Global Refractive Surgery Device Market Expected to Reach USD 213.0 Million by 2024, Projected Growth Driven by Aging Population and Increased Screen Time | FMI

The global refractive surgery device market is poised for significant growth, with a valuation anticipated to reach USD 213.0 million by 2024, reflecting a projected compound annual growth rate (CAGR) of 3.90% from 2024 to 2034. By the end of 2034, the market is expected to present an absolute dollar opportunity of USD 312.3 million, fueled by demographic shifts and evolving consumer behaviors.

The increasing prevalence of elderly individuals, coupled with the surge in screen time driven by Covid-19 restrictions, are key factors propelling this market. As more people turn to refractive surgeries to address vision problems, the demand for advanced surgical devices is on the rise.

Key Market Drivers:

1. Positive Patient Outcomes: High satisfaction rates among patients who undergo refractive surgeries encourage others to consider these life-changing procedures.
2. Innovative Technologies: Continuous innovations in refractive surgery devices have resulted in safer, more accurate, and customizable procedures, attracting a broader patient base.
3. Aging Population: A growing elderly demographic is witnessing an increase in age-related vision problems, such as presbyopia, leading to heightened demand for refractive surgeries.
4. Digital Lifestyle Impact: Modern lifestyles, characterized by increased screen time and exposure to digital devices, contribute to rising rates of myopia, further driving the need for corrective procedures.
5. Improved Access to Healthcare: Enhanced access to refractive surgery services in both developed and developing countries has significantly expanded the market.
6. Consumer Awareness: Growing awareness about available refractive surgery options, bolstered by advertising, word-of-mouth, and online resources, has increased consumer confidence in these procedures.
7. Advancements in Surgical Techniques: Innovations in surgical techniques and equipment have improved the safety and efficacy of refractive surgeries, alleviating apprehensions among potential candidates.
8. Affordability: Rising disposable incomes in various regions have made elective procedures, including refractive surgeries, more accessible to a wider audience.
9. Minimally Invasive Options: The introduction of minimally invasive refractive surgery techniques has reduced recovery times, discomfort, and complications, making these procedures more appealing.
10. Medical Tourism Growth: The rise of medical tourism allows individuals to seek affordable refractive surgeries in countries with advanced healthcare infrastructure, making high-quality treatment accessible to more patients.

As the refractive surgery device market continues to evolve, stakeholders across the healthcare sector should remain attentive to these trends and advancements to capitalize on the growing opportunities within this dynamic market.

Soaring Demand for Market Information: Uncover Detailed Trends and Insights in Our Report!

Market Growth in Key Regions:

• India: Strong growth potential with a projected CAGR of 5.40% through 2034.
• Thailand: A lucrative market with a projected CAGR of 4.70%.
• Malaysia: A promising market with a projected CAGR of 4.20%.
• Indonesia: A market with significant potential and a projected CAGR of 4.00%.
• Spain: A market with a promising future and a projected CAGR of 3.60%.

Competitive Landscape:

The market for refractive surgery devices is characterized by the strong presence of established companies that dominate the international arena. Hospitals, ambulatory surgical centers, and emergency clinics depend on these firms for the essential devices required for refractive surgeries.

Leading players in the market include Alcon Inc., Carl Zeiss Meditec AG, Johnson & Johnson Vision, Bausch + Lomb, NIDEK Co., Ltd., and Ziemer Ophthalmic Systems AG. These companies invest significant resources—amounting to billions of dollars—into developing innovative technologies aimed at streamlining the surgical process, enhancing efficacy, and reducing procedure time.

Recent Developments:

• In June 2023, Eye-Q launched an Advanced Customised LASIK machine at its eye-care facility in Rewari, marking a significant advancement in laser vision correction and eliminating the need for patients to travel to Gurugram. This initiative aims to improve the quality of life for individuals, particularly those aged 18-35, by providing access to world-class eye-care treatments.
• In September 2023, Alcon showcased its largest scientific program to date at the 41st Congress of the ESCRS in Vienna, Austria. The event featured over 75 abstracts, highlighting new data and innovations that support ophthalmic surgical teams across various specialties, including cataract surgery, refractive procedures, visualization, and ocular health.

Key Companies in the Market:

• Alcon Inc.
• Carl Zeiss Meditec AG
• Johnson & Johnson Vision
• Bausch + Lomb
• NIDEK Co., Ltd.
• Ziemer Ophthalmic Systems AG
• STAAR Surgical Company
• Abbott Medical Optics
• Topcon Corporation
• Essilor International
• Lumenis Ltd.
• HOYA Corporation
• Haag-Streit AG
• Schwind eye-tech-solutions GmbH

Refractive Surgery Device Market Segmentation

By Product Type:

• Lasers
• Microkeratome
• Aberrometers
• Other Product Types

By Application:

• Myopia
• Hyperopia
• Astigmatism
• Presbyopia
• Dry Eyes

By End-use:

• Hospitals
• Ambulatory Surgery Centers
• Ophthalmology Clinics

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa (MEA)
• Europe

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