The LASIK Eye Surgery Market Size was valued at USD 2.5 Billion in 2022 and is projected to grow from USD 2.64 Billion in 2023 to USD 4.08 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2024 - 2032). Increased demand for partially invasive or non-invasive surgical treatments and technological advancement in LASIK eye surgery are the key market drivers contributing to the market’s growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The growth rate of the LASIK eye surgery market is being propelled by the increasing demand for minimally invasive surgical procedures. Increases in the prevalence of eye diseases, in healthcare spending, in the demand for minimally invasive surgical treatments, in the number of eye care facilities offering individualized LASIK technology, in patient education about the benefits and risks of these procedures, and in governmental support have all contributed to the growth of the LASIK Eye surgery market.
Key market drivers contributing to the growth and expansion of the market include rising demand for minimally invasive or non-invasive surgical procedures and advances in LASIK eye surgery technology. One reason for the industry's growth is the development of various highly effective therapies that reduce the need for corrective lenses or glasses. The market is expected to grow as a result of increased interest in minimally invasive surgical techniques.
Furthermore, almost any surgical procedure can have unintended consequences, although LASIK has earned a stellar reputation for its relative safety. With a risk of adverse events of fewer than 1%, it is among the safest surgical procedures now in use. Opportunities will arise as a result of growing older populations in developing economies, increased healthcare R&D spending, and technological advances in paracetamol production.
Market CAGR for LASIK eye surgery is driven by the rising demand for partially invasive surgical treatments. The growing number of individuals struggling with these eye conditions, along with increased care spending, increased need for minimally invasive surgical treatments, the increasing quantity of eye care centers providing personalized LASIK technology, growing knowledge about the effectiveness and security of advances in technology, and rising funding from the government officials, are all leading to the development of the LASIK Eye surgery the sector. One of the key drivers for the expanding industry is the discovery of numerous extremely successful therapies that lessen the patient's reliance on lenses or glasses. Furthermore, rising demand for less invasive surgical procedures will likely drive market expansion.
Additionally, nearly all surgeries have the risk of problems and adverse effects, yet LASIK is widely recognized as a safe technique with minimal complications. It is considered one of the healthiest surgical procedures available today, with an adverse event risk of less than 1%. A review of current research, LASIK has a 90% success rate for reaching 20/20 vision with an achievement rate of 95% in attaining 20/40 vision or better. Contour Vision represents one of the contemporary developments in Eyewear Removal using Laser Vision Correction. Expanding technical developments and modernization in paracetamol manufacturing, expanding R&D efforts in the healthcare industry, and developing emerging economies with an increasing senior population base will all generate new opportunities.
As COVID-19 spreads worldwide, the illness is causing concern in the medical profession, especially within the ophthalmologist community. CMS released guidelines to medical professionals asking them to remove adult optional surgeries and operations, especially ocular therapies. The move aims to safeguard patients and personnel against COVID infection while maintaining ventilation supplies and personal protective gear such as masks and robes. The initial drop in ophthalmic operations is likely offset by a reduction in limitation and a drop in COVID-19 instances. Furthermore, the long-term influence of COVID-19 will contribute to market expansion throughout the projection period. With the improvement of multiple sectors and medical practices, the market is predicted to increase again.
For instance, as per WHO's research, epidemiological investigations indicate that myopia impacts 1.89 billion individuals worldwide, with estimates indicating that if prevalence rates remain unchanged, it will affect 2.56 billion individuals. This factor is fueling the growth of the myopic group, which is predicted to grow at a considerable CAGR during the forecast time frame. Therefore, it is anticipated that demand for LASIK Eye Surgery will increase throughout the projection period due to the rising demand for partially invasive surgical treatments. Thus, driving the LASIK Eye Surgery market revenue.
