Laser Vision Correction Market Growth, Trends, and Forecast 2020 - 2030

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• Laser vision correction is an alternative to eyeglasses and contact lenses, which can help to see correctly, naturally
• Laser vision correction surgeries comprise reshaping the cornea, the clear front part of the eye, so that light focuses on the retina at the back of the eye. L

Laser Vision Correction: Introduction

  • Laser vision correction is an alternative to eyeglasses and contact lenses, which can help to see correctly, naturally
  • Laser vision correction surgeries comprise reshaping the cornea, the clear front part of the eye, so that light focuses on the retina at the back of the eye. Laser vision correction surgeries include Laser Assisted In-Situ Keratomileusis (LASIK), Photo Refractive Keratectomy (PRK), and Small Incision Lenticule Extraction (SMILE).
  • These type of surgeries are highly effective in correction of vision and treatment of hyperopia and myopia

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Key Drivers of Global Laser Vision Correction Market

  • Increase in incidence of vision issues, such as myopia, hyperopia, and astigmatism, is projected to boost the global laser vision correction market. According to the World Health Organization (in 2019), globally, around 2.2 billion people suffer from vision impairment or blindness, out of which 1 billion have a vision impairment that could have been prevented or has yet to be addressed. According to The International Myopia Institute, currently 30% of the world population suffers from myopia and by 2050, almost 50% would be myopic.
  • Highly successful procedure that helps reduce a patient’s dependence on glasses or contact lenses is likely to further drive the laser vision correction market
  • Laser vision correction surgery is a minimally invasive type of surgery. Increasing preference for minimally invasive surgical procedures is likely to fuel the market. Furthermore, increase in availability of new diagnostic tools, new devices launches from major manufacturers, and technological advancements are also likely to propel the global laser vision correction market.

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Laser Assisted In-Situ Keratomileusis (LASIK) to be highly lucrative segment

  • In terms of procedure type, the global laser vision correction market can be segregated into Laser Assisted In-Situ Keratomileusis (LASIK), Photo Refractive Keratectomy (PRK), Small Incision Lenticule Extraction (SMILE), and others
  • The Laser Assisted In-Situ Keratomileusis (LASIK) segment accounted for a prominent share of the global laser vision correction market in 2019. Laser Assisted In-Situ Keratomileusis (LASIK) provides better safety, rapid healing, and improved vision. These factors are likely to drive the segment.

Femtosecond laser segment to expand significantly

  • In terms of product type, the global laser vision correction market can be bifurcated into femtosecond laser and excimer laser
  • The femtosecond laser segment accounted for a prominent share of the global laser vision correction market in 2019. Increase in use of femtosecond laser in LASIK eye surgery and high accuracy of femtosecond laser, as compared to excimer laser, are expected to drive the segment.

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Myopia segment to expand considerably

  • In terms of application, the global laser vision correction market can be segmented into myopia, hyperopia, presbyopia, astigmatism, cataract, and others
  • The myopia segment accounted for a significant share of the global laser vision correction market in 2019. Increase in number of patients with myopia is expected to drive the segment.

Ambulatory Surgical Centers to be highly lucrative segment

  • Based on end-user, the global laser vision correction market can be classified into LASIK eye centers, hospitals, ambulatory surgical centers, and others
  • Ambulatory surgical centers was a highly lucrative segment of the market, in terms of revenue, in 2019. The trend is likely to continue during the forecast period. Ambulatory surgical centers offer shorter hospital stay, well-equipped devices, and lower risk of acquiring hospital-acquired infections (HAIs), which in turn are likely to fuel the demand for laser vision correction in ambulatory surgical centers.

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North America to Dominate Global Laser Vision Correction Market

  • In terms of region, the global laser vision correction market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa
  • North America dominated the global laser vision correction market in 2019. The trend is projected to continue during the forecast period. The region’s dominance can be attributed to an increase in people with vision impairment, presence of major players, and well-established healthcare system in the region.
  • The laser vision correction market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to an increase in adoption of new products and a rise in number of laser vision correction procedures carried out in emerging countries such as India and China

Key Players Operating in Global Laser Vision Correction Market

The global laser vision correction market was highly fragmented in 2019. Key players operating in the global market are:

  • Alcon (Novartis AG)
  • Bausch Lomb Pvt Ltd.
  • ZEISS International
  • Johnson Johnson
  • LASERSIGHT
  • NIDEK CO., LTD
  • SCHWIND eye-tech-solutions
  • Ziemer Ophthalmic Systems

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