Refractive surgery devices market: Global Opportunity Analysis and Industry Forecast, 2023-2032 Market

Report Overview
The size of the global market for devices used in Refractive surgery devices was estimated at USD 168.2 million in 2020, and it is anticipated to rise at a 7.7% CAGR from 2023 to 2032. The COVID-19 pandemic is predicted to increase global screen time and the ageing population, which will both boost the demand for refractive procedures. Myopia has been a significant problem throughout the epidemic, especially among children due to increasing screen time, claims Journal Ophthalmology. 52 percent of the world's population is predicted to have myopia by 2050, according to the World Health Organization, which indicates that the condition is on the rise. Moreover, refractive defects are more likely to occur in the elderly population, who must need rapid surgical treatment to restore their vision. According to the National Institute on Aging (NIA), the geriatric population is expected to reach 72 million by 2030.

Additionally, it is predicted that the base for the Refractive surgery devices market will expand due to the increased prevalence of refractive errors and other eye diseases like myopia, hyperopia, astigmatism, presbyopia, and dry eyes. By eliminating the need for spectacles or contact lenses, refractive surgery increases a person's level of independence. Refractive surgery facilitates vision correction and the management of numerous eye conditions that could otherwise result in blindness. According to the WHO, untreated refractive errors affect 88.4 million individuals globally, and they are the primary cause of vision impairment and blindness. Refractive surgery is anticipated to become more necessary as a result.

It is anticipated that throughout the forecast period, demand for refractive Refractive surgery devices will increase due to the emergence of minimally invasive procedures with enhanced technological capabilities, such as LASIK, PRK, and the relatively recent small-incision lenticule extraction (SMILE). Better patient results from the aforementioned procedures include quicker recovery times, an improved safety record, greater public acceptance of refractive surgery, and a number of government initiatives. With the development of cutting-edge surgical methods and equipment, ophthalmic surgical procedures have undergone substantial changes over time. Moreover, the adverse effects of procedures, including as short-term vision issues like glare and complications that lead to vision loss, may restrain market expansion.

Application Insights
In 2020, myopia had the biggest percentage (27.1%) and is predicted to develop somewhat over the prediction period. Globally, the prevalence of myopia is rising quickly, significantly raising the risks of vision impairment. According to the WHO, myopia prevalence in nations where it has previously been estimated and recorded as low (such as India) will significantly increase by 2050. Because that it is a common refractive illness that affects both children and adults, hyperopia held a sizable percentage in 2020. Excimer laser surgery is a common procedure used to treat hyperopia in patients (193 nm).

Throughout the projected period, the astigmatism sector is anticipated to increase at the fastest pace of 8.4%. The market for astigmatism is expected to grow rapidly as a result of technological improvements and an increase in astigmatism disorders. Most types of refractive surgery can be used to treat astigmatism, which practically everyone possesses to some extent, according to the American Optometric Association. During the projection period, this is anticipated to accelerate the segment's growth.

Product Insights
Due to rising demand for laser eye surgery and technological developments, the lasers segment had the highest revenue share (34.9%) in 2020. From 2023 to 2032, the segment will grow at the fastest CAGR. There is a huge demand for LASIK and other laser refractive procedures including PRK and LASEK. This is because refractive surgery, which has a high success rate, is increasingly preferred for vision correction to eyeglasses or contact lenses. The number of laser vision correction surgeries increased by around 30% yearly in 2021, according to the Refractive Surgery Council (RSC).

During the course of 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 elderly population and the increase in the prevalence of eye illnesses. In addition, technological advancements in blade material, oscillation frequency, and technique have been made in an effort to enhance flap cutting and lessen uneven astigmatism, which is a major driver of the segment's growth.

This report examines all the key factors influencing growth of global Refractive Surgery Devices market, including demand-supply scenario, pricing structure, profit margins, production and value chain / ecosystem analysis. Regional assessment of global Refractive Surgery Devices market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, scope of NPD in new markets, pricing strategies, innovation possibilities and much more.

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Market Segmentations:

Global Refractive Surgery Devices Market: Major Players
Carl Zeiss AG
Johnson & Johnson Vision
Alcon, Inc.
Lumenis Ltd.
Bausch & Lomb Incorporated
Ziemer Ophthalmic Systems AG
Ellex Medical Lasers Limited.
SCHWIND eye-tech-solutions GmbH & Co. KG
Nidek Co., Ltd.

Global Refractive Surgery Devices Market: By Types
Ophthalmic Lasers
Microkeratome

Global Refractive Surgery Devices Market: By Applications
Nearsightedness
Farsightedness
Astigmatism

Global Refractive Surgery Devices Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Refractive Surgery Devices market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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Covid-19 Scenario analysis:
Around the world, 213 countries and territories are impacted by the coronavirus COVID-19. The problems brought about by COVID-19 are forcing manufacturers to develop at a pace they have never seen before. Today's operations are incredibly complex due to supply chain disruptions, social distance on high-touch assembly lines, travel restrictions, and the requirement for oversight. There is a serious demand-supply gap as a result of the coronavirus disease epidemic of 2019 (COVID-19), which has had a profound influence on the manufacturing industry. There is a lack of raw materials from Chinese producers. The logistics sector is projected to be severely damaged by the lockdown caused by COVID-19, which would further cause the firms to be stranded on raw material orders. This has all affected the market adversely causing a slowdown in the Refractive surgery devices market due to shortage of supply and manufacturing.

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