Global Refractive Surgery Devices Market by End Use (Ambulatory Surgery Centers, Hospitals), by Product (Lasers, Aberrometers), by Application (Myopia, Astigmatism) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global refractive surgery device market was valued at USD 168.1 million in 2020. It is expected to grow at a compound annual rate (CAGR) 7.7% between 2021 and 2028. Refractive surgery demand is expected to rise due to increased geriatric populations and increased screen time as a result of the COVID-19 pandemic. JAMA Ophthalmology reports that myopia was a significant problem during the pandemic, especially among young people. Myopia is increasing. According to the World Health Organization 52 percent of the world’s population will be affected by myopia in 2050. Refractive errors are more common in the elderly population, which requires immediate surgery to correct visual impairment. The National Institute on Aging (NIA) predicts that the geriatric population will reach 72 million in 2030.

The market will grow due to the increasing incidence of refractive errors, dry eyes, and other eye conditions such as presbyopia and hyperopia. Refractive surgery allows a person to be more independent by reducing the necessity for contact lenses or glasses. Refractive surgery makes it easier to correct vision and treat eye conditions that could otherwise lead to blindness. The WHO estimates that uncorrected refractive mistakes are the leading cause of blindness and vision impairment worldwide. There are approximately 88.4 millions people with unaddressed errors. This will drive the demand for refractive surgery.

The forecast period will see an increase in demand for refractive surgeries devices due to the advent of minimally invasive, technologically advanced procedures such as LASIK and PRK. These surgeries have better outcomes for patients, including faster recovery rates, safer profiles, greater acceptance of refractive surgery and other government schemes. With the advent of new surgical techniques and tools, ophthalmic surgery has seen significant improvements over the years. The da Vinci system is the most widely used robotic surgical technology in ophthalmology. It is reliable, precise, and virtually error-free. However, market growth may be impeded by low-GDP countries' high prices, poor adoption rates and limited product reach. Market growth may also be affected by side effects of surgeries like glare and complications that cause loss of vision.

Application Insights

Myopia accounted for 27.1% of the global population in 2020. It is expected to continue growing at a moderate pace during the forecast period. Myopia is on the rise at an alarming rate worldwide, and there are significant increases in the risk of vision impairment. According to the WHO, countries where myopia prevalence has been measured and estimated as low in the past (e.g. India will see major growths by 2050. In 2020, hyperopia accounted for a large share of the market. It is a common refractive disorder that affects both children as well as adults. Experimer laser surgery (193nm) is the most popular method to correct hyperopia.

The fastest growth rate for the astigmatism market is 8.4% over the forecast period. Due to technological advancements and an increase in astigmatism disorder, the astigmatism market is expected to explode. The American Optometric Association states that almost everyone suffers from some form of astigmatism. This condition can be treated with most types of refractive surgery. This will boost segment growth over the forecast period.

Presbyopia's high prevalence is expected to be a major driver of the market. Presbyopia is a condition that affects over 1.1 billion people around the world. One-third of these are older than 50 years. This pool includes more than 90% of patients from poor countries. The projected growth in demand for presbyopia and myopia correction surgery is expected to be high in developing countries. This is due to an increase in the prevalence of causes such as overuse of contacts lenses and prolonged exposure to digital displays. The market for this segment is forecast to grow significantly.

Product Insights

Due to increased use of laser surgery for vision correction and technological advances, the lasers segment accounted for 34.9% of the total revenue in 2020. This segment will grow at the fastest rate of CAGR between 2021 and 2028. Laser refractive surgery, such as PRK or LASEK, is in high demand. Because of the high success rate, this is due to a decrease in eyeglasses and contact lenses being used for vision correction. Refractive Surgery Council (RSC), strongly recommended that 2021 be a year of laser vision correction. This is a nearly 30% increase in annual procedures.

Over the forecast period, microkeratome is expected to grow at a healthy rate of CAGR. Segment growth is expected to be driven by the rapid expansion of the geriatric population, and an increase in the incidence of eye diseases. Technology modifications have been made to the blade angle approach, blade oscillation frequency, as well as the blade's material to improve flap cutting, as well to decrease uneven astigmatism. This is an important factor driving the segment's growth.

