Refractive Surgery Devices Market Reaching Nearly USD 290.8 Million By 2028
Posted by rahul nikade on November 24th, 2022
Refractive Surgery Devices Industry Overview
The global refractive surgery devices market size is expected to reach USD 290.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.7% from 2021 to 2028. As a result of the COVID-19 pandemic, consumers have started spending more time on digital devices. The trend of working from home has contributed to an increase in eyestrain, dry eye, and myopia. Furthermore, the growth of the geriatric population has increased the demand for refractive surgery devices. According to the National Institute on Aging (NIA), the geriatric population would be about 72 million individuals by 2030.
Refractive Surgery Devices Market Segmentation
Grand View Research has segmented the global refractive surgery devices market based on application, product, end use, and region:
Based on the Application Insights, the market is segmented into Myopia, Hyperopia, Astigmatism, Presbyopia, Dry Eyes.
- Myopia held the largest share of 27.1% in 2020 and is expected to grow at a moderate rate during the forecast period. The prevalence of myopia is increasing globally at a high rate, with a significant increase in the risks of vision impairment.
- Hyperopia held a significant share in 2020 as it is a frequent refractive disease that affects both children and adults. The frequently used method for medically correcting hyperopia is excimer laser surgery (193 nm).
- The astigmatism segment is expected to grow at the fastest rate of 8.4% during the forecast period. The astigmatism segment is anticipated to boom in the market due to the advancements in technology and the increased rate of astigmatism disorder.
- The high prevalence of presbyopia is likely to drive the market. Presbyopia affects more than 1.1 billion people worldwide, with one-third of those over the age of 50 years. More than 90% of the patients in this pool are from poor nations.
- The increased occurrence of causal risk factors such as the overuse of contact lenses and extended exposure to digital displays is contributing to the expanding burden of dry eye, thus the market for this segment is expected to witness significant growth.
Based on the Product Insights, the market is segmented into Lasers, Microkeratome, Aberrometers, Others.
- The lasers segment held the largest revenue share of 34.9% in 2020 owing to the increased usage of laser surgeries for vision correction and technological advancements. The segment will expand at the fastest CAGR from 2021 to 2028.
- The microkeratome segment is expected to expand at a healthy CAGR over the forecast period. The fast expansion of the geriatric population and the rise in the frequency of eye diseases are expected to drive the segment.
- Aberrometers use wavefronts to evaluate total refractive error and have proven to be a valuable tool in ophthalmology, notably in refractive surgery. Ophthalmologists may now accurately and precisely assess more corrective elements of the eye than ever before owing to this technological innovation.
Based on the End-use Insights, the market is segmented into Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics.
- The hospitals segment held the largest share of nearly 37.0% in 2020. The procurement of ophthalmic refractive surgical devices in these settings due to their longer shelf life is expected to contribute to the segment growth.
- Ambulatory surgical centers are anticipated to grow at the fastest rate during the forecast period. The rising popularity of ambulatory surgical centers is due to convenience, closeness, and reduced costs for patients and insurance.
- The ophthalmology clinics segment is expected to register a significant CAGR in the forthcoming years due to the increasing number of ophthalmologists and optometrists offering individual clinical services. Moreover, growing incidences and awareness of refractive errors are expected to boost the segment growth.
Refractive Surgery Devices Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Companies are engaged in various strategies, such as mergers &acquisitions, product launches, partnerships, and joint ventures to gain a greater market share.
Some prominent players in the global refractive surgery devices market include
- Johnson & Johnson Services, Inc.
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- Quantel Medical
- TOPCON CORPORATION
- NIDEK CO., LTD.
- SCHWIND eye-tech-solutions
Order a free sample PDF of the Refractive Surgery Devices Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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