Phakic Intraocular Lens (PIOL) Market size is estimated to be USD 1.15 Billion in 2024 and is expected to reach USD 2.45 Billion by 2033 at a CAGR of 9.2% from 2026 to 2033.
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South Korea's Phakic Intraocular Lens (PIOL) Market has witnessed significant growth in recent years, with increasing demand from individuals seeking advanced solutions for vision correction. This market is fueled by technological advancements, rising awareness about eye health, and the growing popularity of refractive surgeries among people with high refractive errors. The trend is expected to continue as more patients opt for PIOLs over traditional methods like glasses or contact lenses.
The Phakic Intraocular Lens (PIOL) is a medical device used to correct refractive errors such as nearsightedness, farsightedness, and astigmatism. Unlike traditional IOLs (Intraocular Lenses), which are typically used in cataract surgeries, PIOLs are designed for individuals who are not yet ready for cataract surgery but wish to correct their vision permanently. This makes PIOLs particularly appealing to younger patients and those with high refractive errors that cannot be corrected by LASIK or other laser treatments.
Industries and medical professionals in South Korea have increasingly adopted PIOL technology due to its effectiveness in providing long-term, stable vision correction. The South Korean government and healthcare providers are also pushing for innovations in eye care, contributing to the growth of the market. Additionally, the rise of medical tourism has led to a surge in demand for advanced procedures, including PIOL implantation, as individuals from neighboring countries come to South Korea for cutting-edge medical treatments.
Key requirements driving the demand for PIOLs include the need for highly skilled ophthalmologists, precision surgical techniques, and top-tier manufacturing standards. As the market grows, more industry players are entering the space, offering a range of PIOL products with varying features, such as materials, design, and compatibility with different eye conditions. Additionally, improvements in PIOLs’ design have made them less invasive and more comfortable for patients, further encouraging their adoption.
The South Korean market is also seeing a shift in patient preferences. Many people, especially those in their 20s and 30s, are moving away from temporary vision correction methods like glasses or contact lenses and are opting for permanent solutions like PIOLs. As this trend continues, the demand for PIOLs is expected to rise, with South Korea positioning itself as a leader in innovative eye care treatments.
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CIBA Vision
STAAR Surgical
Ophtec B.V.
Johnson Johnson
Care Group
Zeiss
Alcon
Shanghai Haohai Biological Technology
Eyebright Medical Technology
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Phakic Intraocular Lens (PIOL) Market
Artisan Lens
Verisyse Lens
ICL (Implantable Collamer Lens)
Myopia-specific PIOL
Hyperopia-specific PIOL
Collamer
PMMA (Polymethyl Methacrylate)
Silicone
Acrylate
Biocompatible materials
Myopia (Nearsightedness)
Hyperopia (Farsightedness)
Astigmatism
Presbyopia
Higher-order aberrations correction
Elective surgeries
Refractive surgeries
Custom and personalized surgeries
Outpatient surgical procedures
Preoperative evaluations
Hospitals
Ophthalmology clinics
Ambulatory surgical centers
Eye care specialists
Research institutions
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Phakic Intraocular Lens (PIOL) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Phakic Intraocular Lens (PIOL) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Phakic Intraocular Lens (PIOL) Market, By Type
6. South Korea Phakic Intraocular Lens (PIOL) Market, By Application
7. South Korea Phakic Intraocular Lens (PIOL) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Phakic Intraocular Lens (PIOL) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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