Global Implantable Collamer Lens Market - 2023-2030

Global Implantable Collamer Lens Market - 2023-2030

Global Implantable Collamer Lens Market reached US$ XX million in 2022 and is expected to reach US$ XX million by 2030, growing with a CAGR of XX % during the forecast period 2023-2030.

The Implantable Collamer Lens (ICL) is a type of intraocular lens used for vision correction, particularly in individuals with high myopia (nearsightedness) or other refractive errors that cannot be adequately corrected with glasses or traditional contact lenses. Unlike traditional contact lenses that sit on the surface of the eye, ICLs are surgically implanted inside the eye.

ICLs are particularly valuable for correcting high degrees of myopia (nearsightedness) that may not be effectively treated with other vision correction methods like glasses or traditional contact lenses. They provide an alternative for individuals with severe myopia who may not be suitable candidates for laser eye surgery. ICLs can provide high-quality vision correction. Since they work with the eye's natural lens, they can maintain depth perception and low-light vision, which may be important for certain activities such as driving at night.

Market Dynamics: Drivers and Restraints

Rising prevalence of refractive errors such as hyperopia and myopia

The growing prevalence of refractive errors such as myopia, hyperopia, and astigmatism is a significant driver for the ICL market. As more people seek solutions for vision correction, the demand for implantable collamer lenses is likely to rise. Hyperopia tends to become more prevalent with age, and individuals may prefer a long-term vision correction solution that reduces their reliance on glasses or contact lenses.

ICLs, being a permanent implant, offer a lasting solution for hyperopia, contributing to their attractiveness. Thus rise of hyperopia helps to boost the market growth. For instance, according to American Academy of Ophthalmology 2023, estimated that prevalence of hyperopia is around 10%, approximately 14 million people, in the United States.

Most full-term infants are mildly hyperopic. By age 6-9 months approximately 4-9% of infants are hyperopic and by age 12 months the prevalence is approximately 3.6%. Infants with moderate to high hyperopia (greater than +3.50D) are up to 13 times more likely to develop strabismus by age 4 if left uncorrected. Prevalence is 13% at age 6 and 5% at age 12 in Australia. Thus above factors helps to accelerates the market growth.

Market Dynamics: Restraint

The high cost of ICL procedures

ICL procedures can be relatively expensive compared to other vision correction options. The cost of the lens itself, along with the surgical procedure and associated pre- and post-operative care, can be a significant barrier for some individuals, limiting the accessibility of ICLs. The overall cost of ICL procedures, including the cost of the lens, surgical fees, pre- and post-operative care, and any additional associated expenses, can be relatively high compared to alternative vision correction options.

This high cost may make ICL procedures less accessible to a significant portion of the population, especially those with limited financial resources. For instance, the ICL surgery price can vary dramatically depending on the specific type of lens used, the experience and expertise of the surgeon, where the surgery is taking place, the patient’s current prescription and other medical factors. Typically, the lenses themselves will cost between $3,500 and $5,000 per eye for most people. Thus high cost for the procedures will restrain the market growth.

Segment Analysis

The global implantable collamer lens market is segmented based on type, application, end-user and region.

The Posterior Chamber Phakic Lenses segment from the type segment accounted for approximately 49.7% of Implantable Collamer Lens share

Posterior Chamber Phakic Lenses (PCPLs) are a type of implantable collamer lens (ICL) that is designed to correct refractive errors, such as myopia (nearsightedness) and hyperopia (farsightedness), by being placed inside the eye's posterior chamber, between the iris and the natural crystalline lens. The implantation of posterior chamber phakic lenses is a minimally invasive surgical procedure.

The surgeon makes small incisions to insert the lens into the eye, avoiding the need for extensive corneal tissue removal. The major factors like rise of the myopia cases and the rise of product approvals helps to accelerates the segment growth.For instance, on March 28, 2022, STAAR Surgical Company, stated that the U.S. Food and Drug Administration (FDA) had approved of the EVO/EVO+ Visian Implantable Collamer Lens (“EVO”) for the correction of myopia and myopia with astigmatism.

EVOs are implanted within the posterior chamber of the eye directly behind the iris and in front of the natural crystalline lens. Myopia, commonly referred to as nearsightedness or the requirement for distance vision correction, is the most prevalent visual impairment in the world and is increasing in frequency. About 100 million persons in the United States between the ages of 21 and 45 who suffer from myopia may be candidates for EVO, an implantable biocompatible lens that improves distant vision. So, the aforementioned factors support the expansion of the segment.

Geographical Analysis

North America accounted for approximately 42.4% of the market share in 2022

The market's growth is also attributed to the presence of various key market players, increasing hyperopia and myopia cases, high adoption of contact lenses, and surgery options in the region. Moreover, the recent product launches, growing number of optometrists, and increasing awareness regarding available treatment options are propelling the market growth in North America.

The rise of aging population often correlates with an increased prevalence of conditions such as presbyopia and cataracts. Implantable Collamer Lenses can be a suitable option for individuals seeking vision correction, and the aging demographic may drive market growth. For instance, the PRB estimates the number of Americans 65 and older will almost double from 52 million in 2018 to 95 million by 2060, and that their proportion of the overall population would increase from 16% to 23%.

There is an increasing racial and ethnic diversity among the elderly population. Adoption of implantable collamer lenses can also be greatly impacted by favorable regulatory frameworks and reimbursement practices. If these lenses are approved by regulators and accepted by insurance companies, more people might think about them as a good choice. Therefore, the expansion of the region is accelerated by the above factors.

COVID-19 Impact Analysis

The Covid-19 pandemic caused a number of difficulties for the world's health care systems since it calls for intricate public policies and procedures for diagnosis, treatment, and dispute resolution. Worldwide adoption of face masks, home confinement, and physical distance have all been implemented to reduce the spread of the disease, and vaccination campaigns have been shown to be successful in lowering the number of intensive care unit admissions. On the other hand, as the state of emergency persisted, curiosity about the pandemic's long-term medical and social implications has grown.

Among other things, the pandemic has had a variable impact on ophthalmological practice. On the one hand, an infection with SARS may directly cause eye disorders. As the most common ocular manifestation, viral conjunctivitis is particularly common in patients with symptomatic COVID-19. In summary, the impact of public health safety measures against the COVID-19 pandemic—while necessary and troublesome—needs to be swiftly addressed in the ophthalmological setting. Patients must to be motivated to adhere to a suitable visit schedule. During the epidemic, economising on expenses, resources, and time has been crucial, frequently determining the success or failure of treatment interventions.

Market Segmentation

By Type
• Posterior Chamber Phakic Lenses
• Anterior Chamber Phakic Lenses

By Application
• High Myopia
• Refractive Surgery Enhancements
• Myopic Astigmatism
• Others

By End-User
• Ophthalmic Clinics
• Hospitals
• Ambulatory Surgical Center
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include STAAR Surgical Company, Zeiss Meditec, Rayner Intraocular Lenses Limited, Care Group, Price Vision Group, Lense Home, Beye, LLC among others.

Why Purchase the Report?
• To visualize the global implantable collamer lens market segmentation based on type, application, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of implantable collamer lens market-level with all segments.
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The global implantable collamer lens market report would provide approximately 69 tables, 58 figures and 187 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies