Download Sample, The Growing Prevalence of Refractive Errors Such as Myopia and Hyperopia
The increasing presence of refractive errors such as myopia, hyperopia, astigmatism, and near-sightedness in people of various ages is boosting the demand for implantable collamer lens (ICLs). Lately, ICLs have gained popularity while eyeglasses and contacts have decreased in popularity. Funding from the government for research on ophthalmic technologies and procedures for correcting vision will stimulate the market, owing to the rising popularity of surgical procedures and increased knowledge of advanced vision correction choices, the ICL market is expanding.
Favourable experiences and feedback can also inspire patients to embrace new technologies. Such factors led to adoption of vision correction procedures like ICLs to enhance their quality of life due to the convenience and aesthetic benefits they offer. Approximately one-third of the global population is affected by myopia. It is predicted that this figure will increase in the coming years. Myopia, especially severe myopia, affects not just the person but also society at large.
The main assistance of ICLs compared to glasses or contact lenses is their ability to provide excellent vision without the need for daily wear. As knowledge and availability of ICL surgery grows, the popularity of this corrective vision choice is expected to rise. ICLs are set to become more popular as people realize their advantages, even if they are not qualified for traditional laser eye surgery.
Additionally, ICLs are a permanent implant, they provide a long-term fix for hyperopia, enhancing their appeal. Therefore, the increase in hyperopia is contributing to the growth of the market. According to data published by American Academy of Ophthalmology in 2023, it is estimated that around 10% of the population in the United States, which is about 14 million people have hyperopia.
Favourable experiences and feedback can also inspire patients to embrace new technologies. Such factors led to adoption of vision correction procedures like ICLs to enhance their quality of life due to the convenience and aesthetic benefits they offer. Approximately one-third of the global population is affected by myopia. It is predicted that this figure will increase in the coming years. Myopia, especially severe myopia, affects not just the person but also society at large.
The main assistance of ICLs compared to glasses or contact lenses is their ability to provide excellent vision without the need for daily wear. As knowledge and availability of ICL surgery grows, the popularity of this corrective vision choice is expected to rise. ICLs are set to become more popular as people realize their advantages, even if they are not qualified for traditional laser eye surgery.
Additionally, ICLs are a permanent implant, they provide a long-term fix for hyperopia, enhancing their appeal. Therefore, the increase in hyperopia is contributing to the growth of the market. According to data published by American Academy of Ophthalmology in 2023, it is estimated that around 10% of the population in the United States, which is about 14 million people have hyperopia.
Research to Prevent Blindness (RPB) has Granted More Than US$ 418 Million for Vision Research
Conferring to indications, there is a high possibility of significant growth in the market for implantable collamer lenses owing to myopia. Eye health issues, such as myopia, glaucoma, cataracts, and retinal damage, are becoming more prevalent worldwide. Considerable growth is expected in the eye research institutes market throughout the forecast period. Government funding supports research on ophthalmic technologies and methods for correcting vision.
The demand for ICLs is increasing because more people are becoming aware of advanced vision correction options and the rising trend of surgical procedures. Feedback and good experiences may motivate patients to adopt new technologies. National Eye Institutes (NEI) provides over 1,500 research and training grants to vision scientists in various locations globally. Substantial increase in eye research products due to fresh innovations. For instance, in March 2024, STAAR surgical company, a prominent developer, manufacturer, and marketer of the EVO family of implantable collamer lenses for myopia, astigmatism, and presbyopia, announced that the company have surpassed 3 million global sales of ICLs.
Additionally, in March 2022, STAAR Surgical announced the FDA approval of EVO VISIAN implantable collamer lenses, which offer visual independence from glasses and contact lenses. With over 1 million EVO lenses already implanted worldwide. The biocompatible implantable lens provides distance vision correction, targeting an estimated market of 100 million potential candidates among United States adults aged 21 to 45 with myopia.
The demand for ICLs is increasing because more people are becoming aware of advanced vision correction options and the rising trend of surgical procedures. Feedback and good experiences may motivate patients to adopt new technologies. National Eye Institutes (NEI) provides over 1,500 research and training grants to vision scientists in various locations globally. Substantial increase in eye research products due to fresh innovations. For instance, in March 2024, STAAR surgical company, a prominent developer, manufacturer, and marketer of the EVO family of implantable collamer lenses for myopia, astigmatism, and presbyopia, announced that the company have surpassed 3 million global sales of ICLs.
