Refractive Surgery Devices Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4018
Refractive Surgery Devices Market size is projected to experience significant growth from 2019 to 2025.
Increasing prevalence of eye disorders among elderly population will drive the refractive surgery devices market growth over the forecast timeframe. According to the World Health Organization, about 1.3 billion people suffer from some form of vision impairment of which majority are aged 50 years and above. Age related macular degeneration is one of the major causes for rising prevalence of eye diseases. Cataract and central corneal opacities are major causes of visual impairment and blindness, stimulating the demand for refractive surgeries over the upcoming period. Thus, increasing ophthalmology surgeries due to growing eye diseases should spur the growth of refractive surgery devices market.
Development of new technologies in ophthalmic surgeries will boost the industry growth. Introduction of femtosecond laser reduces intraoperative complications as compared to mechanical microkeratome resulting in increased efficiency and safety of LASIK procedure. Also, wavefront-optimized and aberration-free profiles allowing enhanced efficiency during refractive surgeries should positively impact the business growth.
The research and development activities leading to advancements in refractive surgical devices will provide significant growth opportunities for market growth over the projected timeframe. However, high cost associated with refractive surgery might restrain the expansion of refractive surgery devices industry over the upcoming years.
Femtosecond lasers revolutionizing the field of corneal and refractive surgery will provide growth opportunities for refractive surgery devices market. These lasers are used in almost all anterior refractive procedures including laser in-situ keratomileusis, penetrating keratoplasty, insertion of intracorneal ring segments, insertion of intracorneal ring segments, corneal inlays and cataract surgery among other refractive procedures. Femtosecond laser has enabled treatment of patients suffering with high degree of myopia. Thus, wide-ranging applications of femtosecond lasers in refractive surgeries will spur the segmental growth.
Astigmatism treatment will provide significant growth opportunities to refractive surgery device market over the forecast years. It is a common vision condition occurring due to the curvature of lens inside eye or irregular shaped cornea. According to the Journal of Current Ophthalmology 2017 estimates, pool prevalence of astigmatism was around 14.9% in children while in adults it was nearly 40.4%. The growing prevalence of astigmatism will lead to segmental growth over the forecast timeframe.
Ambulatory surgical centers end-use segment is expected to foresee lucrative growth during projected timeframe. Majority of cataract and lens procedures are performed in ambulatory settings leading to high growth rate of the segment as well as user satisfaction. Availability of advanced devices with software and hardware developments will lead to peripheral and clear corneal incisions stimulating the segmental growth over the forthcoming years.
The U.S. refractive surgery devices market will foresee considerable growth in coming years owing to rising prevalence of eye conditions. According to the National Eye Institute, in 2014 about 24 million Americans were affected by cataract and is anticipated to increase by 38.7 million by 2030. However, the country has economic burden of around USD 139 billion for vision loss and eye diseases. Thus, rising burden of eye diseases will lead to significant growth of refractive surgical devices market in the country.
China refractive surgery device market will witness significant growth during the upcoming period. The prevalence of myopia has increased to 87.7% from 79.5% in Fenghua city from 2001 to 2015. In last 15 years there has been a remarkable increase of myopia incidence among the high school students in eastern china. Thus, growing prevalence of myopia among young population will spur the industry growth over the foreseeable period.
Developments in refractive surgery devices will drive the market growth over the coming years. For instance, In October 2018, Carl Zeiss Meditech received the U.S. FDA approval for VisuMax femtosecond laser resulting in business expansion and broadening of product portfolio of the company. Some of the other major players operating in the industry are Alcon Laboratories, Bausch and Lomb Surgical and NIDEK among others.
Refractive Surgery Devices Market, by Product, 2014-2025 (USD Million)
- Femtosecond lasers
Refractive Surgery Devices Market, by Application, 2014-2025 (USD Million)
- Near sightedness
- Far sightedness
Refractive Surgery Devices Market, by End-use, 2014-2025 (USD Million)
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Carl Zeiss Meditec Inc.
- Alcon Laboratories
- Bosch and Lomb surgical
- Ellex Medical
- Zeimer Opthalmic Systems
- Schwind Eye-Tech-Solutions
- IVIS Technologies
- Johnson and Johnson Company
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