The global LASIK laser system market size was valued at USD 1.6 billion in 2021 and is projected to reach around USD 2 billion in 2030 exhibiting a CAGR of 5.0% in the forecasted period. The rising demand for laser eye surgeries and growing awareness about efficiency & safety, and technological developments are anticipated to boost the market growth. On the other hand, the growing cost of ophthalmic devices and risk related to eye surgeries are the restraining factors limiting the growth.
Since laser eye surgery is a practical form of vision correction, more and more people are influenced of its profits. As a result, they choose the permanence and suitability of laser surgery as an alternative of using glasses or contact lenses. Resulting in making LASIK laser eye surgery the most popular form of laser eye surgery worldwide, and for a good reason. When related with alternative forms of laser eye surgery like LASEK, it has faster recovery time, greater precision, and the option of correcting a more complete range of eye prescriptions. Furthermore, it is a safe, efficient treatment with very low risk and can be carried out fast with little to no discomfort and with a littler recovery period.
Considering the current scenario, COVID-19 has left a drastic global public health issue that has impacted almost every business. Its long-term significances are anticipated to boost the industry growth in the stated period. COVID-19 pandemic had had a negative impact on the LASIK laser system market. But, with the upliftment of numerous industries and medical practices, the market is again expected to witness positive growth.
Type Insights
Based on type, the market is segmented into spot-scanning lasers, slit-scanning lasers, wavefront-guided lasers. The wavefront-guided lasers segment is anticipated to hold the maximum market share. The factors can be accredited to less side-effects of treatment and a high degree of accuracy.
Vision Error Insights
On the basis of vision error, the market is bifurcated into myopia, hyperopia, and astigmatism. The myopia segment is expected to hold the most substantial CAGR in the estimated period owing to the increasing number of myopia in the population across the globe.
End User Insights
On the basis of end user, the market is bifurcated into hospitals, clinics, and others. Hospitals are predicted to hold the largest market share. The factors can be attributed for the rising number of patients selecting hospitals for eye surgical procedures and an increasing number of hospitals in developing countries.
Region Insights
North American region accounted for the largest market share as there is a high rate of preference for vision corrective surgeries. Other factors boosting the market are the accessibility of advanced technologies and the high healthcare expenditure of the target population. For example, as per the 2021 report of the American Optometric Association, myopia affects closely 30% of the US population. While the precise cause of myopia is unknown, there is important evidence that many people inherit myopia, or at least the trend to develop myopia. If one or both parents are near-sighted, there is an increased chance their children will be near-sighted. Moreover, according to ARVO Annual Meeting Abstract, in June 2022, the complete prevalence of myopia was 33%, hyperopia was 29% and Astigmatism was 66% in North Canada. Moreover, as per the study by Optometry and Vision Science, in November 2021, the prevalence of myopia was 36.11%, hyperopia was 1.49% and astigmatism was 29.17% in children of Northern Mexico. Henceforth, the high prevalence of vision disorders is expected to fuel the market growth in the region.
Asia-Pacific is anticipated to have highest growth in the LASIK laser system market owing to growing number of refractive errors, surging eye care expenditure, increasing government initiatives, and growing number of eye care centers.
Key Companies Insights
To stay competitive in the total market, players are using new approaches such as new product development, mergers and acquisitions, joint ventures, and geographic expansions. Some of the key players working in the global LASIK laser system market include:
- Johnson & Johnson
- Alcon Inc.
- Bausch Health Companies Inc.
- Carl Zeiss AG
- Lasersight Technologies Inc.
- Nidek Co. Ltd
- Ziemer Ophthalmic Systems
- Stryker
- Medtronic
- Other players
Some of the Recent Developments:
- In May 2022, Sohana Hospital, Mohali, India, launched the first LASIK treatment to limit the use of spectacles. The Contoura Vision LASIK surgery can be accomplished in 10 minutes.
- In December 2021, Eye-Q Super Speciality Eye Hospital in Surat, India, re-launched one of its most innovative LASIK machines, I Lasik, to give bladeless operations for youth who want to get rid of their spectacles.
Segments
By Type
- Spot-scanning Lasers
- Slit-scanning Lasers
- Wavefront-guided Lasers
By Vision Error
- Myopia
- Hyperopia
- Astigmatism
By End-User
- Hospitals
- Clinics
- Others
By Region
North America
United States
Canada
Mexico
Europe
Germany
France
UK
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Brazil
Middle East & Africa
Turkey
GCC Countries
Egypt
South Africa
Analysis of the impact of COVID-19 and the Russia-Ukraine War:
The readers of this section will be better informed on the effects of the pandemic, the post-pandemic, and the Russia-Ukraine War on the global market for refrigerated freight services. The factors that have changed since the poll was done include demand, consumption, transportation, consumer behavior, and supply chain management. Industry experts have also emphasized the crucial factors that will help players identify opportunities and maintain the sector as a whole in the approaching years.
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The analysis covers global market and its advancements across different industry verticals as well as regions. It targets estimating the current market size and growth potential of the global market across sections such as also application and representatives.
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