Laser Vision Correction Market

Global Laser Vision Correction Market Size (2023 to 2028)

The global laser vision correction market size is expected to be valued at USD 5.28 billion in 2023 and USD 7.79 billion by 2028, growing at a CAGR of 8.11% from 2023 to 2028.

Global Laser Vision Correction Market Share Insights:

• Based on the procedure, the LASIK segment held the largest share of the global market in 2022.
• Based on application, the myopia segment accounted for the leading share of the global market in 2022.
• Based on region, North America dominated the market in 2022.

Impact of COVID-19 on the global laser vision correction market:

The global vision correction market was significantly impacted by the COVID-19 pandemic. As lockdowns and restrictions on elective treatments, including laser vision correction, were enacted around the world to prioritize healthcare resources for COVID-19 patients, the number of laser vision correction surgeries fell during the peak of COVID-19. There were additional difficulties in transporting laser surgery equipment from one location to another. Patients postponed non-urgent treatments due to virus transmission fears and limited access to healthcare services. The laser vision correction market enjoyed a resurgence as the situation improved and limitations were relaxed in several locations. Pent-up demand from patients who had postponed their procedures, along with increasing trust in safety precautions, resulted in an increase in interest and adoption of laser vision correction.

MARKET DRIVERS:

Technological advancements are one of the key factors propelling the growth of the laser vision correction market. The continuous advancements in laser technology have improved the safety, accuracy, and outcomes of laser vision correction procedures. For instance, the introduction of femtosecond lasers for creating corneal flaps in LASIK procedures has significantly reduced the risk of complications. According to a study published in the Journal of Cataract and Refractive Surgery, femtosecond laser-assisted LASIK had a lower rate of flap-related complications (0.4%) compared to mechanical microkeratome-assisted LASIK (3.8%).

The growing patient population suffering from eye disorders further fuels the growth rate of the laser vision correction market. Refractive defects, including myopia, hyperopia, and astigmatism, have become common around the world.  According to the American Academy of Ophthalmology, the prevalence of myopia is expected to rise from 1.4 billion in 2020 to 4.8 billion by 2050. Because of the increasing prevalence of refractive defects, the potential market for laser vision correction procedures has grown.

The growing awareness among people regarding the latest treatment options for eye diseases contributes to market growth. Patient awareness of laser vision repair's benefits and success rates has increased the demand for these operations. According to the American Society of Cataract and Refractive Surgery (ASCRS), 93% of LASIK patients were satisfied with their results. The rapid adoption of modern lifestyles and spending increased time in front of screens drive the market growth. Modern lifestyles, which are marked by increasing screen time, have been linked to the development or progression of refractive defects. According to a study published in Ophthalmology, the risk of developing myopia increased by 2.6 times in children who spent more than 7 hours per week playing electronic games compared to those who played less.

The growing product releases and approvals accelerate the laser vision correction market. In November 2015, for example, Alcon announced Contoura Vision, a topography-guided LASIK therapy designed to assist surgeons in performing personalized laser operations on patients with near-sightedness and astigmatism based on the corneal topography of each eye. Furthermore, in October 2018, Alcon developed the sophisticated WaveLight Refractive Suite, which can be used along with Contoura Vision to assist surgeons in detecting eye abnormalities or imperfections.

MARKET RESTRAINTS:

High costs associated with laser vision correction procedures are one of the major factors hampering the market growth. Laser vision correction operations such as LASIK can be expensive. While the costs have decreased over time, many potential patients, especially those with limited or no insurance coverage, still find it expensive. Also, the high upfront cost can deter some individuals from seeking laser vision correction, especially if they can manage their refractive errors with glasses or contact lenses. A high number of product recalls also impact market growth negatively. LASIK surgical devices are computerized and can malfunction. The U.S. FDA has frequently recalled LASIK surgery devices due to technical issues, which is projected to slow the laser vision correction market growth throughout the projection period.

Although laser vision correction operations are typically safe and have a high success rate, they do involve risks and potential consequences. As a result, some people may be concerned about the procedures' safety, including risks such as infection, dry eyes, glare, and night vision impairments. Not everyone is a good candidate for laser vision repair operations. Extreme refractive errors, unstable vision, certain eye disorders (e.g., cataracts, glaucoma), and systemic health issues can all disqualify people from having these operations done. These constraints limit the prospective patient pool and therefore stifle market expansion.

While patient awareness has aided market expansion, some parts of the population may be unaware of laser vision correction operations or have misconceptions about them. Some people may have outdated or incorrect information, which causes them to be fearful or hesitant to explore laser vision correction.

