The global refractive surgery devices market is expected to increase steadily and reach a valuation of US$213.0 million by 2024. This growth trajectory indicates that between 2024 and 2034, the Compound Annual Growth Rate (CAGR) will be 3.90%, with an absolute monetary potential of US$312.3 million at the end of that year.
Refractive surgical instruments are essential for treating vision problems such astigmatism, hyperopia, and myopia. They allow patients to see more clearly and require less corrective glasses. The market for refractive surgery devices is anticipated to increase gradually as developments in refractive surgery techniques and technologies broaden the range and accessibility of vision correction operations.
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Key Takeaways:
- Rising Demand for Vision Correction Solutions: The growing prevalence of vision disorders, coupled with the desire for freedom from eyeglasses and contact lenses, is fueling the demand for refractive surgery procedures. Refractive surgery devices enable ophthalmic surgeons to perform precise and effective vision correction surgeries, enhancing visual outcomes and improving patients’ quality of life.
- Technological Advancements Driving Market Growth: Ongoing advancements in refractive surgery devices, including laser systems, diagnostic tools, and implantable lenses, are driving market growth and innovation. Innovations such as wavefront-guided treatments, femtosecond laser technology, and customizable intraocular lenses are expanding the scope and efficacy of refractive surgery procedures, catering to a diverse range of patient needs and preferences.
- Growing Patient Awareness and Accessibility: Increasing patient awareness about the safety, efficacy, and benefits of refractive surgery procedures is contributing to market growth. Moreover, improvements in healthcare infrastructure, expanded access to specialized eye care services, and rising disposable incomes are making refractive surgery more accessible to a broader segment of the population, driving demand for refractive surgery devices.
- Focus on Safety, Precision, and Patient Satisfaction: With a growing emphasis on safety, precision, and patient satisfaction, refractive surgery device manufacturers are investing in research and development to enhance product performance, reliability, and ease of use. Patient-centric approaches, customized treatment options, and comprehensive pre- and post-operative care protocols are essential for ensuring optimal surgical outcomes and patient satisfaction.
Competitive Landscape:
Owing to its extended existence, the market for equipment used in refractive surgery is crowded with businesses that have established a solid presence abroad. The devices needed for refractive procedures are supplied by these firms to hospitals, ambulatory surgical centers, and emergency clinics.
Alcon Inc., Carl Zeiss Meditec AG, Johnson & Johnson Vision, Bausch + Lomb, NIDEK Co., Ltd., and Ziemer Ophthalmic Systems AG are a few of the leading businesses in the industry. These businesses spend billions of dollars developing innovative technology to streamline, expedite, and improve the quality of surgery.
Recent Developments
- In June 2023, Eye-Q introduced an Advanced Customised LASIK machine at its Rewari eye-care facility, revolutionizing laser vision correction and eliminating the need for patients to travel to Gurugram. The hospital aimed to enhance the quality of life for individuals, particularly youth aged 18-35, by offering world-class eye-care treatments.
- In September 2023, Alcon unveiled its largest-ever scientific program at the 41st Congress of the ESCRS in Vienna, Austria. The event showcased over 75 abstracts, presenting new data and innovations supporting ophthalmic surgical teams across cataract, refractive, visualization, and ocular health fields.
Key Companies in the Market:
- Alcon Inc.
- Carl Zeiss Meditec AG
- Johnson & Johnson Vision
- Bausch + Lomb
- NIDEK Co., Ltd.
- Ziemer Ophthalmic Systems AG
- STAAR Surgical Company
- Abbott Medical Optics
- Topcon Corporation
- Essilor International
- Lumenis Ltd.
- HOYA Corporation
- Haag-Streit AG
- Schwind eye-tech-solutions GmbH
- iVIS Technologies
- Oculentis GmbH
- NIDEK Technologies Srl
- Optovue, Inc.
- OCULUS Optikgeräte GmbH
- Rayner Intraocular Lenses Limited
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Refractive Surgery Device Market Segmentation:
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
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
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