Additionally, in March 2022, STAAR Surgical announced the FDA approval of EVO VISIAN implantable collamer lenses, which offer visual independence from glasses and contact lenses. With over 1 million EVO lenses already implanted worldwide. The biocompatible implantable lens provides distance vision correction, targeting an estimated market of 100 million potential candidates among United States adults aged 21 to 45 with myopia.
Recent Trends in the Implantable Collamer Lens Industry
- Effectiveness in treating myopia, astigmatism, and presbyopia.
- Refining surgical techniques for ICL implantation to make the procedure safer.
- Improvements in sizing methodologies and insertion techniques.
- Personalized sizing based on detailed biometric measurements of the eye.
- Ongoing research is dedicated to ensuring the long-term safety and biocompatibility of ICLs.
- Optimizing postoperative protocols to boost recovery and mitigate risks.
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Implantable Collamer Lens Facing Challenges in the Market Owing to High Price of the Surgeries
Rules and validation procedures may restrict access to the market. Approval from the FDA for specific ICLs may hinder market expansion and availability. There are so many reasons that implantable collamer lens face challenges in the market. The expensive nature of ICL procedures may hinder access for many individuals, particularly those with financial constraints. The cost of ICL surgery can differ greatly based on factors such as the type of lens, and the surgeon's skill level.
The location of the surgery, the patient's prescription, and other medical considerations. ICL is usually more expensive than LASIK vision correction owing to average cost ranging from US$1,800 to US$3,000 per eye for LASIK and in the case of ICL it costs range from US$3,000 to US$5,000 per eye. As more firms join the market and provide comparable products, there could be obstacles associated with competition and saturation.
Limited awareness of precautions after surgery among patients led to side effects such as cataracts, retinal detachment, cloudy cornea, eye infection, and blurred vision owing to healthcare providers could hinder growth in the ICL market. For Instance. the US FDA declared a recall for the EVO VISIAN implantable collamer Lens by STAAR surgical company in September 2023, as there is a possibility that intraocular implant devices do not meet requirements.
The location of the surgery, the patient's prescription, and other medical considerations. ICL is usually more expensive than LASIK vision correction owing to average cost ranging from US$1,800 to US$3,000 per eye for LASIK and in the case of ICL it costs range from US$3,000 to US$5,000 per eye. As more firms join the market and provide comparable products, there could be obstacles associated with competition and saturation.
Limited awareness of precautions after surgery among patients led to side effects such as cataracts, retinal detachment, cloudy cornea, eye infection, and blurred vision owing to healthcare providers could hinder growth in the ICL market. For Instance. the US FDA declared a recall for the EVO VISIAN implantable collamer Lens by STAAR surgical company in September 2023, as there is a possibility that intraocular implant devices do not meet requirements.
Partnerships, Government Funding and Collaboration Enhance Contributions to the ICL Market
Over time, a new innovation has been introduced in the form of the implantable collamer lens. For instance, in March 2024, STAAR surgical company, a top producer, designer, and seller of implantable collamer lenses (ECL) for myopia, presbyopia, and astigmatism, announced the global sale of three million lenses. On May 2024, STAAR surgical company, a top producer and seller of EVO ICL for myopia, astigmatism, and presbyopia, revealed a new achievement in U.S. Highway 93 strategy a partnership with IQ Laser Vision, a premier provider of vision care in California and Texas and a top EVO ICL clinic in North America.
In April 2024, the UK government revealed funding for children's myopia. The percentage of individuals diagnosed with myopia increased from approximately 25% in 2016 to more than 40% in 2023, and within the younger age bracket exceeded 60% in the UK. In India, the long-estimated FY 2023 spending legislation from Congress has revealed an allocation of US$6.5 million for vision and eye health programs at the CDC. Specifically, the comprehensive spending bill would allocate US$2.5 million for the Vision Health Initiative (VHI) in FY2023, representing a US$1 million boost from FY2022. The rise in funding would support initiatives to revise national prevalence statistics on vision loss and eye conditions. The CDC's Glaucoma initiative, supporting community programs for at-risk patients to access eye care, will maintain funding at US$4 million. The funding amount for the VHI would reach its peak level since FY2010.
