ID: MRFR/MED/1242-HCR | 85 Pages | Published By Kinjoll Dey on March 2023
Global LASIK Eye Surgery Market is expected to grow USD 3,400 Million at a CAGR of 5.60% during the forecast period 2022-2030
LASIK eye surgery Market is anticipated to reach USD 3,400 Million by 2030 at 5.60% CAGR during the forecast period 2022-2030. LASIK (laser-assisted in situ keratomileuses) is a type of corrective eye surgery used to cure hypermetropia, myopia, and astigmatism. LASIK surgery is gaining popularity for treating eye issues since it offers a permanent alternative to wearing eyeglasses or lenses for the rest of one's life. It is a form of refractive surgery in which the curvature of the eye’s corneal surface is reshaped or adjusted to correct vision.
The LASIK eye surgery market is continuously expanding. The most popular kind of refractive surgery to address vision problems such as myopia, hyperopia, and astigmatism is laser-assisted in situ keratomileuses (LASIK). The frequency of visual problems is rising at an alarming rate all across the world. According to a World Health Organization (WHO) report published in 2015, approximately 285 million people worldwide have vision impairment, and the report indicates that myopia affects 1.89 billion people worldwide, and if the prevalence of occurring myopia does not change, it will affect 2.56 billion people by 2020. The elements that impact eyesight include intense near work, changes in environmental conditions, and, especially currently, most of us live a lifestyle in which we focus more on studying and spend less time outside. It has been noted that by doing so, we run the chance of developing a visual impairment. Furthermore, government assistance and research and development are fueling the market's expansion. Furthermore, the high rate of treatment may stifle market expansion throughout the projection period.
This report contains all the information on the LASIK eye surgery market and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the LASIK eye surgery industry.Covid 19 Analysis
As COVID-19 spreads globally, the disease is becoming a source of worry within the healthcare sector, particularly the ophthalmology community. According to the National Eye Institute, the most prevalent form of visual issue affects more than 150 million Americans. According to NVISION Eye Centers, around 9.5 million Americans had received the operation as of June 2018.
On March 18, 2020, the Centers for Medicare and Medicaid Services (CMS) issued instructions directing healthcare providers to postpone adult elective surgeries and procedures, including ophthalmic treatments, until further notice. The move is intended to safeguard patients and employees against coronavirus infection while preserving the supply of ventilators and personal protective equipment such as masks and gowns.
The rising number of people suffering from these, the ophthalmic disorders, as well as care expenditure, rising demand for minimally invasive surgical procedures, rising number of eye care centers that provide personalized LASIK technology, increasing awareness about efficacy and safety, technological advancements, and rising government support, are all contributing to the LASIK Eye surgery industry growth.
Furthermore, in the forecasted period of 2022-2030, rising technological advancements and modernization in the production of paracetamol, rising research and development activities in the healthcare sector, and rising emerging markets with an increasing geriatric population base will create new opportunities for the LASIK Eye surgery device market.
The rising cost of ophthalmic devices, as well as the danger connected with eye procedures, is among the primary factors that would hinder market expansion and would provide a significant barrier to the expansion of the LASIK Eye surgery market over the forecast period. The procedure's cost may be too expensive for certain people, which are projected to limit LASIK eye surgery Industry growth throughout the projection period. Dry eyes, glare, halos, and double vision, under correction faculties, Regression, and vision loss or alterations are projected to limit the worldwide LASIK eye surgery market's growth.
The biggest challenges for the worldwide laser eye surgery market are changes in environmental conditions, particularly since most of us now have a lifestyle in which we spend more time studying and less time outside. It has been noted that by doing so, we run the chance of developing a visual impairment.
Cumulative Growth Analysis
According to a World Health Organization (WHO) report, epidemiological studies suggest that myopia affects 1.89 billion individuals globally, and if current prevalence rates do not improve, forecasts suggest that it will impact 2.56 billion people. This aspect is driving the expansion of the myopia category, which is expected to rise at a significant CAGR throughout the forecast period.
