The global phakic intraocular lenses market is set to witness substantial expansion over the next decade, driven by the escalating prevalence of myopia and the increasing preference for advanced refractive correction solutions. According to a recent report by Future Market Insights, the market, which was valued at USD 377.1 million in 2022, is projected to reach USD 412.9 million in 2023. With a strong compound annual growth rate (CAGR) of 8.1% from 2023 to 2033, the market is anticipated to exceed USD 897.4 million by the end of the forecast period.
Rising Myopia Cases Driving Market Demand
The increasing incidence of myopia worldwide has become a major public health concern. According to the World Health Organization (WHO), nearly half of the global population is expected to be myopic by 2050, with a significant number developing high myopia, which poses risks of severe vision impairment. The rising burden of this refractive error has intensified the demand for effective and long-term vision correction solutions beyond conventional spectacles and contact lenses.
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Phakic intraocular lenses have emerged as a preferred choice among ophthalmologists and patients due to their minimally invasive nature and superior visual outcomes. Unlike traditional corrective lenses, PIOLs are implanted within the eye, preserving the natural crystalline lens and offering enhanced clarity, depth perception, and reduced dependency on external eyewear.
Technological Advancements Fueling Market Growth
Technological advancements in ophthalmology have played a pivotal role in shaping the phakic intraocular lenses market. Innovations in lens material, surgical techniques, and customization have significantly improved patient outcomes and safety. Modern PIOLs feature aspheric designs, better biocompatibility, and enhanced optical performance, making them more attractive for individuals seeking permanent vision correction.
Furthermore, the integration of femtosecond laser technology in PIOL implantation has minimized surgical complications, reduced recovery time, and improved precision in lens placement. The growing adoption of these advanced technologies is expected to bolster market expansion in the coming years.
Increasing Awareness and Adoption of Refractive Surgeries
The growing awareness of refractive surgeries as a viable alternative to traditional corrective methods has led to a surge in the adoption of phakic intraocular lenses. A growing number of individuals, especially younger populations, are opting for permanent vision correction solutions that provide greater freedom from glasses and contact lenses.
Additionally, the increasing availability of specialized eye care centers, improved affordability of surgical procedures, and favorable reimbursement policies in several countries have encouraged more patients to explore PIOL implantation. The market is witnessing higher adoption rates across developed regions such as North America and Europe, where access to advanced healthcare infrastructure and skilled ophthalmic surgeons is readily available.
Market Challenges and Restraints
Despite its promising growth trajectory, the phakic intraocular lenses market faces several challenges. High procedural costs and the need for skilled professionals to perform PIOL implantation can limit accessibility, particularly in low- and middle-income countries. Additionally, concerns regarding potential complications such as endothelial cell loss, cataract formation, and infection continue to pose challenges for widespread adoption.
Regulatory approvals and compliance with stringent safety standards also impact market expansion. Companies must navigate complex regulatory landscapes to introduce new products and ensure their safety and efficacy in various regions.
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 Landscape
The phakic IOL market is witnessing increased competition, with leading players focusing on product innovation, regulatory approvals, and strategic collaborations. Key companies in the industry include:
- 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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Future Outlook and Opportunities
The future of the phakic intraocular lenses market appears highly promising, with continued advancements in lens technology, surgical techniques, and post-operative care. Market players are investing in research and development to introduce innovative products with improved safety profiles and enhanced patient outcomes.
Moreover, the rising demand for customized and premium PIOLs tailored to individual patient needs is expected to create new growth avenues. Companies are focusing on developing lenses with extended range of vision and improved compatibility with different eye anatomies, further broadening the market’s potential.
The global phakic intraocular lenses market is on an upward trajectory, driven by the increasing prevalence of myopia, technological advancements, and rising awareness of refractive correction options. With a projected CAGR of 8.1% from 2023 to 2033, the market is set to experience transformative developments that will enhance the quality of vision correction procedures worldwide.
As the industry continues to evolve, stakeholders, including manufacturers, healthcare providers, and regulatory bodies, must collaborate to address existing challenges and unlock new opportunities. By leveraging innovation and improving accessibility, the PIOL market is well-positioned to redefine the landscape of ophthalmic care in the years to come.
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
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