The global phakic intraocular lenses (PIOL) market is poised for substantial growth, driven by the rising prevalence of myopia and the growing demand for effective refractive correction options. The market, which was valued at US$ 344.4 million in 2021, is expected to reach US$ 377.1 million in 2022 and US$ 412.9 million in 2023. Future projections indicate the market will expand at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2033, reaching a valuation of approximately US$ 897.4 million by the end of the forecast period.
The increasing incidence of myopia worldwide has elevated the importance of phakic intraocular lenses as a preferred treatment option for refractive correction. Unlike traditional corrective methods, PIOLs are surgically implanted in the eye, either in the anterior or posterior chamber, without removing the natural lens. This approach allows for clear, uncorrected vision as light focuses more accurately on the retina. Given their reversibility and the preservation of accommodative function, phakic IOLs are seen as a compelling alternative to laser-based refractive surgeries.
Posterior chamber phakic IOLs currently dominate the market, accounting for approximately 68% of the total market share in 2021. The trend is expected to continue as this type of lens offers significant benefits, including high optical quality, retinal magnification, and minimal dependence on corneal thickness. These factors make them an appealing option for both patients and refractive surgeons, as they provide quick visual recovery and stable refraction following implantation.
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Key Takeaways:
- The global phakic intraocular lenses (PIOL) market is projected to grow at a CAGR of 8.1% from 2023 to 2033, reaching a valuation of US$ 897.4 million by 2033.
- The market grew from US$ 344.4 million in 2021 to an estimated US$ 412.9 million by 2023, reflecting steady growth in response to rising myopia rates.
- Posterior chamber phakic IOLs lead the market, accounting for about 68% of the total share in 2021, and this dominance is expected to continue through the forecast period.
- PIOLs are seen as a superior option for refractive correction, offering benefits like high optical quality, retinal magnification, and fast visual recovery, all while preserving accommodative function.
Key Drivers of Market Growth
- Rising Myopia Incidence: The increasing prevalence of myopia globally has heightened the demand for effective refractive correction solutions like phakic intraocular lenses. As more individuals seek alternatives to glasses and contact lenses, PIOLs become a more attractive option.
- Technological Advancements: Continuous innovations in lens design and materials are improving the optical quality and safety of PIOLs, making them more appealing to both patients and surgeons. These advancements enhance visual acuity and reduce complications associated with traditional refractive surgeries.
- Minimally Invasive Procedure Preference: PIOL implantation is considered a reversible refractive technique that preserves the natural lens and accommodative function, which appeals to patients seeking less invasive options compared to laser surgeries.
- Growing Acceptance Among Surgeons: As more refractive surgeons become familiar with PIOL technology and its benefits, the adoption rate is expected to increase, contributing to market growth.
- Patient Awareness and Education: Increased awareness among patients regarding the benefits of PIOLs over traditional corrective methods is driving demand. Educational initiatives by healthcare providers are helping to inform potential candidates about their options.
- Reimbursement Policies: Favorable reimbursement policies in certain regions are enhancing accessibility to PIOL procedures, encouraging more patients to consider this option.
Competitive Landscape
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.
Key Companies Profiled
- STAAR SURGICAL
- Care Group
- Ophtec BV/Abbott
- Johnson & Johnson
- Ambu
- Boston Scientific
- Olympus
- Verathon Inc
- Duomed
- PENTAX Medical
- Neoscope Inc
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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