LASIK (laser-assisted in situ keratomileusis) is a surgical procedure of the eye performed using laser, in order to treat near-sightedness, far-sightedness and astigmatism. This refractive surgery procedure is performed to reshape the cornea and improve focus of the light on the retina. Due to the increasing ageing population the demand for LASIK treatment is expected to increase during the forecast period. LASIK procedure is performed by slowly peeling off the corneal tissue flap and surgically transforming the cornea as required to eliminate far-sightedness or near-sightedness. As LASIK procedure provides people freedom from using corrective lenses by improving their eyesight, however in most of the cases the eyesight is not restored completely and people may require corrective lenses to perform some critical tasks. The increasing adoption of the LASIK procedures over corrective lenses due to increasing awareness is expected to provide significant boost for the LASIK treatment market over the forecast period.
The high adoption of the LASIK procedures is driven by the changing demographics. The highest adoption of LASIK procedures has been significantly witnessed among the young generation between the age group of 18 to 35 years. Globally it has been witnessed that due to peer pressure and high awareness the adoption rate of cosmetic surgeries is increasing among young population, which in turn is expected to provide significant growth opportunities for LASIK treatment market. The introduction of new technologies like customized or wave front-guided lasers and bladeless LASIK procedures is gaining traction and is expected to increase the demand for LASIK procedures during the forecast period. Entry of several private hospitals and ophthalmology clinics is also providing significant traction for LASIK procedures, moreover several clinics are using social media and other advertising medium to promote and create awareness about the benefits of LASIK treatments which in turn is expected to increase the number of people opting for LASIK treatment procedures. The manufacturers and clinicians are constantly trying to improve cost effectiveness of the LASIK procedure and trying to reduce prices of the procedures which is expected to provide significant opportunities in near future, however high price of the treatment procedure still remains a hurdle for LASIK treatment market. Also, presence of several manufacturers in LASIK treatment market is expected to create fierce competition in the market during the forecast period.
Geographically the LASIK treatment market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific (APAC) and Middle East and Africa (MEA).
The North America and Europe are expected to be the dominant regions in the LASIK treatment market due to high adoption of the LASIK procedures in these regions. The demand for LASIK treatment procedures is highest in the U.S. followed by Europe. The increasing demand for cosmetic surgery among the younger generation in these regions is expected to create high demand in the market. Asia Pacific is expected to witness highest growth in the LASIK treatment market owing to high population between the age group of 18-35 years and due to increasing adoption of the LASIK treatment procedure. Asia Pacific is expected to witness highest growth in terms of CAGR during the forecast period followed by Latin America owing to favorable policies like tax holidays in some countries along with increasing per capita healthcare expenditure. MEA region is expected to witness sluggish growth in terms of revenue however increasing socio-economic stability in this region may promote growth of the LASIK treatment market.
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Some key participants in the LASIK treatment market are Carl Zeiss, Inc., Alcon Laboratories, Inc., Wavelight AG, VISX, Inc., Bausch & Lomb Surgical, Inc., AMO Manufacturing USA LLC, Nidek, Inc., Lasersight Technologies, Inc. and Summit Automonous, Inc. among others.
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