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  • Published On : Mar 2020
  • Code : CMI86
  • Pages :128
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

Custom LASIK Surgery Market – Alternative to Eyewear

LASIK surgery is an effective method to correct vision and is used in the treatment of various refractive disorders such as myopia, hyperopia, and astigmatism.

The global custom LASIK surgery market was valued at US$ 1,837.9 million in 2018, and is expected to exhibit a CAGR of 9.6% over the forecast period (2019-2027).

Figure 1. Global Custom LASIK Surgery Market Value (US$ Mn), by Region, 2018

CUSTOM LASIK SURGERY MARKET

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Source: Coherent Market Insights Analysis (2020)

Increasing incidence of refractive disorders is expected to propel growth of the global custom LASIK market

Increasing incidence of refractive disorders coupled with high demand for eye laser treatment is expected to drive growth of the custom LASIK surgery market over the forecast period. For instance, according to the American Academy of Ophthalmology, 2016, around 23% of the U.S. population aged above 40 years suffered from myopia.

Market players are focused on launches and approval of LASIK procedures to enhance their offerings in potential markets. For instance, in November 2015, Alcon, a division of Novartis introduced Contoura Vision, the first personalized LASIK procedure at the American Academy of Ophthalmology (AAO) Annual Meeting held at Las Vegas, U.S. Contoura Vision is a topography-guided LASIK treatment developed to help surgeons or healthcare professionals perform personalized laser procedures for patients with nearsightedness with astigmatism based on the corneal topography of each eye.

Moreover, key players in the market are focusing on investments in research and development of custom LASIK technology. Several market players are actively investing in development and launch of advanced wavefront guided LASIK technology for individual treatment. For instance, in June 2013, Bausch & Lomb Incorporated received the Health Canada Medical Device License (MDL) for VICTUS Femtosecond Laser Platform that is used in creation of a corneal flap in patients undergoing LASIK surgery.

However, costly treatment procedures and technical complexity are the major factors which are expected to hamper the market growth. Moreover, these procedures might damage the vision permanently. For instance, according to the American Refractive Surgery Council, advanced LASIK procedures for Astigmatism can cost around US$ 4,500.

Figure 2. Global Custom LASIK Surgery Market Share (%), by Therapeutic Applications, 2019 and 2027

CUSTOM LASIK SURGERY MARKET

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Source: Coherent Market Insights Analysis (2020)

Increasing incidence of myopia in North America is expected to boost the market growth

North America is expected to hold a dominant position in the global custom LASIK surgery market over the forecast period owing to increasing demand for effective therapeutic treatment for disorders related to the eyes, which is expected to drive demand for LASIK surgery over the forecast period. For instance, according to the American Academy of Ophthalmology 2016, around 34 million people suffered from myopia in the U.S. Moreover, around 150 million people in the U.S. wear corrective eyeglasses.

Rising product approvals are expected to drive the market growth over the forecast period. For instance, in July 2015, Abbott received the U.S. Food and Drug Administration (FDA) approval for iDesign Advanced WaveScan Studio System. The system generates high definition scan which measures and recognizes the problem in the eye.

Asia Pacific is also expected to witness significant growth in the custom LASIK surgery market due to increasing number of installations of LASIK systems in eye-care facilities in Japan. Moreover, increasing patient awareness about LASIK procedures, high disposable income, and improvement in the healthcare infrastructure has led to a higher number of LASIK surgeries.

Key Players

Major players operating in the global custom LASIK surgery market include Alcon Laboratories, Inc., Bausch & Lomb, Carl Zeiss, Inc., Abbott Medical Optics, Nidek, Inc., and Technolas Perfect Vision GmbH.

Frequently Asked Questions

The global custom LASIK surgery market is estimated to surpass US$ 4.1 Billion by 2027

Major players operating in the global custom LASIK surgery market include Alcon Laboratories, Inc., Bausch & Lomb, Carl Zeiss, Inc., Abbott Medical Optics, Nidek, Inc., and Technolas Perfect Vision GmbH.

Costly treatment procedures and technical complexity are some the major factors that are expected to hamper growth of the market over the forecast period.

Increasing incidence of refractive disorders, coupled with high demand for eye laser treatment are some the major factors that are expected to propel growth of the market over the forecast period.

The global custom LASIK surgery market is estimated to exhibit a CAGR of 9.6% over the forecast period.

Among regions, North America is expected to hold dominant position in the global custom LASIK surgery market over the forecast period.

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