Global Laser Vision Correction Market, by Procedure (LASIK (Laser-Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction) and Others), By Type (Excimer Laser and Femtosecond Laser), By Therapeutic Application (Myopia, Hyperopia, Presbyopia, Astigmatism, Cataract, and Others), by End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 5,201.3 million in 2020 and is expected to exhibit a CAGR of 7.9% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
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Researchers created a diagnostic tool called Wavefront Technology in 1978 which permits doctors to build a 3D map of the eye. This highly advanced computer system allows surgeons to diagnose and create an accurate shape of the cornea based on the particular degree of the refractive error. The precision of this procedure has reduced the likelihood of optical aberrations such as glares and halos.
The Excimer Laser was created in the late 1970s to assist surgeons in pinpointing the area of entry to the center of the cornea. The use of lasers has revolutionized eye surgeries by gaining greater safety with each procedure that takes place.
The recent technological advancements have allowed the Excimer Laser to penetrate the cornea and remove tissue without burning or cutting the surrounding tissues. The laser’s light can assist with this process by removing small particles of the tissue while reshaping the cornea and correcting the patient’s vision. This is accomplished by allowing the Excimer Laser access deep inside the eye to repair the retina back to properly focusing for clearer vision.
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Technological advancements and addition of new features are expected to boost growth of the laser vision correction market in the near future. In September 2019, Carl Zeiss medical technology introduced its new technology for eye care and high-resolution imaging at the European Society of Cataract and Refractive Surgery (ESCRS). This technology is expected to help the company develop advanced products and thereby increase its consumer base.
In April 2017, NIDEK launched the NAVEX Quest M2 NIDEK Advanced Vision Excimer Laser System that offers highly reliable and accurate data for clinical diagnostics. This strategy has broadened the company’s product portfolio.
Browse 43 Market Data Tables and 38 Figures spread through 198 Pages and in-depth TOC on Laser Vision Correction Market, by Procedure (LASIK (Laser-Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction) and Others), By Type (Excimer Laser and Femtosecond Laser), By Therapeutic Application (Myopia, Hyperopia, Presbyopia, Astigmatism, Cataract, and Others), By End User (Hospitals, Specialty Clinics and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Forecast to 2027″
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Key Takeaways of the Laser Vision Correction Market:
- The global laser vision correction market is expected to exhibit a CAGR of 7.9% during the forecast period (2020-2027), owing to increasing technological advancements by key players.
- Among procedure type, the LASIK (Laser Assisted In-Situ Keratomileusis) segment is expected to hold a major revenue share in 2027 owing to the increasing prevalence of blindness and vision impairment, and initiatives taken research institutions. For instance, according to the World Health Organization report of 2019, around 2.2 billion people across the globe had vision impairment or blindness, of whom at least 1 billion had vision impairment which could have been prevented or is yet to be addressed.
- Major players operating in the global Laser Vision Correction Market are Johnson & Johnson., Alcon Laboratories, Inc., Nidek co., Ltd., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Ziemer Group AG, Schwind Eye-tech-solutions and Coherent Inc.
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