SEATTLE, May 12, 2021, (MEDGADGET) — Overview:
The LASIK surgical technique is used to treat myopia in patients. Major factors such as growing demand for minimally invasive treatments and increasing incidences of refractive disorders are expected to drive growth of the global laser vision correction market over the forecast period. The global laser vision correction market is expected to expand due to the commercialization of licensed LASIK surgery systems.
Furthermore, the market’s major players are concentrating their efforts on custom LASIK application research and development. They are investing heavily in the acquisition of a license for the commercialization of advanced wavefront driven LASIK technology. For instance, in June 2013, Bausch & Lomb Incorporated received the Health Canada Medical Device License (MDL) for VICTUS Femtosecond Laser Platform that is used in creation of a corneal flap in patients undergoing LASIK surgery.
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Impact of Coronavirus (Covid-19) Pandemic:
The laser vision correction market research report is a well-researched report that includes a quantitative overview of this sector in terms of certain parameters including product capability and total market remuneration. For instance, according to the World Health Organization Coronavirus Disease (COVID-19) Dashboard (WHO) survey, the manifestation of the coronavirus disease (COVID-19) has resulted in around 7 million affected individuals globally since June 2020.
Several countries, including Italy, Spain, the U.K the U.S., India, and others, are experiencing difficulties to transporting laser vision correction equipment from one place to another due to the lockdown. Although LASIK surgeries are considered as cosmetic operations in many nations, upcoming LASIK surgeries are being deferred.
The World Health Organization has recommended ophthalmic centers to take care and be responsible in terms of preventing the transmission of coronavirus. For instance, to mitigate possible contamination, restrict the number of workers in one location at a time, change workstation arrangements, and minimize cross-flow of people between shifts, as well as improve sanitation and sanitization of facilities.
The laser vision correction market is expected to be valued over US$ 5,201.3 million in 2020 and is estimated to register a CAGR around 7.9% over the forecast period (2020-2027).
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Drivers:
The laser vision correction market is expected to witness growth due to growing number of product releases by major companies and approvals by government authorities.
Laser vision correction is a highly efficient means of correcting vision and is used to cure a variety of refractive conditions including myopia, hyperopia, astigmatism, and among others.
Major players in the global laser vision correction market, are concentrating on product releases, obtaining approvals for laser vision correction devices, and broaden their product offerings in potential markets. For instance, in November 2015, Alcon, a division of Novartis, introduced Contoura Vision, the first personalized LASIK procedure, at the American Academy of Ophthalmology’s (AAO) annual meeting in Las Vegas, U.S. Contoura Vision is a topography-guided LASIK therapy that allows surgeons or healthcare practitioners to conduct customized laser treatments on patients with nearsightedness and astigmatism depending on each eye’s corneal topography.
Moreover, Bausch Health is making ARTELAC Splash eye drops eligible for donation to local hospitals (Spain). However, in October 2018, Alcon launched the innovative WaveLight Refractive Suite, which can be used with Contoura Vision to assist surgeons and specialists in detecting abnormalities or imperfections in eyes.
Restraints:
LASIK surgery instruments, are highly computerized machines that can develop flaws, anomalies, technological glitches, and other issues. The U.S. Food and Drug Administration (FDA) has often recalled LASIK surgery products, which is expected to hinder the global laser vision correction market growth over the forecast period. For instance, in March 2018, the U.S. FDA recalled the FEMTO LDV(TM) Z8 Femtosecond Surgical Laser, a product by SIE AG, owing to a customer complaint received on November 16, 2017 about a complication with a cataract procedure.
Regional Analysis:
North America accounted for the largest share in the laser vision correction market in 2019 due to rising prevalence of refractive disorders and high demand for laser therapy. For instance, according to the American Academy of Ophthalmology, in 2016, around 23% of the U.S. population aged 40 years and above suffered from myopia.
Moreover, in January 2019, according to the Glaucoma Research Foundation, around 3 million people in the U.S. have been treated with glaucoma. The National Eye Institute projects that this number will rise around 58% and reach 4.2 million by 2030.
Moreover, the Laser Vision Correction Market in Asia Pacific is expected to witness significant growth over the forecast period. The global Laser Vision Correction Market is expected to expand due to rising demand for new treatment approaches in countries including India and China. For instance, in 2016, Contoura Vision received the U.S. FDA approval for a commercial launch, this technology is also available in India at different centers, and many Indian surgeons have considerable experience with it.
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Market Segmentation:
- By Procedure: LASIK (Laser-Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction), Others.
- By Type: Excimer Laser, Femtosecond Laser.
- By Therapeutic Application: Myopia, Hyperopia, Presbyopia, Astigmatism, Cataract, Others.
- By End User: Hospitals, Specialty Clinics, and Ambulatory Surgical Centers.
Competitive Landscape:
Key players are dominating in the global laser vision correction market such as Alcon Laboratories, Inc., Johnson & Johnson., Bausch Health Companies Inc., Nidek co., Ltd., Carl Zeiss Meditec AG, Schwind Eye-tech-solutions, Coherent Inc., and Ziemer Group AG.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Procedure
- Market Snippet, By Type
- Market Snippet, By Therapeutic Application
- Market Snippet, By End User
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Market Trends
- Regulatory Scenario
- Reimbursement Scenario
- R&D Initiatives
- Product Launches
- Mergers and Acquisitions
- PEST Analysis
- Procedure Costs Analysis
- Pricing Analysis
- Age Group Of Patients For Lasik Surgery
- List Of Laser Vision Correction Surgery Clinics
- Market Dynamics
- Impact Analysis of Covid-19
- Supply side Analysis
- Demand Side Analysis
- Impact on Healthcare Industry
- Global Laser Vision Correction Market, By Procedure, 2016 – 2027, (US$ Million)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- LASIK (Laser Assisted In-Situ Keratomileusis)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- PRK (Photo Refractive Keratectomy)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- SMILE (Small Incision Lenticule Extraction)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Introduction
- Global Laser Vision Correction Market, By Type, 2016 – 2027, (US$ Million)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Excimer Laser
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Femtosecond Laser
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Introduction
- Global Laser Vision Correction Market, By Therapeutic Application, 2016 – 2027, (US$ Million)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Myopia
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Hyperopia
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Presbyopia
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Astigmatism
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Cataract
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Introduction
- Global Laser Vision Correction Market, By End User, 2016 – 2027, (US$ Million)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Specialty Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Ambulatory Surgical Centers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Introduction
- Global Laser Vision Correction Market, By Region, 2016 – 2027, (US$ Million)
- Introduction
- Market Share Analysis, By Region, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, By Region, 2017 – 2027
- Regional Trends
- North America
- Market Size and Forecast, By Procedure, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- U.S.
- Canada
- Europe
- Market Size and Forecast, By Procedure, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Procedure, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- China
- Japan
- India
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast, By Procedure, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Africa
- Market Size and Forecast, By Procedure, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country/Region, 2016 – 2027, (US$ Million)
- North Africa
- Central Africa
- South Africa
- Middle East
- Market Size and Forecast, By Procedure, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Therapeutic Application, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- GCC
- Israel
- Rest of Middle East
- Introduction
- Competitive Landscape
- Company Profiles
- Section
- References
- Research Methodology
- About us and Sales Contact
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
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