Global Phakic Intraocular Lenses Market Poised for Significant Growth, Projected to Reach USD 897.4 Million by 2033, Driven by Innovation and Rising Demand | FMI

The global phakic intraocular lenses market is set for robust expansion, driven by the rising prevalence of myopia and the increasing adoption of advanced refractive correction solutions. According to Future Market Insights, the market, valued at USD 377.1 million in 2022, is projected to reach USD 412.9 million in 2023 and is expected to grow at a CAGR of 8.1% from 2023 to 2033. By the end of the forecast period, the market is anticipated to surpass USD 897.4 million.

The surge in myopia cases worldwide, particularly among younger populations, has fueled the demand for effective and long-term vision correction solutions beyond traditional spectacles and contact lenses. Phakic intraocular lenses offer a minimally invasive alternative with enhanced visual outcomes, making them a preferred choice among ophthalmologists and patients.

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Technological advancements, increasing awareness of refractive surgeries, and a growing inclination toward permanent vision correction are expected to drive sustained growth in the market. As research and innovation continue to evolve, the PIOL market is positioned for transformative developments over the next decade.

✅ Market Growth Drivers

1. Rising Prevalence of Refractive Errors
The global burden of myopia and hyperopia has been escalating, particularly in younger populations. Factors such as prolonged screen exposure and lifestyle changes are contributing to an increased demand for permanent vision correction solutions like phakic IOLs.

2. Advantages Over Traditional LASIK Surgery
Unlike LASIK, which involves reshaping the cornea, phakic IOL implantation is a reversible procedure that does not cause dry eyes or corneal thinning. These advantages make it a preferred choice among patients seeking long-term solutions.

3. Technological Advancements in Ophthalmic Devices
Innovations in lens materials, surgical techniques, and customization are enhancing the safety and effectiveness of phakic IOLs. Manufacturers are investing in advanced biocompatible materials and minimally invasive implantation procedures, further driving market growth.

4. Growing Aging Population and Vision Care Awareness
With an aging global population, the prevalence of age-related vision impairments is increasing. Many individuals over 40 years old are opting for phakic IOLs as a solution for presbyopia and severe myopia without undergoing invasive surgery.

✅ 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

✅ Future Outlook

The Phakic Intraocular Lenses market is projected to grow steadily, driven by the demand for safer, more effective alternatives to LASIK and PRK surgeries. As advancements in biocompatibility, customization, and implantation techniques continue, the adoption rate of phakic IOLs is expected to surge.

With ongoing research, increasing patient awareness, and the expansion of ophthalmic care facilities globally, the market is on a path toward sustained growth through 2033.

✅ 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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✅ 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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