICL), a posterior chamber phakic intraocular lens designed and manufactured by STAAR Surgical.
Approved by the U.S. Food and Drug Administration (FDA) in 2005, the Visian ICL has consistently demonstrated its effectiveness in correcting myopia, showcasing the capacity to address refractive errors of up to 18.00 diopters. This groundbreaking lens has gained acclaim among surgeons and patients alike for its precision and reliability, marking a significant milestone in the evolution of vision correction technology.
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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 field 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.
The high incidence of cataracts and other vision impairments among elderly and diabetic individuals is underpinning the need for implantable collamer lenses. 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 from the Implantable Collamer Lens Market:
- By indication, sales in the myopia segment are slated to increase at a 12.6% CAGR through 2032.
- In terms of end-users, demand in the hospital 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 American implantable collamer lens market through 2032.
- Japan will emerge as a lucrative pocket in the East Asia implantable collamer lens market.
Implantable Collamer Lens Market Competition Landscape
The Global Implantable Collamer Lens Industry includes only one manufacturer known as STAR SURGICAL. Incorporated in 1982 to develop, produce, and market implantable lenses, the company is the first to receive the U.S. FDA approval for implantable collamer lenses. Some recent developments include:
- In April 2021, STAAR submitted clinical data to the FDA to support 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 Global Implantable Collamer Lens Industry 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 to devise innovation-driven trajectories for your business.
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Key Segments Covered in Implantable Collamer Lens Market 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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