Market Research Future (MRFR) reveals that the LASIK eye surgery market would procure a CAGR of 6.5% from 2017 to 2022 (analysis period).
Growth Boosters and Deterrents
Cataract, according to the World Health Organization (WHO), is a visual acuity of 3/60 within the better eye, and is identified as one of the top causes of blindness across the globe. Cataract affects roughly 19 million people, with 90% of them across low to middle income nations. WHO also reveals that LASIK eye surgeries account for over 800,000 procedures carried out every year, making it one of the commonly performed refractive surgeries. Emergence of novel and advanced surgical techniques, surging burden of eye disorders and technical innovations including surgical microscopes are some of the major reasons for the rapid growth of the LASIK eye surgery market.
Robots along with artificial intelligence is touted to be integral aspect of the oncoming revolution in the ophthalmic industry. With enormous potential, robots help foster the precision and accuracy level of surgical techniques and treatment, resulting in unprecedented efficacy and safety levels compared to conventional type of surgeries. Therefore, the growing use of robots and the rapid adoption of other modern technologies like AI and machine learning will be the top trends in the LASIK eye surgery industry in the following years.
Strong government support as well as the surge in exhaustive research and development activities act in favor of the global market as well. More and more firms are focusing on research and development to launch better surgical tools with multiple functions and applications. Business expansion is another focus area for many of the brands active in the global market. For instance, in June 2021, Clear Vision Institute, an established eye care center in Utah (US) will now make available an upgraded line of LASIK surgery services to those affected by farsightedness, astigmatism, and sightedness.
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LASIK Eye Surgery industry has been considered for types, vision error and end user.
The different types of LASIK eye surgeries are topography guided, wavefront-guided, wavefront optimized, all laser and more.
Depending on vision error, the key segments are astigmatism, hyperopia, myopia, and others. Types of myopia are degenerative, induced or acquired, simple, nocturnal, pseudomyopia, and others. Hyperopia types are pathologic hyperopia, physiologic hyperopia, and others. Furthermore, astigmatism types are mixed astigmatism, hyperopic astigmatism, myopic astigmatism, and others.
The top end users are LASIK centers, eye care clinic, hospitals, and others.
The LASIK eye surgery industry has been geographically segmented with respect to APAC/Asia Pacific, MEA/Middle East & Africa, the Americas, and Europe.
The American market has procured the leading spot in the LASIK eye surgery industry, thanks to the well-developed medical facilities and the consistently expanding patient base affected by vision issues. Large-scale healthcare expenditure combined with the high government support in terms of research & development also adds to the market worth. Major concentration of world—renowned firms in the region also has a huge hand in the market growth.
In the second place is the European market, given the escalating number of LASIK eye surgeries in the region. With the government constantly encouraging extensive research & development activities and the considerable budget allocated for the same benefits the regional market. the top performers in the region are France and Germany, considering that these countries spend sizeably on inducing improvements in the healthcare infrastructure and on adoption of the latest technologies. The high preference for minimally invasive procedures with respect to vision correction in the region also adds to the market value.
The APAC market for LASIK eye surgery will attain the fastest CAGR in the next few years, on account of the incredible developments in the existing healthcare infrastructure. The massive patient base in the region affected by a variety of vision problems and the rising spending on the healthcare industry further elevates the market position in Asia Pacific. Growing urgency for new and better treatment techniques in developing nations like China and India also ensures rapid gains. Modernization of the manufacturing techniques, surge in research & development activities within the healthcare industry and the fast-burgeoning geriatric patient populace will create lucrative opportunities for the manufacturers in the years ahead.
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The well-known manufacturers in the LASIK eye surgery market are Carl Zeiss, Inc. (Germany), Bausch & Lomb Incorporated (U.S.), Abbott Inc. (U.S.), Nidek Inc. (Japan), LaserSight Technologies, Inc (U.S.), AMO Manufacturing USA, LLC (U.S.), Alcon Laboratories Inc. (U.S.), to name a few.
Several manufacturers are striving to adopt the latest manufacturing technologies while also focusing on commercialization of their tools and services to capitalize on the emerging trends in the market. Prominent vendors are acquiring other companies to consolidate their rankings in the global market.