In April 2024, the UK government revealed funding for children's myopia. The percentage of individuals diagnosed with myopia increased from approximately 25% in 2016 to more than 40% in 2023, and within the younger age bracket exceeded 60% in the UK. In India, the long-estimated FY 2023 spending legislation from Congress has revealed an allocation of US$6.5 million for vision and eye health programs at the CDC. Specifically, the comprehensive spending bill would allocate US$2.5 million for the Vision Health Initiative (VHI) in FY2023, representing a US$1 million boost from FY2022. The rise in funding would support initiatives to revise national prevalence statistics on vision loss and eye conditions. The CDC's Glaucoma initiative, supporting community programs for at-risk patients to access eye care, will maintain funding at US$4 million. The funding amount for the VHI would reach its peak level since FY2010.
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Raising Prevalence of Eye Diseases in North America Results in Market Expansion
The market's expansion is also credited to the availability of different important market participants, rising incidences of hyperopia and myopia, widespread use of contact lenses, and various surgical choices in the area. Furthermore, the market in North America is being driven by recent product introductions, a rising number of optometrists and heightened awareness of available treatment choices. The increase in elderly population is frequently associated with a higher occurrence of conditions like presbyopia and cataracts. Around 65% of people above 60 years are visually impaired, while 4% is blind. Implantable collamer lenses are a viable choice for people looking to correct their vision, and an aging population could contribute to an increase in market demand.
Around 23% of the global population currently has myopia, and experts anticipate this number to reach 50% by the year 2050. Asia-Pacific countries had the highest rates of myopia, followed closely by East Asia, Southeast Asia, and North America. The meta-analysis verified the high prevalence of myopia and predicted a further increase without effective interventions, as traditional methods were not proving to be effective. The increasing worry over this myopia outbreak is connected to the various impacts of severe myopia, such as vision loss, financial strain, and reduced quality of life, subsequently, the use of ICL also enlarged.
Around 23% of the global population currently has myopia, and experts anticipate this number to reach 50% by the year 2050. Asia-Pacific countries had the highest rates of myopia, followed closely by East Asia, Southeast Asia, and North America. The meta-analysis verified the high prevalence of myopia and predicted a further increase without effective interventions, as traditional methods were not proving to be effective. The increasing worry over this myopia outbreak is connected to the various impacts of severe myopia, such as vision loss, financial strain, and reduced quality of life, subsequently, the use of ICL also enlarged.
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The report provides a detailed overview of the implantable collamer lens market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for implantable collamer lens market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the implantable collamer lens market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the implantable vollamer Lens market. Some key country and region included in the implantable collamer lens market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Ireland, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Egypt, Turkey, Morocco, Israel, Iran, Kenya, Nigeria, Rest of MEA |
Implantable Collamer Lens Market Research Report Covers In-depth Analysis on
- Implantable collamer lens market detailed segments and segment-wise market breakdown
- Implantable collamer lens market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in implantable collamer Lens industry)
- Current, historical and forthcoming 10 years market valuation in terms of implantable collamer lens market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Implantable collamer lens market demand analysis
- Implantable collamer lens market pricing analysis over forecast period (by key segment and by region)
- Implantable collamer lens market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in implantable collamer lens market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in implantable collamer lens market
- Implantable collamer lens market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on implantable collamer lens market forecast by countries
- Mergers and acquisitions in implantable collamer lens market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key factors driving the growth of the Implantable Collamer Lens market?
Factors include increasing demand for advanced vision correction solutions, rising prevalence of refractive errors, technological innovations, and growing consumer preference for minimally invasive surgical options.
What are the challenges addressed in the Implantable Collamer Lens Market Research Report?
Challenges include high costs of procedures, limited awareness in developing regions, regulatory hurdles, and competition from alternative corrective measures such as laser eye surgeries.
What are the regional trends highlighted in the Implantable Collamer Lens Market Research Report?
The report outlines growth opportunities, adoption rates, and regulatory landscapes across key regions, helping stakeholders identify regions with the highest market potential
