Custom LASIK Surgery Market Trends, Analysis and Forecast till 2024

LASIK surgery is a highly effective method to correct vision and is especially useful in treatment of various refractive disorders such as myopia, hyperopia, and astigmatism. In the U.S. alone, over 34 million patients are suffering from myopia according to the American Academy of Ophthalmology 2016 estimates. Moreover, around 150 million people in the U.S. wear corrective eyeglasses. Custom LASIK surgery market revenue is expected to witness upward trajectory growth, owing to increase in demand for effective therapeutic treatment for disorders related to the eyes.

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Introduction of technologically advanced products and long-term partnership of leading players with regional hospitals are key trends observed in the custom LASIK surgery market. There are over 1,050 LASIK centers catering to around 650,000 patients annually in the U.S. Companies such as Abbott Medical Optics and Alcon offer wavefront guided LASIK products. Government institutes in developed regions are supporting custom LASIK surgery procedure. As a result of this, several programs such as BlueCross Blue Shield QualSight program have been launched to offer support to product development and subsidies on the LASIK surgery.

The global custom LASIK surgery market size was valued at US$ 1,537.6 million in 2016 and is expected to expand at a CAGR of 9.7% during 2016 – 2024.

Custom LASIK surgery market has grown manifold over the last decade. Increasing demand for minimally invasive therapy along with rise in prevalence rate of refractive disorders has boosted overall demand for LASIK surgery procedure in recent years. Most of the LASIK surgery procedure has been carried out for treatment of patients suffering from myopia. The ophthalmic industry has huge un-met potential. Expected commercialization of FDA-approved LASIK surgery systems is expected to fuel overall custom LASIK surgery market growth during the forecast period (2016–2024).

Market Dynamics

Changing lifestyle patterns has in turn led to weakening immunity and has inadvertently increased susceptibility to various health problems worldwide. The global chronic disease incidence rate has increased significantly over the last two decades. Eye related diseases have also increased in the recent past. Over 150 million people in the U.S. wear corrective eye wear according to the American Academy of Ophthalmology 2016 statistics. Myopia is the widely prevalent eye-disorder and its prevalence rate is highest in Japan. High demand for effective treatment approach has led to increased demand for custom LASIK surgery procedure worldwide.

Companies engaged in custom LASIK surgery market are expected to generate significant return on investment (ROI) over the forecast period. The technology has clear added advantage over the conventional approach. While conventional eye exams detects only two corneal abnormalities (spherical and cylindrical), wavefront-guided LASIK system detects infinite number of abnormalities. Moreover, only 1-3% of patients experience LASIK eye surgery complications, making it a highly preferred technique for eye surgeries in the present scenario.

Rapid increase in demand for custom LASIK surgery procedure in the emerging economies to boost market growth

North America, followed by Europe accounted for major share of global custom LASIK surgery market revenue in 2016. These two regions are together estimated to account for 65.1% of overall market revenue. However, the market for LASIK surgery procedure in Asia Pacific is projected to surpass that in in Europe by 2019. The primary factor for market growth in Asia Pacific is increased installations of LASIK systems in eye-care facilities in Japan. Japan is projected to account for 51% share of the custom Asia Pacific LASIK surgery market in 2017. Increasing patient awareness, high disposable income and improvement in the healthcare infrastructure has resulted in rise in number of LASIK surgeries and in turn, is resulting in growth of the custom LASIK surgery market in the country.

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Multinational players need to tap into potential addressable market in emerging economies

Product portfolio expansion and partnerships with local players are key custom LASIK surgery market trends, which are expected to shape the industry in the near future. Moreover, companies are focusing on receiving regulatory approval for their products to differentiate their product offerings. For instance, Abbott received FDA approval for iDesign Advanced WaveScan Studio in 2015. Major players in the global custom LASIK surgery market include Alcon Laboratories, Inc., Bausch & Lomb, Carl Zeiss, Inc., Abbott Medical Optics, Nidek, Inc., and Technolas Perfect Vision GmbH.

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This release was published on openPR.