LASIK Eye Surgery Devices Market Size By Product (Excimer Laser, Femtosecond Laser), By Application (LASIK Eye Centers, Hospitals, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022-2030

Industry Overview

LASIK Eye Surgery Devices Market size was valued at over USD 1.6 billion in 2021 and is expected to grow at a CAGR of over 5% from 2022 to 2030. Increasing prevalence of ocular conditions will propel the market expansion.
 

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The burden of ophthalmic disorders has increased in both developing and developed economies. Based on data from the National Eye Institute, common vision problems impact over 11 million Americans. This rising incidence of eye disorders will contribute to the popularity of LASIK eye surgery. By 2050, over 50% of the world’s population will suffer from myopia, as per estimates from the International Myopia Institute. This is expected to augment the demand for corrective eye surgery worldwide.
 

A major factor leading to the high incidence of ocular and ophthalmic conditions, including cataracts and refractive errors, is aging. Moreover, a surge in screen time has also raised the prevalence of refractive vision defects, especially among adults and youngsters. As a result, the acceptance of the LASIK procedure will rise, since laser surgery can reduce the symptoms associated with age-related macular degeneration and other eye diseases.
 

High awareness about the risks of eye surgeries may hamper LASIK eye surgery devices market share

Despite the favorable business environment, the rising awareness about the complications of LASIK eye surgery may impede industry expansion globally. Common issues associated with eye surgeries include overcorrections, under-corrections, regression, astigmatism, rise in intraocular pressure, and vision loss. Temporary visual problems such as dry eyes and glare are also side effects of this surgical procedure, which may hinder the development of LASIK eye surgery devices.
 

Femtosecond laser eye surgery to gain traction

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The LASIK eye surgery devices market is segregated into excimer laser and femtosecond laser categories. Among these, the femtosecond laser segment accounted for over 53% of the industry share in 2021, owing to its high level of accuracy, safety, and other benefits. LASIK surgery conducted with a femtosecond laser is also considered an advanced method of correcting various refractive eye disorders. Furthermore, the surgical speed can also be increased with this device, resulting in less trauma to the eyes and reduced errors, which may fuel business progression.
 

Strong presence of skilled professionals in LASIK eye centers to strengthen the industry landscape

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Based on application, the LASIK eye surgery devices market is bifurcated into LASIK eye centers, ambulatory surgical centers, hospitals, and others. The LASIK eye centers segment is slated to depict a CAGR of 5% through 2030, given rising initiatives from management service organizations to expand eye care centers. For instance, in May 2022, Sunvera Group partnered with William S. Goldstein, an ophthalmologist in Shelby Township to expand its network of surgical and ophthalmology centers in Michigan and Ohio. LASIK eye centers also have skilled professionals and provide specialized care, thereby amplifying segment demand.
 

Rising demand for minimally invasive surgeries to define North America industry size

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North America LASIK eye surgery devices market surpassed USD 590 million in 2021. This is credited mainly to the growing awareness about the benefits of minimally invasive surgical techniques and the strong demand for eye surgeries. Medicare facilities that cover this eye surgery type are also present across the region. These factors, alongside the favorable reimbursement scenario, will proliferate the use of LASIK eye surgery equipment in healthcare facilities, propelling regional market trends.
 

Strategic acquisitions to remain a key growth strategy for market players

Johnson & Johnson, NIDEK, SCHWIND eye-tech-solutions, Bausch & Lomb Incorporated (Bausch Health), TECHNOLAS PERFECT VISION GMBH, and Ziemer Ophthalmic Systems are some of the key LASIK eye surgery devices market players. These companies are focusing on initiatives such as mergers and acquisitions to expand their foothold in the market.
 

For instance, in July 2022, NIDEK TECHNOLOGIES S.R.L. acquired NIDEK MEDICAL S.R.L. to expand its ophthalmic device offerings and increase its sales. This initiative will enable the company to establish a strong presence in the industry landscape.
 

Impact of COVID-19 on LASIK Eye Surgery Devices Market Outlook

In the initial months of the COVID-19 pandemic, patient visits and surgical procedures related to ophthalmology reduced considerably. According to a population-based study in Ontario, over 56,900 patients were on the waiting list for elective ophthalmic surgery as of March 2020. The rate of elective surgeries also decreased by 80% in May 2021 as compared to a year earlier. However, with the gradual ease of restrictions and the increasing backlog of ophthalmic surgeries, LASIK eye surgery devices industry is expected to witness an upsurge over the forthcoming years.
 

The LASIK eye surgery devices market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030 for the following segments:

By Product

• Femtosecond laser
• Excimer laser

By End-use

• Lasik eye centers
• Ambulatory surgical centers
• Hospitals
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Italy
  • Germany
  • UK
  • Spain
• Asia Pacific
  • Japan
  • Australia
  • China
  • India
• Latin America
  • Mexico
  • Brazil
• Middle East & Africa
  • GCC Countries
  • South Africa