Wavefronts are used by aberrometers to measure total refractive errors. They have been a useful tool in ophthalmology and refractive surgery. This technological innovation has allowed ophthalmologists to accurately and precisely evaluate more corrective elements in the eyes. Wave-front aberrometer technology is likely to be key in driving market growth. According to the Centers for Disease Control and Prevention, approximately 8 million Americans were diagnosed in 2017 with refractive error-related vision impairment. The segment's growth is expected to be driven by the increasing patient population and the adoption of aberrometers.

End-use Insights

In 2020, the hospitals segment accounted for nearly 37.0% of the total market. This segment is expected to grow because of the increased demand for ophthalmic refractive surgery devices. The growth of hospitals is expected to be driven by improved healthcare facilities and favorable reimbursement policies. The market is also expanding due to the increase in hospitals in emerging countries as well as the improvement of the existing eye care infrastructure.

The forecast period will see the fastest growth in ambulatory surgical centers. Ambulatory surgical centers are becoming more popular due to their convenience, accessibility, cost-savings, and affordability for patients and their insurance. Aambulatory surgical centers may offer more convenience than OPDs in terms of scheduling surgery faster and being closer to patients. This will likely boost segment growth.

Due to an increase in optometrists and ophthalmologists offering individual clinical services, the ophthalmology clinics segment will see a significant CAGR over the next few years. The segment is expected to grow due to increasing incidences and awareness about refractive errors.

Regional Insights

North America accounted for the largest percentage of more than 30.0% in 2020. The high incidence of refractive error, significant market players and availability of effective reimbursement policies are all expected to help drive regional market growth. The WHO estimates that the country's 65-year-old population will reach 78 million people by 2035. This will positively impact product demand. The region's market growth will be boosted by the adoption of advanced technologies to develop surgical products.

The fastest growth rate in Asia Pacific is predicted for the forecast period. The World Health Organization predicts that myopia prevalence will rise in Asia Pacific countries with high incomes. Recent changes in lifestyle and environmental variables, such as pollution, aging populations, and increased use smartphones and computers, are driving the demand for refractive surgery. Many Western companies have taken advantage of Asia's growing demand for ophthalmic equipment. STAAR Surgical, Ellex and Carl Zeiss Meditec are just a few of the many companies that have established a presence in Asia. They hope to expand their reach throughout the region. In December 2019, Dr. Agarwal's Eye Hospital (a major eye hospital chain) announced that 60 more eye hospitals would be built in India and other South Asian countries over the next two-to three years.

Market Share Insights & Key Companies

Many strategies are used by companies to increase their market share, including mergers and acquisitions, product launches, partnerships, joint ventures, and partnership. Johnson & Johnson Vision launched ACUVUE Abiliti in April 2021. This brand is for future products and services that will help parents and eye care professionals address the increasing prevalence and concern about myopia in children. The following are some of the major players in the global market for refractive surgery devices:

• Johnson & Johnson Services, Inc.

• Carl Zeiss Meditec AG

• Alcon

• Bausch & Lomb Incorporated

• Quantel Medical

• TOPCON CORPORATION

• Essilor

• NIDEK CO. LTD.

• SCHWIND eye-tech solutions

Up Market Research published a new report titled “Refractive Surgery Devices Market research report which is segmented by End Use (Ambulatory Surgery Centers, Hospitals), by Product (Lasers, Aberrometers), by Application (Myopia, Astigmatism), By Players/Companies NIDEK CO LTD, Bausch & Lomb Incorporated, Quantel Medical, TOPCON CORPORATION, Johnson & Johnson Services Inc, Carl Zeiss Meditec AG, Alcon, Essilor, SCHWIND eye-tech-solutions”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Refractive Surgery Devices Market Report Segments:

The market is segmented by End Use (Ambulatory Surgery Centers, Hospitals), by Product (Lasers, Aberrometers), by Application (Myopia, Astigmatism).

Refractive Surgery Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Refractive Surgery Devices Market

Overview of the regional outlook of the Refractive Surgery Devices Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Refractive Surgery Devices Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Refractive Surgery Devices Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Ambulatory Surgery Centers

                2. Hospitals

                1. Lasers

                2. Aberrometers

                1. Myopia

                2. Astigmatism

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Refractive Surgery Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Refractive Surgery Devices Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.