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The Laser-Assisted In Situ Keratomileusis Surgery Market size is estimated to grow by USD 1.24 billion at a CAGR of 6.14% between 2023 and 2028. The market for LASIK surgery is expanding due to several key factors. There is increasing awareness about LASIK surgery, with more people recognizing it as a viable option for vision correction. This is complemented by the high success rate of LASIK procedures, which enhances patient confidence and encourages more individuals to opt for the surgery. Additionally, the increasing prevalence of refractive disorders, such as myopia and astigmatism, drives demand for effective corrective solutions like LASIK. These factors collectively contribute to the growing popularity and acceptance of LASIK surgery, indicating a robust market outlook.
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 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:
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
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.
The market intersects with pharmaceuticals like paracetamol production to manage post-operative pain effectively. Collaboration within the ophthalmologist community is driving research and innovation, ensuring the continuous improvement of eye disease management and treatment outcomes. Overall, LASIK surgery remains at the forefront of vision correction, offering a promising future for patients seeking improved visual acuity. Further, ophthalmic clinics equipped with advanced excimer laser systems and femtosecond lasers are witnessing a surge in demand for laser eye surgery. These clinics offer a range of surgical procedures, including LASIK, to address refractive errors effectively. The precision and safety provided by excimer and femtosecond lasers are driving the popularity of LASIK surgery, making it a preferred choice for individuals seeking vision correction. Our researchers analyzed the data with 2023 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 market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Myopia and Presbyopia Treatment Market: Myopia and Presbyopia Treatment Market Analysis Asia, North America, Europe, Rest of World (ROW) - US, Canada, Germany, China, Japan - Size and Forecast
Ophthalmic Femtosecond Lasers Market: Ophthalmic Femtosecond Lasers Market by Product and Geography - Forecast and Analysis
Soft Contact Lens Market: Soft Contact Lens Market by Product, Application and Geography - Forecast and Analysis
The market is experiencing significant growth, fueled by advancements in laser technology and surgical techniques. With a rising prevalence of hypermetropia and a genetic predisposition to eye diseases, the demand for refractive surgery is soaring. Technologies like Contoura Vision and Wavefront Optimized are revolutionizing eye surgery techniques, providing precise outcomes. Moreover, the shift towards ambulatory surgery is enhancing patient convenience and reducing healthcare spending. Eye care facilities are investing in state-of-the-art equipment and focusing on patient education to promote eye health and raise awareness about available treatments. The Soft Contact Lens Market refers to the global industry dedicated to producing and distributing soft contact lenses. LASIK eye centers and ambulatory surgical centers (ASCs) are witnessing a significant uptick in demand for topography-guided LASIK procedures, thanks to advancements like the Teneo Excimer Laser Platform and the femtosecond laser. These innovations have made LASIK surgery safer and more precise, reducing reliance on invasive surgical procedures such as microkeratomes.
Additionally, contours Vision treatment is gaining traction for its ability to customize outcomes, particularly for patients with monovision or myopic astigmatism. Meanwhile, eye care clinics like OCLI Vision and Spectrum Vision are at the forefront of providing comprehensive care, addressing conditions like cataracts, diabetes, glaucoma, trachoma, and corneal opacity alongside LASIK. Further, technologies like the SILK Procedure and photorefractive keratectomy (PRK) offer alternatives to traditional LASIK, catering to diverse patient needs. With support from organizations like the International Myopia Institute, the LASIK surgery market continues to evolve, promising better outcomes and enhanced patient satisfaction.
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 Five Forces Analysis
5 Market Segmentation by Technology
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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