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The Laser-Assisted In Situ Keratomileusis (LASIK) Surgery Market size is estimated to grow by USD 1.24 billion at a CAGR of 6.14% between 2023 and 2028. The report also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
There has been an increasing awareness about LASIK surgery over the years. In addition, a lot of organizations, companies, and eye clinics are launching campaigns on social media and other platforms to spread awareness about the advantages of LASIK surgeries. Moreover, LASIK eye surgeries are comparatively more popular than the alternative forms of laser eye surgeries, such as laser-assisted subepithelial keratectomy (LASEK). Furthermore, a wider range of eye prescriptions can be corrected via LASIK processes, which also have superior precision and faster recovery times. Hence, such factors are positively impacting the market.
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The LASIK Surgery Market is propelled by advancements like wavefront-optimized technology, ensuring the effectiveness and security of procedures. An ophthalmologist is a key figure in the realm of vision correction, leveraging advanced laser technology for refractive eye surgery. This procedure, undertaken to address conditions such as myopia, astigmatism, and hyperopia, offers numerous benefits to patients seeking improved vision. Through precise surgical techniques, the ophthalmic surgeon navigates potential risks to ensure the success of the procedure. Patients undergo thorough treatment and are guided through the recovery process, with the ultimate goal of achieving optimal visual outcomes. With advancements in laser technology and the expertise of skilled surgeons, refractive eye surgery continues to revolutionize vision correction, enhancing the quality of life for countless individuals.
The market exhibits a diverse segmentation, featuring cutting-edge technologies such as Excimer Laser Systems, Microkeratomes, and Femtosecond lasers, primarily utilized in Ophthalmic clinics and Ambulatory surgical centers. Suppliers play a pivotal role in providing essential equipment for laser therapy, focusing on addressing various ocular illnesses. The market emphasizes minimally invasive surgical procedures, including bladeless LASIK procedures and wavefront-guided lasik treatment market, catering to eye care centers and outpatient facilities.
However, challenges such as high costs and limited insurance coverage pose significant roadblocks to market growth. A leading diagnostic and surgical equipment, LASIK aids in correcting myopia, astigmatism, and hyperopia, competing with traditional eyewear like eyeglasses and contact lenses. However, challenges such as concerns over retina health and the prevalence of cataracts pose restraints. Nevertheless, the market thrives due to growing demand from ambulatory surgical centers and end users seeking improved vision. Factors like economy, society, and legal regulations significantly influence market growth, promising prospects for the future. LASIK remains a promising avenue for vision correction, with the potential to revolutionize the eyecare industry.
The wavefront-guided segment is estimated to witness significant growth during the forecast period. The wavefront-guided LASIK segment uses a computer to map the cornea and develop a treatment strategy. In addition, the surgeon utilizes this data to direct the laser and adjust any refractive errors. Furthermore, patients with higher levels of refractive error, such as those with astigmatism or farsightedness, are frequently treated with this kind of surgery.
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The wavefront-guided segment was the largest segment and was valued at USD 1.40 billion in 2018. Moreover, the need for vision correction procedures has increased as a result of factors such as increasing screen time, changing lifestyles, and genetic susceptibility. Therefore, owing to the increased prevalence of refractive defects such as astigmatism, it is expected to fuel the growth of this segment which in turn drives the market growth during the forecast period.
