Phakic Intraocular Lenses Market Anticipates Significant Expansion, Projected to Reach US$ 819.5 Million by 2032
According to Future Market Insights’ most recent research, the global Phakic Intraocular Lenses (IOL) Market size will be worth US$ 344.4 million in 2021. Over the forecast period, sales are expected to expand at a 9.5% CAGR, with the market valued at US$ 819.5 million in 2032.
Phakic Intraocular Lenses (pIOLs) are used to treat patients who have severe ametropia or are contraindicated for laser refractive surgery. The preservation of accommodation is the key feature that makes these lenses excellent for use in young individuals pursuing ocular prescription independence, as lens extraction is not necessary.
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Furthermore, as the number of people who are myopic has grown in recent years, this refractive correction alternative has grown in importance. Simultaneously, it is an important topic of research since future estimations of the prevalence of simple myopia and, more significantly, severe myopia will be based on it.
Although Phakic Intraocular Lenses have some advantages over laser refractive surgery, such as reversibility, improved optical quality in high ametropias, and a wider range of correction, it is important to remember that it is a surgical procedure with all of the risks associated with intraocular surgeries, such as endophthalmitis.
“Advances in excimer laser procedures have presented a gateway into the development of implantable intraocular lenses with effective vision correction outcomes. Such developments are anticipated to auger well for the market over the forecast period,” says an FMI analyst.
- Based on product type, the posterior chamber phakic IOL segment accounted for 68.0% of the total market share in 2021 and the trend is expected to continue through 2032.
- By indication, sales in the astigmatism segment will increase at a 8.5% CAGR over the assessment period.
- In terms of end user, the hospitals segment will remain most lucrative over the forecast period.
- The US is expected to lead the North America Phakic Intraocular Lenses market over the assessment period.
- Demand in China is expected to grow at a 10.5% CAGR through 2032.
- Germany will emerge as a lucrative pocket, with sales rising at a 9.3% CAGR over the forecast period.
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- Key Players:
- Boston Scientific
- Verathon Inc
- PENTAX Medical
- NeoScope Inc
- The Surgical Company
Key players are investing in research and development to offer patient-specific and indication-specific pIOLs to enhance procedural outcomes. They are also focusing on new product launch activities, licensing of product sales within a specific region, as well as regulations associated with new device development and manufacturing. For instance:
- In January 2019, owing to the high regulatory standards, precision and quality requirements in Germany and Japan, Star Surgical announced expanded recommended diopter range for their EVO Visian ICL in both the countries.
- In December 2019, Johnson & Johnson Vision announced the Food and Drug Administration (FDA) approval and U.S. launch of TECNIS Toric II 1-Piece Intraocular Lens (IOL).
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the Phakic Intraocular Lenses (IOL) market in its latest study, presenting a historical demand assessment of 2017 to 2021 and projections for 2022 to 2032.
The research study is based on the product – (posterior chamber phakic IOL, and anterior chamber phakic IOL), by indication (myopia, hyperopia, and astigmatism), by end user (hospitals, ophthalmology clinics, and ambulatory surgical centres), across seven key regions of the world.
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Key Market Segments Covered in Phakic Intraocular Lenses Industry Research
- Posterior Chamber Phakic IOL
- Anterior Chamber Phakic IOL
By End User:
- Ophthalmology Clinics
- Ambulatory Surgical Centers
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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