Custom LASIK Surgery Market Growth and Analysis 2024Posted by Rajkumar on April 5th, 2019 LASIK surgery is a highly effective method to correct vision and is especially useful in treatment of various refractive disorders such as myopia, hyperopia, and astigmatism. In the U.S. alone, over 34 million patients are suffering from myopia according to the American Academy of Ophthalmology 2016 estimates. Moreover, around 150 million people in the U.S. wear corrective eyeglasses. Custom LASIK surgery market revenue is expected to witness upward trajectory growth, owing to increase in demand for effective therapeutic treatment for disorders related to the eyes.
The global custom LASIK surgery market size was valued at US$ 1,537.6 million in 2016 and is expected to expand at a CAGR of 9.7% during 2016 – 2024.
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Multinational players need to tap into potential addressable market in emerging economies
Product portfolio expansion and partnerships with local players are key custom LASIK surgery market trends, which are expected to shape the industry in the near future. Moreover, companies are focusing on receiving regulatory approval for their products to differentiate their product offerings. For instance, Abbott received FDA approval for iDesign Advanced WaveScan Studio in 2015. Major players 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.
Wavefront guided has emerged as the highest revenue contributor among procedure segments
Wavefront guided procedure segment is expected to dominate the custom LASIK surgery market procedure throughout the forecast period. The segment has been estimated to account for 45.8% share of the global custom LASIK surgery market revenue in 2016. This procedure involves detailed wavefront generated measurements of light traversing through the eyes. The procedure helps in offering personalized treatment to patients based on the unique anatomy of the patient’s eye. It is highly precise and more specific compared to conventional LASIK surgery.
Rapid increase in demand for custom LASIK surgery procedure in the emerging economies to boost market growth
North America, followed by Europe accounted for major share of global custom LASIK surgery market revenue in 2016. These two regions are together estimated to account for 65.1% of overall market revenue. However, the market for LASIK surgery procedure in Asia Pacific is projected to surpass that in in Europe by 2019. The primary factor for market growth in Asia Pacific is increased installations of LASIK systems in eye-care facilities in Japan. Japan is projected to account for 51% share of the custom Asia Pacific LASIK surgery market in 2017. Increasing patient awareness, high disposable income and improvement in the healthcare infrastructure has resulted in rise in number of LASIK surgeries and in turn, is resulting in growth of the custom LASIK surgery market in the country.
Detailed Segmentation:
Global Custom LASIK Surgery Market, By Procedure:
- Wavefront Guided - Wavefront Optimized - Topography
Global Custom LASIK Surgery Market, By Therapeutic Applications:
- Myopia - Hyperopia - Astigmatism - Others
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