The LASIK centers are dedicated to the treatment of vision problems such as astigmatism and others with the presence of highly qualified ophthalmologists who have specialized in LASIK and refractive surgeries. In addition, as youngsters and adults have more screen time, the prevalence of refractive vision defects has risen significantly. Moreover, laser surgery can lessen the symptoms of age-related macular degeneration and other eye problems, and acceptance of surgery is expected to increase in LASIK centers. Furthermore, the dedicated care of patients and the presence of skilled eye surgeons are further expected to fuel the growth of the centers in the global market during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The market in North America has been growing steadily due to factors such as the rise in the prevalence of various ophthalmic conditions, such as myopia. In addition, there is also a prevalence of varying lifestyles involving higher consumption of liquor, substances, and excessive smoking. Moreover, individuals are involved in a competitive work environment, which adds stress to their bodies, adding to the prevalence of various ophthalmic conditions. Furthermore, the region is expected to continue its dominance in the global market due to the increasing prevalence of refractive diseases, increasing adoption of cosmetic surgeries among the young population, technological advances, and increasing awareness of the advantages. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 19 market companies, including:
Abbott Laboratories: The company offers LASIK surgery which reduce or eliminate the need for corrective lenses for people with the following conditions such as hyperopia and myopia.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Advancements like Personalized LASIK technology and Wavefront-guided treatments cater to individual needs, while government officials focus on ensuring quality care. However, challenges include high costs, limited insurance coverage, and addressing roadblocks like visual impairments and refractive vision errors. Despite these challenges, the market is propelled by the growing demand for vision correction and the increasing prevalence of ocular illnesses. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
Increasing medical tourism for LASIK surgery is an emerging trend in the market. Eye surgery is an expensive procedure that is primarily paid for out of pocket, much like other vision care procedures. Thus, if the patient has little discretionary spending limits, they might decide against getting corrective eye surgery. Furthermore, an average LASIK surgery costs around USD 2,000 per eye in the US.
Moreover, most insurance companies, such as UnitedHealthcare and Cigna, do not provide reimbursements for this surgery as it is considered to be elective or cosmetic surgery. In addition, the vast majority of the general population cannot afford LASIK surgeries, as they are covered by insurance only for people with certain jobs, such as military personnel (US, Canada, and Australia) or with certain medical conditions (severe dry eyes and severe allergies). Hence, such factors are driving the market growth during the forecast period.
Minimal insurance coverage by insurance providers is one of the key challenges hindering market growth. Eye surgery is a costly procedure that is mainly paid for out of pocket, much like other vision care procedures. Thus, if the patient has little discretionary spending limits, they might decide against getting corrective eye surgery. Furthermore, an average LASIK surgery costs around USD 2,000 per eye in the US.
Moreover, most insurance companies, such as UnitedHealthcare and Cigna, do not provide reimbursements for this surgery as it is considered to be elective or cosmetic surgery. Therefore, the majority of the general population is not covered under insurance for LASIK surgeries. Hence, such factors are negatively impacting the laser-assisted in situ keratomileusis surgery market. Therefore, it is expected to hinder the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The Global LASIK Eye Surgery Market is experiencing robust growth, fueled by technological advancements and increasing awareness and acceptance of minimally invasive surgical procedures for correcting refractive errors like hypermetropia. The market dynamics are shaped by customized LASIK treatments, driven by lifestyle factors and the prevalence of eye disorders. Retina-related concerns are addressed through wavefront-optimized ophthalmic surgeries, reflecting the market's commitment to delivering optimal outcomes.
However, challenges such as the high cost and safety concerns are present, impacting market scenarios. Recent developments, including trade regulations and import-export analysis, influence production and value chain optimization. The LASIK surgery market continues to witness emerging revenue pockets driven by technological innovations, showcasing its adaptability to dynamic healthcare landscapes. The impact of domestic and localized market players further contributes to shaping the growth rate and overall market value, positioning LASIK eye surgery as a crucial player in the evolving landscape of minimally invasive refractive surgery. Additionally, the market is propelled by factors like wave front optimized and Ultraviolet laser technology, addressing the prevalence of refractive errors. However, safety concerns and risks pose significant challenges. Production analysis indicates growth in the global LASIK eye surgery devices market, with emphasis on eye tracking systems and diagnostic equipment. Aging populations and increasing ophthalmic disorders drive demand for treatments like corneal ablation and LASIK. Acceptability of LASIK treatment among end users like eye care clinics and ASCs remains crucial.
Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.14% |
Market Growth 2024-2028 |
USD 1.24 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.21 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Germany, UK, China, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Alcon Inc., Bausch Lomb Corp., Carl Zeiss AG, Coherent Inc., EyeCare Partners LLC , GHV Advanced Health Pvt Ltd., Hoopes Vision, Johnson and Johnson, LCA Vision Inc. dba, Mayo Clinic, Medfin., NIDEK Co. Ltd., Novartis AG, Restivo Laser Vision, SCHWIND eye-tech-solutions GmbH, Smart Vision Eye Specialities Pvt. Ltd., TLC Laser Eye Centers, Vidal Health Insurance TPA Pvt Ltd, and Ziemer Ophthalmic Systems AG |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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