REPORT COVERAGE:

This research report on the global laser vision correction market has been segmented and sub-segmented based on the procedure, application, and region.

Global Laser Vision Correction Market – By Procedure:

• LASIK (Laser Assisted In-Situ Keratomileusis)
• PRK (Photo Refractive Keratectomy)
• SMILE (Small Incision Lenticule Extraction)
• Others

Based on procedure, the LASIK (Laser-Assisted In-Situ Keratomileusis) segment played a dominating role in the recent past and is expected to witness substantial growth over the forecast period. LASIK is an established and proven procedure for vision correction with high patient satisfaction rates, which is one of the key factors propelling segmental growth. Technological advancements in laser technology with improving precision and safety of LASIK procedures and rising demand for refractive surgeries and desire for reduced dependency on corrective eyewear further boost the growth rate of the LASIK segment in the global laser vision correction market.

The SMILE (Small Incision Lenticule Extraction) segment is anticipated to witness the highest CAGR over the forecast period due to its increased popularity. SMILE is a minimally invasive procedure that offers advantages such as a smaller incision, the potential for faster recovery, and reduced risk of certain complications.

Global Laser Vision Correction Market – By Application:

• Myopia
• Hyperopia
• Presbyopia
• Astigmatism
• Cataract
• Others

In 2021, the myopia segment has been one of the largest segments in terms of market share and is anticipated to grow at a healthy CAGR during the forecast period. Myopia, or near-sightedness, is a common refractive error that affects a significant portion of the global population. The high prevalence of myopia, particularly among young people, along with the increase in demand for vision correction procedures, has contributed to the dominance of the myopia segment in the market. Factors such as increased screen time, lifestyle changes, and genetic predisposition contribute to the prevalence of myopia. Additionally, the growing awareness of the benefits of laser vision correction is expected to propel the myopia segment to experience the highest growth rate in the coming years.

Global Laser Vision Correction Market – By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

North America led the laser vision correction market in 2022 and the domination of the region is expected to continue throughout the forecast period owing to the rising prevalence of refractive disorders and a significant demand for laser treatment. According to the Glaucoma Research Foundation, in January 2019, over 3 million individuals in the United States were diagnosed with glaucoma. The National Eye Institute projects that this number will increase by 58% and reach 4.2 million by 2030. Technological advancements in laser technology and diagnostic equipment, the growing prevalence of refractive errors, such as myopia and astigmatism among the North American population, favorable reimbursement policies and high disposable income further boost the growth of the North American market. The U.S. held the major share of the North American market in 2022 and the lead of the U.S. in the North American region is expected to continue throughout the forecast period. The presence of advanced healthcare infrastructure, high awareness about vision correction procedures, and a large patient pool seeking refractive surgeries majorly drive the market growth in the U.S.

Europe is another notable regional market for laser vision correction and is predicted to witness a healthy CAGR during the forecast period. The growing number of LASIK procedures across Europe is one of the major factors driving the European market growth. As per the information published by the European Society of Cataract and Refractive Surgeons (ESCRS), Europe has a high LASIK procedure rate per million population. Stringent regulatory guidelines ensuring patient safety and efficacy of procedures, growing number of awareness campaigns and education programs promoting the benefits of vision correction surgeries and an increasing aging population with presbyopia and age-related vision problems further promote the growth of the laser vision correction market in Europe. Germany, the UK and France are the major contributors to the European market.

However, the Asia Pacific market is projected to experience the most rapid expansion throughout the forecast. The market growth is anticipated to be driven by the rising demand for novel treatment approaches in countries like India and China. The growing patient population with a high proportion of individuals with refractive errors, rapid adoption of advanced technologies and procedures by eye care professionals, and rising medical tourism for affordable and high-quality vision correction surgeries majorly drive the APAC market growth. China, Japan and India are estimated to hold the major share of the APAC market in the coming years.

Regions such as Latin America and MEA are anticipated to grow at a steady CAGR in the coming years.

KEY MARKET PLAYERS:

Alcon, Johnson & Johnson Vision, Carl Zeiss Meditec AG, Bausch + Lomb, Nidek Co., Ltd., Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions GmbH & Co. KG, Topcon Corporation and iVIS Technologies are some of the prominent companies in the global market.

RECENT HAPPENINGS IN THE MARKET:

• In May 2023, MedCare Eye Centre offers PresBeyond, an advanced refractive surgery technique that utilizes excimer laser technology to correct presbyopia. It is a minimally invasive procedure that reshapes the cornea to improve the eye’s focusing ability. Unlike traditional methods, Presbyond offers a personalized approach, tailoring the treatment to each patient’s unique visual requirements.