Financial Outlook: Implantable Collamer Lens Market Set to Quadruple to US$ 838.2 Million by 2032 | Report By FMI Inc.

As per Future Market Insights' latest industry analysis, the valuation for the global Implantable Collamer Lens Market was around US$ 212.9 Mn in 2021. Sales are projected to grow at a 13.1% CAGR over the forecast period, with the market valuation reaching US$ 838.2 Mn in 2032.

Since phakic intraocular implants were approved two decades ago, refractive surgeons have chosen to utilize them to treat myopia that is unresponsive to excimer laser treatment. A posterior chamber phakic intraocular lens (IOL) created and produced by STAAR Surgical, the Visian Implantable Collamer Lens (ICL), was FDA-approved in 2005 and has been demonstrated to be effective in the correction of myopia up to 18.00 D. 

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The ICL was only offered in the U.S. in a spherical variant until 2018. As a result, high astigmatism and high myopia could not be treated simultaneously. In light of this, several surgeons in the refractive fiend adopted a sequential operation strategy that employs the use of an excimer-laser enhancement after ICL implantation. This sequence has been referred to as "Bioptics".

The use of ICL in refractive surgery is increasing. ICLs are often regarded as an alternative to laser-based corneal procedures such as LASIK and photorefractive keratectomy (PRK). The implantable collamer lens is a specific type of posterior chamber phakic intraocular lens (pIOL). High levels of refractive error or situations where corneal refractive surgery is not recommended call for the adoption of pIOL. Quicker healing and reversibility are the additional benefits of this procedure over corneal refractive surgery.

High incidence of cataracts and other vision impairments among elderly and diabetic individuals is underpinning the need for implantable collamer lens. In addition to this, rising healthcare costs, and government-backed investments for the construction of healthcare infrastructure are some of the key factors propelling the market.

Key Takeaways:

-By indication, sales in the myopia segment are slated to increase at a 12.6% CAGR through 2032.
-In terms of end user, demand in the hospitals segment will grow at a 7% CAGR during the forecast period.
-China accounted for 6%of the total market share in 2021 and the trend is expected to continue over the assessment period.
-The U.S. will continue dominating the North America implantable collamer lens market through 2032.
-Japan will emerge as a lucrative pocket in the East Asia implantable collamer lens market.

Competition Landscape

The global implantable collamer lens market includes only one manufacturer known as STAR SURGICAL. Incorporated in 1982 for the purpose of developing, producing, and marketing implantable lenses, the company is the first to receive the U.S. FDA approval for implantable collamer lens. Some recent developments include:

-In April 2021, STAAR submitted clinical data to the FDA to support a marketing approval for their EVO family of myopia lenses. The submission remains under interactive review with the FDA.

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What Does the Report Cover?

Future Market Insights offers a unique perspective and actionable insights on the implantable collamer lens 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 indication (myopia, hyperopia, and astigmatism), and end-user (hospitals, ophthalmic clinics, ambulatory surgical centers, and eye research institutes), across seven key regions.

Key Market Segments Covered in Implantable Collamer Lens Industry Research

By Indication:

-Myopia
-Hyperopia
-Astigmatism

By End User:

-Hospitals
-Ophthalmic Clinics
-Ambulatory Surgical Centers
-Eye Research Institutes

Author

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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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.