Phakic Intraocular Lenses Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Anterior Chamber Phakic IOL, Posterior Chamber Phakic IOL), By Condition, (Myopia, Hyperopia, Astigmatism), By End Users (Hospitals, Ophthalmology Clinics, Ambulatory Surgical Centres) and Region

Phakic Intraocular Lenses Market size was valued at US$ 386.3 million in 2023 and is poised to grow at a CAGR of 9.5% over the forecast years 2024 - 2030. Phakic intraocular lenses are synthetic lenses made of plastic or silicone, that are implanted over natural lenses inside eyes to rectify the ametropic condition. Phakic lenses are utilized to correct refractive errors, errors in the eye's focusing power. It has advantages over laser therapy such as a wide range of corrections, reversibility, fewer complications, outperforming other therapies in terms of best spectacle-corrected visual acuity (BSCVA), and preservation of natural lens.

An increasing number of myopic patients, rise in the prevalence of diabetes, grow in the number old age people with developing eye disorders, increasing screen time from the usage of gadgets, advancements in healthcare in developed countries, and increasing acceptance of the therapy are the main driving forces of the market. The phakic intraocular lens remains a main trend among the young generation in developed countries who prefer permanent lenses instead of wearing specs. Countries such as China, India, Japan, and South Korea prevail in the number of myopes consisting up to 80% of the population being myopic which is a main opportunity for the key players in the market as research is being done continuously to reduce the cost of implantation, thus successfully entering the developing countries. The biggest restraint for this market to expand is the cost of the implantation, the lack of reimbursement policies for the patients undergoing surgery, and the advancements in alternative options such as glasses, lenses, LASIK therapy, and photorefractive keratectomy.

Phakic Intraocular Lenses Market Key Developments:

• In January 2023, An affiliate of Bausch + Lomb has acquired AcuFocus, under a merger transaction with the parent company of AcuFocus. The acquisition will enhance Bausch + Lomb’s Surgical Portfolio with IC-8® Apthera™ Intraocular Lens.
• In March, 2022 : STAAR Surgical Company received CE Mark and FDA approval for the latest significant development in phakic intraocular lenses Evolution (EVO/EVO+) version of the spherical and Toric Visian ICL.