Refractive Surgery Devices Market is anticipated to expand at a CAGR of 6.5% from 2023 to 2032 | insightSLICE
The market for Refractive Surgery Devices was worth US$ 165 million in 2021 and is expected to expand at a CAGR of 6.5% from 2023 to 2032.
The medical market has been dominated by devices for refractive surgery. Between 2022 and 2032, there is going to be a considerable climb from earlier expectations. Over 2.7 million people will lose their sight by 2030, according to several ophthalmologists.
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The market for devices used in refractive surgery is expected to develop rapidly. Various refractive surgical tools are employed in various procedures. The most prevalent impairments in the elderly population around the world include near-sightedness, farsightedness, myopia, and others.
Refractive surgery is divided into various subspecialties, including LASIK, Laser Thermal Keratoplasty, Radial Keratotomy, Astigmatic Keratotomy, and many others. Refractive surgical devices are heavily utilized during all of these surgeries, which are performed using specific techniques and tools.
The key players of the Global Refractive Surgery Devices Market are:
LENSAR, STAAR, Alcon, Zeiss, J and J, Ziemer Ophthalmic, Bausch & Lomb, and Avedro are the market leaders in the global market for refractive surgery devices.
Driving factors for the growth of Global Refractive Surgery Devices Market
The developments in the global market for refractive surgical equipment favor developing nations in the Asia-Pacific region.
Progress in mechanical systems, an expansion in the utilization of refractive surgery equipment, an increase of preventative medicine methods under clinical benefits, and the requirement to employ refractive surgery devices are what are driving the global market for refractive surgery devices.
Devices for refractive surgery are non-toxic and have clinical advantages in addition to being ecologically friendly. the possibility of bacterial transfer and immediate post-surgery allergy-proof, itch-proof, clear-sighted eyesight. The introduction of new products is among the primary focus of several competitors.
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According to WHO reports, 2.2 billion individuals worldwide suffer from myopia or hyperopia. The need for equipment for refractive surgery will increase due to the rising prevalence of cataracts particularly in elderly persons.
The research also considers the competitive environment; as a result, the report will provide a business overview and market prognosis for the leading players in the refractive surgery devices market according to application, end-user, and regional sales.
The report will also detail the important developments, company strategies, and R&D efforts for all the major companies operating in the market, as well as the global retail cycle, geographical sales forecasting, and infrastructure of the covered countries.
Major segments enabling the rising sales and revenue:
Due to rising demand for laser eye surgery and technological developments, the lasers category had the highest revenue share (34.9%) in 2020. From 2021 to 2028, the industry will expand at the highest compounded growth. There is a huge demand for LASIK as well as other laser refractive procedures such as PRK and LASEK.
This is because refractive surgery, which has a high success rate, is increasingly preferred for corrective lenses to contact lenses or eyeglasses. The number of laser corrective vision surgeries increased by around 30% yearly in 2021, according to the International Refractive Surgery Council (IRSC).
Throughout the projected period, the microkeratome market is anticipated to grow at a robust CAGR. The category is anticipated to be driven by the rapid growth of the older population and the increase in the prevalence of eye illnesses.
In addition, technological advancements in blade composition, oscillatory frequency, and technique have been made to enhance flap cutting and lessen irregular astigmatism, which is a major driver of the segment’s growth.
Aberrometers are useful tools in ophthalmology, particularly in refractive surgery since they employ wavefronts to assess overall refractive error. This technological advancement has allowed ophthalmologists to analyze more corrective components of the vision than previously possible with accuracy and precision.
Additionally, improvements in wave-front aberrometer technology are probably the main reasons for promoting market expansion. About 8 million Americans were recognized with refractive error-related vision impairment in 2017, according to the Centers for Disease Control and Prevention (CDC).
Thus, during the projection period, the market expansion is expected to be fueled by the expanding patient base and rising aberrometer penetration.
Regional outlook for the refractive surgery devices market:
North America had the greatest share of this market in 2020 with over 30.0%. Refractive error prevalence, the existence of sizable market participants, and the availability of efficient reimbursement policies are anticipated to support regional market expansion.
The WHO estimates that by 2035, there will be 78 million people in the country who are 65 years of age or older, which will increase the demand for goods. Additionally, it is anticipated that the application of cutting-edge technologies for the creation of surgical items will accelerate market expansion in the area.
During the projected period, Asia Pacific is anticipated to expand at the fastest rate for the Refractive Surgery Devices Market. The World Health Organization predicts that high-income nations in the Asia Pacific will experience a significantly greater frequency of myopia.
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Current developments in lifestyle and environmental factors, including air pollution, the increasing aging population, and the greater utilization of smartphones and computers, are driving the need for refractive surgical treatments in this region.
Due to the expanding market for devices for refractive surgery, the European market has dominated others. Additionally, there are numerous research and development projects underway, which are primarily to credit for the rising demand for these products.
The development and introduction of refractive surgery equipment in the markets of Europe are also due to sophisticated healthcare facilities.
Global Refractive Surgery Devices Market Key Segments:
By Application
- Cross-Contamination
- Astigmatism
- Myopia
- Hyperopia
By End Client
- Diagnostic labs
- Surgical Centers
- Hospitals
- Others
By Geographical
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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