Global LASIK Eye Surgery Market – Industry Trends and Forecast to 2031

LASIK Eye Surgery Market Analysis and Size

In the Lasik eye surgery market, the treatment of higher-order aberrations (HOAs) is a specialized application aimed at correcting visual imperfections beyond traditional refractive errors. HOAs cause distortions in vision, leading to issues such as glare, halos, and reduced contrast sensitivity. LASIK procedures tailored to address HOAs utilize advanced wavefront-guided or topography-guided techniques to precisely reshape the cornea, resulting in sharper and more enhanced vision quality for patients. By targeting HOAs, LASIK surgery can significantly improve visual clarity, especially in low-light conditions, enhancing overall patient satisfaction and quality of life.

Global LASIK eye surgery market size was valued at USD 3.53 billion in 2023 and is projected to reach USD 5.21 billion by 2031, with a CAGR of 5.00% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation       

Market Definition

LASIK (Laser-Assisted in Situ Keratomileusis) is a popular surgical procedure to correct vision problems such as near-sightedness, farsightedness, and astigmatism. It involves using a laser to reshape the cornea, allowing light to focus properly onto the retina, thus improving vision without the need for glasses or contact lenses.

LASIK Eye Surgery Market Dynamics

Drivers

• Growing Technological Advancements Enhance the Efficacy of LASIK Eye Surgery Procedure

Innovations in laser technology, such as femtosecond lasers for creating corneal flaps, improve surgical accuracy and minimize complications. Advanced diagnostic tools such as wavefront and topography-guided imaging enable personalized treatment plans, optimizing visual outcomes for patients. Improvements in surgical techniques, such as bladeless LASIK and custom wavefront-guided procedures, cater to individual corneal irregularities, expanding the pool of eligible candidates. These advancements instill confidence in both patients and practitioners, driving increased adoption and market growth within the LASIK industry.

For instance, In April, 2024, VisionTech's latest wavefront-guided LASIK platform promises enhanced precision in correcting refractive errors, including higher-order aberrations, setting a new standard in the LASIK market. The innovative technology is expected to attract more patients seeking personalized vision correction and drive further advancements in the industry.

• Demand for LASIK Procedures Increases among the Rapid Aging Population

As people age, the prevalence of vision-related conditions such as presbyopia rises, leading to a greater need for effective vision correction solutions. LASIK surgery offers older adults the opportunity to regain clear vision and reduce dependence on glasses or contacts, aligning with their desire for independence and active lifestyles. This demographic trend fuels market growth as LASIK providers cater to the specific needs of aging individuals, expanding the reach of vision correction services and driving innovation in surgical techniques tailored to address age-related vision issues.

Opportunities

• Growing Integration with Telemedicine Enhances Accessibility of LASIK Services for Patients

Leveraging telemedicine platforms, patients can consult with LASIK specialists remotely, facilitating preoperative evaluations and postoperative care without the need for in-person visits. This integration expands the reach of LASIK services to underserved areas, increasing patient access to expert eye care. Telemedicine also streamlines the consultation process, reducing wait times and improving overall patient satisfaction. Integration with telemedicine enhances the efficiency, accessibility, and quality of LASIK services, driving market growth.

• Adoption of LASIK Eye Surgery Increases due to Changing Lifestyle Factors

LASIK offers freedom from glasses or contact lenses, allowing people to engage in sports, outdoor activities, and professions without visual hindrances. Athletes, professionals, and individuals with dynamic lifestyles seek LASIK for enhanced performance, convenience, and confidence. The procedure's quick recovery time and long-lasting results align with busy schedules, making it an attractive option for those with active lifestyles. LASIK's ability to provide clear and unobstructed vision supports individuals in pursuing their passions and daily activities without the limitations of corrective eyewear.

Restraints/Challenges

• High Cost Considerations limits the Adoption of LASIK Services

The high cost for LASIK surgery, limits individuals who may not have adequate financial resources or insurance coverage. This cost barrier limits accessibility to LASIK services, particularly for those in lower-income brackets or regions with limited healthcare infrastructure. As a result, cost considerations impede market growth by reducing the pool of potential patients for LASIK providers.

