The Global Custom LASIK Surgery Market was valued at US$ 1,537.6 million in 2016, as highlighted by Coherent Market Insights in its latest report on the market. High degree of precision and personalization as compared to conventional LASIK surgery is expected boost demand for custom LASIK surgery.
Custom LASIK surgery market has witnessed lucrative growth in last five years, owing to its added advantage over conventional LASIK surgery and advanced eye laser treatments. It offers high correction vision and also enhances quality of eye vision in terms of contrast sensitivity. Since the introduction of LASIK surgery in 1991, over 10 million patients have been benefitted worldwide. However, the personalized LASIK surgery gained traction post introduction of wavefront guided LASIK surgery in 2002. Since then, various companies have revolutionized the industry by venturing in custom LASIK surgery market.
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Increasing prevalence rate of refractive disorders, along with higher demand for eye laser treatment is expected to create market opportunity for players engaged in LASIK surgery market. For instance, over 23% of the U.S. population aged above 40 years suffered from myopia according to the American Academy of Ophthalmology 2016 estimates. There is high addressable market that needs to be capitalized upon. Only a fraction of the market is commercialized with custom LASIK surgery procedure. Existing leading companies are spend a considerable amount on development of custom LASIK technology. Companies such as Abbott Medical Optics, Alcon Laboratories, and Wavelight AG, have developed wavefront guided LASIK technology for individual treatment.
Key takeaways of the market are as follows:
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