Lasik Eye Surgery Devices Market size to cross $1.9 Bn by 2025
Published Date: January 10, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Lasik Eye Surgery Devices Market size is set to exceed USD 1.9 billion by 2025; according to a new research report by Global Market Insights, Inc.
Technological advancement in lasik eye surgery devices is projected to remarkably drive the market growth. Moreover, the need to eliminate larger incisions will surge the demand for advanced lasik eye surgery devices, thereby boosting the market progress.
Increasing incidence of vision disorders has surged the demand for lasik procedures
Increasing incidence of eye disorders or eye diseases in developing as well as developed economies will positively influence the lasik eye surgery devices market growth. Demographic shift has led to an increased incidence of several ocular and ophthalmic conditions including refractive errors, age-related macular degeneration and cataract among others. According to the National Eye Institute, more than 11 million Americans are suffering from common vision problems. These conditions are widely known as refractive errors and can occur when the eye doesn’t refract or correctly bend light when it enters the eye. Furthermore, majority of people suffering from eye disorders prefer minimally invasive surgical procedures to improve eyesight conditions as well as accurately diagnose and treat refractive errors. Such factors will thereby escalate the overall market expansion over the forecast period. However, increasing adoption of refurbished lasik eye surgery devices may hamper the overall market opportunities.
Excimer laser is gaining importance in the medical field that will drive the market size
Lasik eye surgery devices market covers two distinct segments including product and end-use. Product segment is bifurcated into excimer laser and femtosecond laser. The excimer laser segment was valued around USD 650 million in 2018 and is estimated to show significant market trend during the analysis timeframe. Excimer laser specifically removes tissue by non-thermal vaporization and ensures effective diagnosis of eye conditions. These lasers are extremely accurate as well as deliver precise information, without damaging the surrounding tissues that fosters industry demand. Moreover, excimer laser has numerous advantages over femtosecond laser and is particularly attractive in medicine and healthcare-related fields. Thus, benefits associated with excimer laser will boost the lasik eye surgery devices market growth during the analysis period.
Browse key industry insights spread across 101 pages with 57 market data tables & 8 figures & charts from the report, “Lasik Eye Surgery Devices Market Size By Product (Excimer Laser, Femtosecond Laser), By End-use (Lasik Eye Centers, Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Italy, Spain, China, Japan, India, Australia, Brazil, Mexico, South Africa, GCC Countries), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Surging incidence of hospital-acquired infection augments the market progress
End-use segment of lasik eye surgery devices market covers lasik eye centers, hospitals, ambulatory surgical centers and others. The hospital segment will witness around 3.5% CAGR over forthcoming years. Surge in the number of hospital-acquired infection (HAI) cases worldwide has led to an increased demand for superior lasik eye surgery devices in hospitals. In addition, according to the data published on CDC, out of 90% of clean medical instruments, nearly 84% had residual debris that may cause major health problems. Adoption of lasik eye surgery devices to minimize the hospital acquired infections as well as need for larger incision will thus foster the market progression.
Nearly 40 million Americans suffering from various eye disorders will surge the demand for lasik eye surgery
The North America lasik eye surgery devices market share is anticipated to witness around 3% CAGR owing to rising number of surgical procedures in the region. According to the American Academy of Ophthalmology, nearly 40 million individuals suffer from various eye disorders including myopia and astigmatism among others. Increasing number of people suffering from such eye disorders will thus enhance the overall market expansion. Furthermore, various technological advancements and rising R&D expenditures to provide superior quality eye devices will lead to market growth.
Focus of industry players on introducing innovative surgical devices will enhance personalized lasik surgery market expansion
Few of the prominent industry players operating in the lasik eye surgery devices market include Johnson & Johnson, Alcon, BAUSCH + LOMB, Carl Zeiss, Lasersight Technologies, NIDEK, SCHWIND eye-tech-solutions, TECHNOLAS Perfect Vision and Ziemer Ophthalmic Systems. The eminent business players functioning in lasik eye surgery devices industry are adopting various in-organic strategies such as mergers and collaborations to sustain market competition. For instance, in April 2018, Alcon introduced new technological enhancement in its LenSx Laser, that are widely used in refractive surgery and cataract surgeries. The novel product launch broadened the company’s existing product portfolio.
Explore More on Related Topics: