NEWARK, Del, July 05, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest analysis, the global phakic intraocular lenses (IOL) market reached US$ 344.4 Mn in 2021. Sales are projected to grow at a 9.5% CAGR over the forecast period, with the market valuation reaching US$ 819.5 Mn in 2032.
Patients with high ametropia or contraindications to laser refractive surgery are treated with phakic intraocular lenses (pIOLs). The key aspect that makes these lenses ideal for use in young adults seeking ocular prescription independence is the preservation of accommodation, as lens extraction is not required.
Furthermore, as the number of people who are myopic has increased in recent years, this refractive correction option has become increasingly significant. Simultaneously, it is an important area of research in light of future estimates of the prevalence of simple myopia and, more importantly, severe myopia.
Although phakic intraocular lenses have some benefits over laser refractive surgery, such as reversibility, enhanced optical quality in high ametropias, and a wider range of correction, etc., it is important to remember that it is a surgical procedure with all of the risks that are associated with intraocular surgeries, including severe complications including endophthalmitis.
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“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.
Key Takeaways:
- 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 U.S. 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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Competition Landscape
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 – 2021 and projections for 2022 – 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
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
- Middle East and Africa (MEA)
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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 in devising innovation-driven trajectories for your business. Know more about our sector coverage here.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Disease Epidemiology, by Region
4.2. Product and Technology Assessment
4.3. Regulatory Landscape
4.4. Reimbursement Scenario
4.5. Rise in Demand for Phakic Intraocular Lenses (IOL)
4.6. PESTEL Analysis
4.7. Porter’s Analysis
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