The USA dominated the North American phakic intraocular lenses market in 2021, accounting for about 85.0% of the total market share.
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.
Key Takeaways:
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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:
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
By Product:
By Indication:
By End User:
Future Market Insights (ESOMAR certified 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.
Jun 29, 2023