Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The LASIK surgery procedure is carried out for treatment of patients suffering from myopia. Factors such as the increasing demand for minimally invasive therapies and the rising prevalence of refractive disorders are expected to boost demand for Laser Vision Correction procedures during the forecast period. Commercialization of approved LASIK surgery systems is expected to fuel market growth during the forecast period.
Moreover, key players in the market are focusing on investments in research and development of custom LASIK technology. They are actively investing in acquiring license for commercialization of advanced wavefront guided LASIK technology for 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.
Global Laser Vision Correction Market - Impact of Coronavirus (Covid-19) Pandemic
The laser vision correction market study is a well-researched report encompassing a detailed analysis of this industry with respect to certain parameters such as the product capacity as well as the overall market remuneration. According to the World Health Organization Coronavirus Disease (COVID-19) Dashboard (WHO) report, the manifestation of the coronavirus disease (COVID-19) has resulted in more than 7 million infected individuals worldwide as of June 2020.
Due to the lockdown, several countries such as Italy, Spain, U.K., the U.S., India, and others are facing problems regarding the transportation of laser vision correction devices from one place to another. Upcoming LASIK surgeries are delayed due to nationwide lockdowns as LASIK surgeries are classified as cosmetic procedures in many countries.
The WHO has encouraged ophthalmic centers to take safety and responsible measures in order to reduce the spread of coronavirus. For instance, limiting the number of people in one area at a time, modifying workstation arrangements, and minimizing the cross flow of people between shifts to reduce potential exposure, along with enhanced cleaning and sanitization of facilities.
The Laser Vision Correction Market is estimated to be valued at US$ 5,201.3 million in 2020 and is expected to exhibit a CAGR of 7.9% during the forecast period (2020-2027).
Figure 1: Global Laser Vision Correction Market Share (%) Analysis, By Type, 2020
Increasing number of product launches and approvals are expected to drive the growth of the laser vision correction market.
Laser vision correction is an effective method to correct the vision and is used for the treatment of various refractive disorders such as myopia, hyperopia, astigmatism, and others.
Market players are focused on product launches, obtaining approvals for laser vision correction devices, and enhancing 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’s (AAO) annual meeting in Las Vegas, U.S. Contoura Vision is a topography-guided LASIK treatment developed to help surgeons or healthcare professionals perform personalized laser procedures on patients with nearsightedness and astigmatism based on the corneal topography of each eye.
Furthermore, Bausch Health is also making available for donation of ARTELAC Splash eye drops for local hospitals (Spain). Moreover, in October 2018, Alcon introduced the advanced WaveLight Refractive Suite that can be used with Contoura Vision to guide surgeons and professionals in detection of abnormality or imperfection in eyes.
Laser Vision Correction Market- Restraints
However, LASIK surgery devices are highly computerized devices which can experience faults, inconsistencies, technical glitches, and other problems. Due to these technical problems, the U.S. FDA has often recalled LASIK surgery devices which is expected to hamper the laser vision correction market growth during the forecast period. For instance, in March 2018, the U.S. FDA recalled the FEMTO LDV(TM) Z8 Femtosecond Surgical Laser, a product by SIE AG, due to a customer complaint received on November 16, 2017 about a complication with a cataract procedure.
Laser Vision Correction Market Report Coverage
||Market Size in 2019:
||US$ 5,201.3 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 8,841.2 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Procedure: LASIK (Laser Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction), Others.
- By Type: Excimer Laser, Femtosecond Laser.
- By Therapeutic Application: Myopia, Hyperopia, Presbyopia, Astigmatism, Cataract, Others.
- By End User: Hospitals, Specialty Clinics, Ambulatory Surgical Centers.
Johnson & Johnson., Alcon Laboratories, Inc., Nidek co., Ltd., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Ziemer Group AG, Schwind Eye-tech-solutions, and Coherent Inc.
- The Increasing Number of Product Launches and Approvals
- Technological Advancements by Key Players
|Restraints & Challenges:
- Frequent Product Recalls and High Cost of Laser Vision Correction Surgeries
Laser Vision Correction Market– Regional Analysis
The market in North America accounted for the largest share in the Laser Vision Correction Market in 2019 owing to the increasing incidence of refractive disorders, coupled with high demand for laser treatment. For instance, according to the American Academy of Ophthalmology, in 2016, around 23% of the U.S. population above the age of 40 years suffered from myopia.
Furthermore, in January 2019, according to the Glaucoma Research Foundation, over 3 million people in the U.S. have been diagnosed with glaucoma. The National Eye Institute projects that this number will increase by 58% and reach 4.2 million by 2030.
Furthermore, the market in Asia Pacific is expected to witness the fastest growth during the forecast period. The increasing demand for new treatment methods in countries such as India and China is expected to drive the market growth. For instance, in 2016, Contoura Vision received the U.S. FDA approval for a commercial launch, which is also available in India in various centers, and several Indian surgeons now have extensive experience with this technology.
Figure 2: Global Laser Vision Correction Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Laser Vision Correction Market- Competitive Landscape
Key players operating in the laser vision correction market are Johnson & Johnson., Alcon Laboratories, Inc., Nidek co., Ltd., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Ziemer Group AG, Schwind Eye-tech-solutions, and Coherent Inc.