|01-19-2017 12:31 PM CET - Health & Medicine||
Custom LASIK Surgery Market to Surpass US$ 3.5 Billion by 2024
Press release from: Custom LASIK Surgery Market
The Global Custom LASIK Surgery Market was valued at US$ 1,537.6 million in 2016, as highlighted by Coherent Market Insights in its latest report on the market. High degree of precision and personalization as compared to conventional LASIK surgery is expected boost demand for custom LASIK surgery.
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Custom LASIK surgery market has witnessed lucrative growth in last five years, owing to its added advantage over conventional LASIK surgery and advanced eye laser treatments. It offers high correction vision and also enhances quality of eye vision in terms of contrast sensitivity. Since the introduction of LASIK surgery in 1991, over 10 million patients have been benefitted worldwide. However, the personalized LASIK surgery gained traction post introduction of wavefront guided LASIK surgery in 2002. Since then, various companies have revolutionized the industry by venturing in custom LASIK surgery market.
Increasing prevalence rate of refractive disorders, along with higher demand for eye laser treatment is expected to create market opportunity for players engaged in LASIK surgery market. For instance, over 23% of the U.S. population aged above 40 years suffered from myopia according to the American Academy of Ophthalmology 2016 estimates. There is high addressable market that needs to be capitalized upon. Only a fraction of the market is commercialized with custom LASIK surgery procedure. Existing leading companies are spend a considerable amount on development of custom LASIK technology. Companies such as Abbott Medical Optics, Alcon Laboratories, and Wavelight AG, have developed wavefront guided LASIK technology for individual treatment.
Key takeaways of the market are as follows:
North America is estimated to account for nearly 38% of overall custom LASIK surgery market revenue in 2017. The market in this region is expected to be primarily driven by rising demand in the U.S. Presence of specialized refractive surgeons along with higher healthcare spending and awareness towards better treatment care is expected to bolster demand for custom LASIK surgery procedure in the region. In 2016, over 1,050 LASIK centers performed around 630,000 LASIK procedures in the U.S.
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The markets in Latin America and Asia Pacific is expected to register double digit growth rate over the forecast period. Rise in discretionary income along with increasing prevalence of refractive disorders are expected to create lucrative market opportunities for the players in these region. Though, Latin America custom LASIK surgery market size is expected to register relatively higher CAGR than Asia Pacific, the latter is expected to generate over 3.5 times of the revenue generated by Latin America by 2024 end.
While wavefront-guided procedure segment is expected to dominate the custom LASIK surgery market share throughout the forecast period, topography guided LASIK procedure segment is expected to register fastest CAGR between 2016 and 2024. Various companies are trying to establish their presence in the market through development and distribution of innovative products in the market. For instance, in 2015, Alcon—a subsidiary of Novartis—received FDA approval for topography guided LASIK procedure. Commercialization of the product is expected to drive revenue growth of the company over the forecast period.
Abbott Medical Optics, Alcon Laboratories, Inc., Carl Zeiss, Inc., Bausch & Lomb, Nidek, Inc., and Technolas Perfect Vision GmbH are few of the key players in custom LASIK surgery market.
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Expansion of product portfolio along with the focus on long-term partnerships with LASIK centers are the prominent strategies adopted by leading players in this industry. For instance, Abbott received FDA approval for iDesign Advanced WaveScan Studio in 2015.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. Our client base includes players from across all business verticals in over 150 countries worldwide. We are uniquely positioned to help businesses around the globe deliver practical and lasting results through various recommendations about operational improvements, technologies, emerging market trends and new working methods. We offer both customized and syndicated market research reports that help our clients create visionary growth plans to provide traction to their business. We meticulously study emerging trends across various industries at both the global and regional levels to identify new opportunities for our clientele. Our global team of over 100 research analysts and freelance consultants provide market intelligence from the very molecular country level and also provide a global perspective of the market. Our team is of the most vital cog in our robust machinery that gives us the ability to deliver independent insight relying on our cognitive defusion training module.This allows for an objective and unbiased assessment of the market. We pride ourselves in my constantly striving to update our extremely in-depth understanding of the market by closely monitoring and analyzing markets, trends, and emerging best practices, across allfathomable industries under the sun. This enables us to equip our valued clientele with key decisive inputs to capitalize on lucrative growth opportunities in the market and to follow firmly position themselves on a high growth path in the future.
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