Refractive Surgery Devices Market Size is set to gain remarkable traction from 2022 to 2028, on account of the emergence of refractive eye surgery as an innovative solution to reduce or eliminate dependence on corrective lenses. In addition, the myriad benefits of LASIK refractive surgery among sportsmen, including improved performance and safety, will also contribute to overall industry share in the forthcoming years. Refractive surgery refers to a surgical procedure conducted to correct the refractive error of the eye to optimize vision without reliance on eyeglasses. This procedure can be classified as lens-based surgery and corneal procedure, as well as be performed among patients with stable refraction by 18 to 21 years.
Rising burden of uncorrected refractive error among both children and adults is one of the factors propelling the refractive surgery devices market trends during the forecast period. As per the WHO’s data, nearly 2.2 billion people have a distance or near vision impairment globally, which could amplify the demand for refractive surgery equipment. Likewise, the growing incidence of cataracts among older people will also drive the need for refractive cataract surgical procedures in the upcoming years.
Considering product, the refractive surgery devices market from the microkeratome segment is expected to register a commendable revenue by 2028. This is owing to the advantages of the device in laser vision correction, including faster operation and increased comfort among patients. Despite these positive attributes, potential complications associated with LASIK surgeries conducted using microkeratomes, such as the hole in the flap and risks of a partial flap, may hinder the segmental expansion to some extent in the years ahead.
Europe refractive surgery devices market is set to exhibit a strong growth rate through 2028, driven by the steep rise in the number of patients requiring ophthalmology to prevent instances of sight loss in the UK. As per the Royal College of Ophthalmologists, the burden of sight loss in the country is likely to surge by a third over the next decade, reaching over 2.7 million by 2030. Situations such as these, alongside the increased number of European people who fall under the presbyopia candidate age range, will also assert a positive influence on the refractive surgery centers in the region.
Key refractive surgery devices market participants include Avedro (Glaukos Corp.), Lensar, Johnson and Johnson Company, IVIS Technologies, Schwind Eye-Tech-Solutions, Lumenis, Zeimer Opthalmic Systems, Ellex Medical, Bosch + Lomb Surgical, Alcon Laboratories, and Carl Zeiss Meditec Inc., among others. These companies are focusing on new product launches, collaborations, and acquisitions to expand their business in the global market. For instance, In June 2021, Bosch + Lomb announced that its affiliate inked an agreement with Lochan LLC to develop the next-generation of its eyeTELLIGENCE™ clinical decision support software. This software was developed to enable surgeons to seamlessly integrate cataract, refractive, and retinal surgery processes for increased practice efficiency.
Several ophthalmology practices witnessed extensive modifications during the peak of the novel coronavirus pandemic in several countries. The modifications include limitations of face-to-face services to urgent or time-sensitive conditions in countries including Australia. These factors may have created a hindrance to the steady growth of the refractive surgery devices industry over the past months.
The market may, however, regain momentum over the foreseeable future, due to the rising cases of myopia among children amid the pandemic. During the lockdown, children’s screen time rose from 2.5 hours to over 7 hours per day, which could boost the adoption of refractive surgery for myopia and other eye disorders.
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