The anticipated size of the phakic intraocular lenses (PIOL) market in 2022 was USD 377.1 million and is estimated to be USD 412.9 million in 2023.
The surge in number of people who are myopic have found to be risen in recent years, as this refractive correction option has become increasingly significant. According to Future Market Insights, the phakic intraocular lenses (IOL) market is anticipated to expand at a CAGR of 8.1% between 2023 and 2033, totaling around USD 897.4 million by 2033.
The global phakic intraocular lenses (PIOL) market reached USD 344.4 million in 2021. Sales are projected to expand at a 9.5% CAGR over the assessment period, with the market valuation reaching USD 819.5 million by 2032. Posterior chamber phakic IOL is leading the market. The segment accounted for about 68.0% of the total market share in 2021, and the trend is expected to continue over the forecast period.
Phakic intraocular lenses (PIOLs) are clear implantable lenses that are surgically inserted in the anterior chamber or the posterior chamber of the eye without removing the natural lens, allowing light to focus on the retina for better-uncorrected vision.
Phakic intraocular lenses have a high optical quality and might potentially improve visual acuity in myopic patients due to retinal magnification. PIOL implantation appeals to both patients and refractive surgeons since it is a reversible refractive technique that preserves accommodative function. Further, corneal thickness poses little bearing on correction, and hence, PIOLs offer fast visual recovery times, and steady refraction after implantation.
| Attribute | Details |
|---|---|
| Projected Forecast Value (2022) | USD 377.1 million |
| Projected Forecast Value (2023) | USD 412.9 million |
| Projected Forecast Value (2033) | USD 897.4 million |
| Growth rate | 8.1% CAGR |
| Forecast period | 2023 to 2033 |
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The global phakic intraocular lenses market expanded at a CAGR of 10.3% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 8.1% between 2023 and 2033.
The phakic intraocular lenses market represented around 7.0% of the overall USD 4.9 billion global intraocular lenses market in 2021.
Phakic intraocular lenses are a popular surgical option for correcting myopia. Anterior chamber iris-fixated, anterior chamber angle-supported, and posterior chamber phakic intraocular lenses are the three types of lenses available. Although phakic intraocular lenses have high efficacy, they have undergone numerous improvements over the years to improve their safety profile and reduce lens-related problems such as cataract formation, endothelial cell death, and corneal decompensation.
For long-term management of stable myopia, lens surgery for refractive purposes (refractive lens exchange [RLE]), laser refractive surgery, and phakic intraocular lens (pIOL) implantation are available currently. Further, refractive surgery with pIOL implantation is a reversible technique, whereas laser refractive surgery and refractive lens exchange are permanent procedures.
Phakic IOL surgery has been proven to enhance vision, promote patient satisfaction, and reduce the risk of corneal ectasia. Phakic IOLs outperform LASIK and photorefractive keratectomy in terms of best spectacle-corrected visual acuity (BSCVA), refractive predictability and stability, and patient satisfaction. Complications of corneal ectasia associated with excimer laser surgery and refractive lens exchange are eliminated through the use of PIOLS. The phakic intraocular lenses (IOL) market is being driven by factors such as:
Revolutionization of Refractive Surgery in the Case of Phakic Intraocular Lenses
Phakic intraocular lenses have revolutionized refractive surgery and continue to be a great alternative for individuals who are not ideal candidates for laser vision correction. Since no ultrasonic energy is communicated to the ocular tissues, visual recovery is swift and intraocular inflammation is limited with phakic IOL implantation compared to cataract extraction with phacoemulsification.
There is no regression impact with phakic IOLs, unlike excimer laser operations, because corneal healing is not required. For patients with residual spherical or astigmatic refractive error after phakic IOL implantation, an excimer laser enhancement approach may be required.
For stable keratoconus, PIOL implantation is a viable refractive surgical approach. After cataract surgery, PIOL has also been demonstrated to be a useful and reliable choice for improving postoperative refractive performance and lowering spectacle dependence.
Presbyopia treatment with a multifocal implantable phakic refractive IOL, such as the presbyopia implantable phakic contact lens (PIOL), is a recent breakthrough. This novel PC-PIOL is meant to correct presbyopia, myopia, hyperopia, and astigmatism in those aged 40 to 55 who do not have cataracts. With good unassisted eyesight, the PC-PIOL has the distinction of being reversible.
Owing to these advancements within the field of intraocular lenses and technological advancements in the ocular manifestation of vision correction, the global market for phakic intraocular lenses is set to gain traction over the forecast period.
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Lack of Reimbursements for Implantation Procedures
Lack of reimbursements for implantation procedures has proven to be a key roadblock to the overall phakic intraocular lens market. While secondary implant procedures are sometimes covered by Medicare, surgeries conducted primarily for refractive purposes are not.
For patients with presbyopia and high hyperopia, alternative treatments such as refractive lens exchange may be a superior preference to phakic IOL refractive surgery. Because of the high costs of phakic intraocular lenses and their implantation procedures, as well as the lack of standardized reimbursement schemes, the market faces a challenge in terms of patient uptake.
