Refractive Surgery Devices Market: Pioneering the Future with a Projected Worth of US$ 446.2 Million by 2032

According to the Refractive Surgery Devices Market Analysis report, the market is valued at US$ 195.1 Million in 2021 and is expected to grow at a CAGR of 7.7% from 2022 to 2032. This represents a significant decrease from the previous CAGR of 8.1%. During the forecast period (2022 to 2032), the global market is expected to offer an absolute dollar opportunity of US$ 235 million. This can be attributed to the growing geriatric population and people's increased screen time as a result of the Covid-19 restrictions.

The Lasers segment generated the most revenue in the Global Refractive Surgery Devices Market in 2021, rising at a CAGR of 8.2%. This can be attributed to technological advancements and the increased usage of laser vision correction procedures. The projected growth rate is much lower than the 9.5% growth rate between 2017 and 2021.

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In addition, the Global Refractive Surgery Devices Market considers myopia to be the leading application category. Between 2022 and 2032, it is predicted to expand at a Compound Annual Growth Rate of 9%. This is due to an increase in the risk of vision impairment due to the global prevalence of myopia. As a result of increased screen usage, myopia has been a prominent issue among children during the pandemic.

Key Takeaways:
The Market is expected to grow at a CAGR of 7.7% which is slightly lower than its historical CAGR of 8.1%.
By the end of 2032, the global market for Refractive Surgery Devices will reach the valuation of US$ 446.2 Million.
Within the period between 2022 and 2032, the market is expected to offer an absolute dollar opportunity of US$ 235 Million.

Lasers segment leads among other products type segments by growing at a CAGR of 8.2% while its historical growth was 9.5% during the period between 2017 and 2021.
The U.S. market for Refractive Surgery Devices constitutes a majority share of nearly 26% in the global market. It is expected to grow at a CAGR of 7.3% during the forecast period.

Market revenue through Myopia leads among the all the application-based segments. Revenue through this application is expected to grow at a CAGR of 9% during the forecast period.
With the introduction of technologically advanced and minimally invasive techniques in refractive surgical devices, the patients have numerous options for reducing their reliance on contact lenses and spectacles, as well as taking corrective treatments for refractive issues, comments a Future Market Insights analyst.

Competitive Landscape :
The Refractive Surgery Devices Market is driven by the Market players who are expanding their product portfolios by highly investing in the R&D and Product development areas. Government funding, technological breakthroughs, regulatory clearances, mergers and acquisitions, and a diversified product offering have all helped to maintain the environment competitive. The leading companies are expected to gain from new product releases and the expansion of present operations in the untapped international market.

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The major market players in the Refractive Surgery Devices Market are :
Alcon
Bausch & Lomb Incorporated
Carl Zeiss Meditec AG
Essilor
Johnson & Johnson Services, Inc.
NIDEK CO. LTD.
Quantel Medical
SCHWIND eye-tech-solutions
TOPCON CORPORATION

The major developments in the Refractive Surgery Devices Market are:
In February 2022, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that CARVYKTI had been approved by the US Food and Drug Administration (FDA) for treating adults with relapsed or refractory multiple myeloma. This approval demonstrates J&J's ongoing commitment to providing additional therapeutic alternatives.
In March 2021, Bausch Health companies agreed to sell their stake in Amoun Pharmaceutical Company, an Egypt based human and animal health Product Company, to ADQ for US$ 740 Million.

Market Segments Covered In Refractive Surgery Devices Market Analysis
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

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