According to Coherent Market Insights, the global laser vision correction market is estimated to be valued at US$ 5,201.3 million in 2020 and is expected to exhibit a CAGR of 7.9% during the forecast period (2020-2027).
Key Trends and Analysis:
The global laser vision correction market is expected to witness significant growth owing to the increasing prevalence of age-related ophthalmic disorders. For instance, according to the American Academy of Ophthalmology, in 2015, around 1.8 billion people worldwide suffered from presbyopia. People with presbyopia are more likely to have adequate optical correction if they live in an urban area of a developed country with higher health expenditure.
Product approvals by regulatory bodies are expected to be a major factor driving the growth of the Laser Vision Correction Market. For instance, in September 2016, Carl Zeiss Meditec received the U.S. FDA approval for its VisuMax Femtosecond Laser for small incision lenticule extraction (SMILE) procedures which are indicated for correction of nearsightedness in patients above the age of 22 years.
Key players operating in the market are focused on technological advancements which is expected to drive the market growth. For instance, in 2018, Alcon, a division of Novartis AG, introduced a technology enhancement in its ophthalmic femtosecond laser product lansx for the treatment of intraocular rings.
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Key Market Takeaways:
The global laser vision correction market is expected to exhibit a CAGR of 7.9% during the forecast period (2020-2027) owing to launches of astigmatism contact lenses. For instance, in 2018, Johnson & Johnson announced the U.S. launch of expanded parameters for 1-Day Acuvue Moist brand contact lenses for astigmatism. These lenses are daily disposable contact lens with a blink-stabilized design for clear and stable vision. They are also equipped with Lacreon technology that provides a cushion of moisture for long-lasting comfort.
North America is expected to be the most lucrative region in the global Laser Vision Correction Market, owing to the rising number of product approvals. For instance, in July 2015, Abbott received the U.S. Food and Drug Administration’s approval for iDesign Advanced WaveScan Studio System. The system generates high definition scans which measure and recognize problems in the eye. Furthermore, in June 2018, Johnson & Johnson Vision received the U.S. Food and Drug Administration approval for iDESIGN Refractive Studio, a system which allows the surgeon to take precise measurement of the inner part of the eye for delivering customized LASIK procedure to patients.
Key players operating in the global Laser Vision Correction Market are—
Johnson & Johnson., Alcon Laboratories, Inc., Nidek co., Ltd., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Ziemer Group AG, Schwind Eye-tech-solutions, and Coherent Inc.
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Global Laser Vision Correction Market, By Procedure:
- LASIK (Laser Assisted In-Situ Keratomileusis)
- PRK (Photo Refractive Keratectomy)
- SMILE (Small Incision Lenticule Extraction)
Global Laser Vision Correction Market, By Type:
- Excimer Laser
- Femtosecond Laser
Global Laser Vision Correction Market, By Therapeutic Application:
Global Laser Vision Correction Market, By End User:
- Specialty Clinics
- Ambulatory Surgical Centers
Global Laser Vision Correction Market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Related Market Intelligence Report:
Ophthalmology Diagnostics and Surgical Devices Market, By Type (Diagnostic (Autorefractometers, Slit Lamps, Tonometers, Ophthalmoscopes, Fundus Cameras, Optical Coherence Tomography, Others), Surgical (Vitreoretinal Surgery, Cataract Surgery, Glaucoma Surgery, Refractive Surgery), Vision Care (Contact Lens, Spectacles Lenses)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) – Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
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