• Alternative Vision Correction Options Reduces the Growth Potential of LASIK Surgery Providers

Vision correction alternatives, such as implantable lenses, orthokeratology, and phakic intraocular lenses, offer competitive solutions for refractive errors without the need for corneal reshaping surgery. Procedures such as SMILE (Small Incision Lenticule Extraction) and PRK (Photorefractive Keratectomy) provide alternatives to LASIK, catering to patients with specific preferences or contraindications. The availability of diverse options can lead to potential LASIK candidates exploring alternative treatments, thereby reducing the market share and growth potential of LASIK surgery providers.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In October 2022, Stanford University School of Medicine initiated a research investigation to compare the efficacy of wavefront-guided LASIK versus topography-guided LASIK for correcting nearsightedness. This study aims to provide valuable insights into the effectiveness of different LASIK techniques, potentially influencing clinical practices and patient outcomes in the field of refractive surgery
• In July 2022, Nidek Technologies SRL's acquisition of Nidek Medical SRL represents a strategic move to expand its portfolio of ophthalmic medical devices and bolster its presence in the LASIK eye surgery sector. Integrating Nidek Medical's expertise and resources, Nidek Technologies aims to enhance its product offerings and sales capabilities, positioning itself as a prominent player in the LASIK equipment market
• In August 2021, Eye Health America's acquisition of Nielsen Eye Center in the Tampa Bay Area expanded its regional presence and signaled a strategic advancement in the LASIK eye surgery market. This enabled Eye Health America to offer a more comprehensive range of eye care services, including LASIK procedures, thereby strengthening its competitive stance in the local market. Integrating Nielsen Eye Center's expertise, resources, and patient base, eye health america positioned itself to capture a larger share of the LASIK surgery market in the Tampa Bay Area
• In June 2021, Jawaharlal Institute of Postgraduate Medical Education and Research (JIPMER) launched Lasik surgery services, marking a significant advancement in its ophthalmic offerings. This initiative underscores JIPMER's commitment to staying at the forefront of medical innovation and meeting the evolving needs of its patients

LASIK Eye Surgery Market Scope

The market is segmented on the basis of type, vision error, product and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Wavefront Optimized
• Wavefront-Guided
• Topography Guided
• All Laser

Vision Error

• Myopia
• Hyperopia
• Astigmatism
• Others

Product

• Excimer Laser
• Femtosecond Laser

End-User

• Hospitals
• Eye Care Clinic
• LASIK Centers
• Others

LASIK Eye Surgery Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by country, type, vision error, product and end-user as referenced above.

The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates in the market due to its robust healthcare infrastructure provides a solid foundation for delivering advanced eye care services. The region hosts a significant presence of major players in the market, contributing to the accessibility and availability of LASIK procedures. Moreover, the increasing prevalence of eye diseases and disorders in North America underscores the growing demand for such surgical interventions. Additionally, the region's proactive engagement in research activities further drives advancements in LASIK technology and techniques, solidifying its dominance in the market.

Asia-Pacific is expected to have substantial growth, propelled by various factors including government initiatives aimed at raising awareness about healthcare, a surge in medical tourism, and increasing research endeavors. Additionally, the region benefits from vast undiscovered markets, a sizable population base, and a rising demand for high-quality healthcare services. These dynamics position Asia-Pacific as a key player in the global healthcare landscape, with significant potential for expansion and development.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.

Competitive Landscape and LASIK Eye Surgery Market Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

• Abbott (U.S.)
• Johnson & Johnson Private Limited (U.S.)
• Carl ZEISS AG (Germany)
• NIDEK CO., LTD (Japan)
• Ziemer Ophthalmic Systems AG(U.S.)
• Alcon Inc. (Switzerland)
• LaserSight Technologies, Inc (U.S.)
• Bausch+Lomb Incorporated (Canada)
• SCHWIND eye-tech-solutions (Germany)
• TECHNOLAS PERFECT VISION GMBH (Germany)

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