While lens replacement surgery is technically not approved by the FDA, some eye doctors will conduct it off-label in specific circumstances. This is legal and is sometimes the most effective method to rectify distinct vision abnormalities. These factors are expected to limit sales in the market over the forecast period.
Rising Preference for Phakic Lens Implant Surgery is Estimated to Augment Growth
The United States of America dominated North America’s phakic intraocular lenses market, accounting for about 24.3% of the total market share whereas North America holds a value share of 28.7%. Rising awareness regarding personalized medicine as well as targeted disease therapy is expected to boost the market in the forthcoming years.
With high technological demand arising from growing awareness, as well as large volumes of ophthalmic patients using spectacles for corrective vision enhancement, the adoption of phakic intraocular lenses within the country is set to increase over the forecast period.
Growing Popularity of Phakic Implants Will Spur Demand
Sales in China are expected to increase at an 11.80% CAGR over the forecast period. According to the IAPB's Word Report on Vision issued in 2019, the cataract patient population between the age group of 45 to 89 years is expected to reach 132 million by 2020. This also means that intraocular lenses are in high demand in China.
The cataract surgery market has expanded from 2.4 billion Yuan in 2005 to 25.5 Billion Yuan in 2018, which is higher than a tenfold increase, thanks to notable development in cataract surgeries and high per-client transactions.
International brands have long monopolized the intraocular lens market in India expanding at a CAGR of 11%, particularly the high-end ones, putting patients at a financial disadvantage due to the exorbitant prices of imported devices.
Increasing Influx of Medical Tourists is Likely to Boost the Adoption of PIOL Procedure
Demand in Germany is set to increase at a value of 2.7% in Europe with a value share of 34.1% of the phakic intraocular lenses (IOL) market during the forecast period. The country has high volumes of myopic population groups, with around 50% progression of myopic maculopathy, as per a cohort study by the Gutenberg Health Study (GHS), in 2022.
Indications associated with macular degeneration and the increasing diabetic population within the country, propose a need for corrective procedural uptake considering the United Kingdom to expand at a CAGR of 9.40%. These factors are anticipated to spur demand for phakic intraocular lenses in Germany over the forecast period.
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Adoption of Posterior Chamber Phakic IOL to Remain High
Sales of posterior chamber phakic IOL are expected to increase at a value share of 68% during the assessment period. Posterior chamber phakic intraocular lens implantation is a procedure for implanting an intraocular lens in front of the native crystalline lens. The advantages of posterior chamber phakic IOL implantation include potential reversibility, accommodation preservation, and minimal complications.
Demand for Phakic Intraocular Lenses for Myopia is Likely to Gain Traction
Demand in the myopia segment is anticipated to hold a market share of 36% during the forecast period. Ocular diseases have observed high variations in terms of disease prevalence, and indications like myopia have presented a high rate of prevalence worldwide. The growing need to address ocular disease progressions, along with the rising development of implantable devices will propel sales in this segment.
Sales of Phakic Intraocular Lenses across Hospitals might Continue to rise
Hospitals held the high market share at 55.0%. Insertion of an intraocular lens implant is the most common eye surgery procedure. Around 6 million procedures are done annually by eye surgeons as it requires huge capital investment for surgical and theatre equipment, hospitals present a great value in terms of procedural adoption rates.
Some of the prominent players profiled in the global market are-
Some of the important developments of the key players in the market are:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.1% from 2023 to 2033 |
| Market value in 2023 | USD 412.9 million |
| Market value in 2033 | USD 897.4 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Product, By Indication, By End-user, By Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, The United Kingdom, France, Spain, Italy, Rest of Western Europe, Poland, Russia, Czech Republic, Romania, Rest of Eastern Europe, India, Bangladesh, Australia, New Zealand, Rest of South Asia and the Pacific, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of The Middle East and Africa |
| Key Companies Profiled | STAAR SURGICAL; Care Group; Ophtec BV/Abbott; Johnson & Johnson; Ambu; Boston Scientific; Olympus; Verathon Inc; Duomed; PENTAX Medical; Neoscope Inc |
| Customisation Scope | Available on Request |
The market is valued at USD 412.9 million in 2023.
Olympus, Verathon Inc, and Duomed are the key market players.
The market is forecast to register a CAGR of 8.1% through 2033.
The market is expected to reach USD 897.4 million by 2033.
Sales in China are expected to increase at an 11.80% CAGR over the forecast period.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product 5.1. Posterior Chamber Phakic IOL 5.2. Anterior Chamber Phakic IOL 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Indication 6.1. Myopia 6.2. Hyperopia 6.3. Astigmatism 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End User 7.1. Hospitals 7.2. Ophthalmology Clinics 7.3. Ambulatory Surgical Centers 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. STAAR SURGICAL 18.2. Care Group 18.3. Ophtec BV/Abbott 18.4. Johnson & Johnson 18.5. Ambu 18.6. Boston Scientific 18.7. Olympus 18.8. Verathon Inc 18.9. Duomed 18.10. PENTAX Medical 18.11. Neoscope Inc 19. Assumptions & Acronyms Used 20. Research Methodology
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Phakic Intraocular Lenses (IOL) Market