The market segments of LASIK eye surgery, based on application, includes wavefront optimized, wavefront-guided, topography-guided, and laser. Wavefront optimized dominated the market, accounting for 46% of the market share (USD 1.2 Billion) in 2022. This market increase might be attributed to advancements in areas like visual perception, higher-order aberrations, and predictability. These therapies can effectively and safely cure myopia in each eye, either with or without distortion. Therefore, this is considered the stimulus behind the industry's expansion.
The LASIK eye surgery market segmentation, based on end-user, includes hospitals, eye care clinics, and lasik facilities. The LASIK facilities category generated the highest revenue of about 44% (USD 1.1 billion) in 2022. The development of LASIK facilities worldwide has contributed to this market's growth. Reasons driving the advancement of this market category include a rise in the number of individuals with eye disorders and an increase in the need for less-invasive operations. Eye care clinics are expected to grow rapidly during the projected timeframe due to the availability of advanced technology and experts.
Figure 1: LASIK Eye Surgery Market by End-User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
March 2023, The most recent innovation in glasses-free vision correction, called Contoura Vision, debuted in India. This procedure has been deemed safe by the Food and Drug Administration in the United States. The machine works on the visual axis to cure corneal imperfections in addition to refractive flaws of the eye and the power of prescription glasses. The Contoura Vision treatment does not require blades and is completely painless. No hospitalization, injections, or stitches are necessary. Without the need for glasses or contacts, anyone can have their eyesight corrected in a single day with a bespoke treatment.
July 2023, LASIK by OCLI Vision is an offshoot of OCLI Vision with the mission of becoming the region's go-to center for laser eye surgery. OCLI Vision is well positioned to set a new benchmark for LASIK surgery in the United States due to its unwavering dedication to customer satisfaction and its dedication to constant innovation. Bladeless, monovision, bespoke, and photorefractive keratectomy (PRK) LASIK eye surgery are just some of the options available from their team of top-tier eye doctors. Spectrum Vision Partners helps fund their extensive eye care services, which they offer in a number of convenient locations, giving patients easy access to cutting-edge methods of treatment.
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American LASIK Eye Surgery market area will dominate this market because of advanced technology, a rising population impacted by vision disorders, significant spending on healthcare, and greater government support for development and research. In addition, increased R&D activities and the dominance of large firms in this sector will boost market growth in this region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Lasik Eye Surgery Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region LASIK Eye Surgery market accounts for the second-largest market share. Government funding for technological advancement and the accessibility of research funds will boost overall market growth. Further, the German market of LASIK Eye Surgery holds the largest market share, and the UK market LASIK Eye Surgery is expected to grow rapidly in the European region during the projected timeframe.
The Asia-Pacific LASIK Eye Surgery Market is expected to grow fastest during the projected timeframe. This is due to rapidly advancing medical technology, a huge patient population, and expensive healthcare expenditures that will boost the overall market growth. Moreover, China’s LASIK Eye Surgery market dominates the market share, and the Indian market LASIK Eye Surgery is expected to grow and expand steadily in the Asia-Pacific region during the projected timeframe.
LASIK Eye Surgery Key Market Players & Competitive Insights
Leading market players invested heavily in research and development (R&D) to scale up their manufacturing units and product lines, which will help the market of LASIK Eye Surgery grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with important market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The LASIK Eye Surgery industry must offer cost-effective and sustainable options to survive in a dynamic market.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the key business strategies organizations use in the LASIK Eye Surgery industry to benefit customers and capture untapped market share and revenue. The LASIK Eye Surgery industry has recently offered significant advantages to the medicine and service industry. Moreover, more industry participants are utilizing and adopting surgery, and cutting-edge technology has grown substantially. Major players in the LASIK Eye Surgery market, including Abbott Inc. (U.S.), Alcon Laboratories Inc. (U.S.), AMO Manufacturing USA, LLC (U.S.), Bausch & Lomb Incorporated (U.S.), Carl Zeiss, Inc. (Germany), LaserSight Technologies, Inc (U.S.), Nidek Inc. (Japan).and others, are attempting to expand market share and demand by investing in research and development (R&D) operations to produce sustainable and affordable solutions.