Value Chain Analysis
According to the reports, the LASIK eye surgery industry is segmented based on types, vision error, end-users, and regions. It is divided into four types based on the type: wavefront optimised, wavefront-guided, topography guided, and all laser. The Wavefront Optimized sector, among these, is expected to increase at a significant CAGR during the projected period. The broad use of the sector in numerous end-uses can be attributable to the predicted expansion.
It is divided into myopia, hyperopia, astigmatism, and other vision errors based on the visual defect. Myopia is further subdivided into simple, induced or acquired, pseudomyopia, nocturnal, degenerative, and other types. Physiologic hyperopia, pathologic hyperopia, and other types of hyperopia are all sub-categories of hyperopia. Myopic astigmatism, hyperopic astigmatism, mixed astigmatism, and others are all types of astigmatism. It is divided into hospitals, eye care clinics, eye surgery LASIK facilities, and other categories based on the end user. During the projection period, the eye care clinic segment is expected to grow at a rapid pace. The anticipated rise can be attributable to the fact that dedicated eye clinics are establishing in a large number of nations.
The LASIK eye surgery market is segmented on the basis of the types, vision error, end-users, and regions. The LASIK eye surgery industry is expected to witness decent growth during the forecast period.
Based on the application, the LASIK eye surgery market is segmented into wavefront optimised, wavefront-guided, topography guided, and all laser.
Based on the propulsion types, the LASIK eye surgery market is segmented into hospitals, eye care clinics, LASIK facilities, and other.
According to the latest report, the LASIK eye surgery market is segmented into America, Europe, Asia pacific, and the Middle East & Africa. Because of well-developed technology, an expanding population affected by visual problems, high healthcare expenditures, and increased government backing for research and development, the Americas lead the worldwide LASIK Eye Surgery industry. Additionally, rising R&D efforts and the concentration of big enterprises in this area have fueled market expansion. The major competitors in this market are concentrating their efforts on capturing a large part of the growing markets such as India and China. Due to government support for research and development and the availability of money for research, Europe ranks second in the worldwide LASIK Eye Surgery industry. Over the foreseeable term, this is projected to continue to drive the European market. Countries such as Germany and France, for example, are expanding their healthcare investments.
Due to quickly improving healthcare technologies, a large patient population, and high healthcare spending, Asia Pacific is the fastest expanding LASIK Eye Surgery market. Furthermore, the rising demand for novel treatment approaches in nations such as India and China is expected to emerge as the world's fastest expanding market. On the other hand, due to inadequate knowledge of illnesses and insufficient access to treatment, the Middle East and Africa have the smallest portion of the worldwide LASIK eye surgery market.
Product launches, mergers and acquisitions, and contracts and partnerships are among the techniques used by the market's leading companies. These techniques would result in the delivery of effective and high-performance items, as well as the support of LASIK eye surgery market laws and improved customer pleasure.
Major Key Players
The following report comprises of –
|Market Size||USD 3,400 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Vision Error and End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Abbott Inc. (U.S.), Alcon Laboratories Inc. (U.S.), AMO Manufacturing USA, LLC (U.S.), Bausch & Lomb Incorporated (U.S.), Carl Zeiss, Inc. (Germany), LaserSight Technologies, Inc (U.S.), Nidek Inc. (Japan)|
|Key Market Opportunities||joint ventures, strategic alliances, mergers and acquisitions, new product developments|
|Key Market Drivers||Government support and research and development|
The outlook of the LASIK eye surgery market looks very promising.
LASIK Eye Surgery market is projected to expand at 5.60% CAGR during the forecast period (2022-2030).
Rising prevalence of myopia, hyperopia astigmatism, and several other vision problems and increased uptake of LASIK surgery to rectify all sorts of vision problems are the major tailwinds pushing the growth of the LASIK eye surgery market.
North America holds the largest share in the LASIK eye surgery market, followed by Europe and the Asia Pacific, respectively.
AMO Manufacturing USA LLC, Nidek, Inc., Abbott Inc., Alcon Laboratories, Inc., Carl Zeiss, Inc., Lasersight Technologies. Inc., and Bausch & Lomb Surgical, Inc., are some of the major players operating in the LASIK eye surgery market.