Stanford University, School of Medicine, is Stanford University's medical institution in Stanford, California. It was established in San Francisco in 1858. The Stanford School of Medicine has an extensive record of innovation in healthcare research, higher education, and treatments. Its close link with Stanford's other main institutions, connected adult and pediatric healthcare facilities, and continued ties to Silicon Valley provide it an excellent position to expedite the velocity at which new information is transformed into concrete medical advantages. A research investigation was launched in October 2022 by the Stanford University School of Medicine (United States) to compare the outcomes of wavefront-guided LASIK against topography-guided LASIK in shortsighted persons' randomized contralateral buddy eye examinations.
Nidek Technologies is Dedicated to the research, development, and manufacture of technologically advanced, novel diagnostic software and instruments for ophthalmology that meet the highest quality requirements. They use creativity and ingenuity to create products to build distinctive solutions for different clinical uses. They specialize in optics and developing specialized software for their equipment, as well as computations, interactions, and automation (AI & DL). They provide the most advanced high-tech rapid prototyping methods to achieve unmatched efficiency during the shortest time to marketplace. Nidek Technologies SRL acquired Nidek Medical SRL in July 2022 to extend its ophthalmic medical devices and enhance sales. This strategy will allow the firm to create a strong LASIK Eye Surgery sector presence.
Key Companies in the LASIK Eye Surgery market include
Abbott Inc. (U.S.)
Alcon Laboratories Inc. (U.S.)
AMO Manufacturing USA, LLC (U.S.)
Bausch & Lomb Incorporated (U.S.)
Carl Zeiss, Inc. (Germany)
LaserSight Technologies, Inc (U.S.)
Nidek Inc. (Japan)
LASIK Eye Surgery Industry Developments
October 2022: A research investigation was launched in October 2022 by the Stanford University School of Medicine (United States) to compare the outcomes of wavefront-guided LASIK against topography-guided LASIK in shortsighted persons' randomized contralateral buddy eye examinations.
July 2022: Nidek Technologies SRL acquired Nidek Medical SRL in July 2022 to extend its ophthalmic medical devices and enhance sales. This strategy will allow the firm to create a strong LASIK Eye Surgery sector presence.
August 2021: Nielsen Eye Centre will join the Eye Health Association of America in August 2021. This purchase will improve the consistency of Eye Health of America's patient care in the Tampa Bay Area.
Wavefront optimized
Wavefront-guided
Topography-guided
Laser
Hospitals
Eye care clinics
LASIK facilities
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.5 Billion |
| Market Size 2023 | USD 2.64 Billion |
| Market Size 2032 | USD 4.08 Billion |
| Compound Annual Growth Rate (CAGR) | 5.60% (2023-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abbott Inc. (U.S.), Alcon Laboratories Inc. (U.S.), AMO Manufacturing USA, LLC (U.S.), Bausch & Lomb Incorporated (U.S.), Carl Zeiss, Inc. (Germany), LaserSight Technologies, Inc (U.S.), Nidek Inc. (Japan) |
| Key Market Opportunities | M&A, partnerships, collaboration with other businesses, and innovative developments in products |
| Key Market Dynamics | Government assistance, in addition to research and development (R&D) |
Frequently Asked Questions (FAQ) :
The LASIK Eye Surgery market size was valued at USD 2.5 Billion in 2022.
The market is projected to grow at a CAGR of 5.60% during the forecast period, 2023-2032.
North American region holds the largest share of the market
The key players in the market are Abbott Inc. (U.S.), Alcon Laboratories Inc. (U.S.), AMO Manufacturing USA, LLC (U.S.), Bausch & Lomb Incorporated (U.S.), Carl Zeiss, Inc. (Germany), LaserSight Technologies, Inc (U.S.), Nidek Inc. (Japan).
Wavefront optimized category dominated the market in 2022.
LASIK facilities had the largest share of the market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
