The refractive surgery device market is poised for significant growth, with its valuation anticipated to reach USD 213.0 million by 2024. According to recent projections, the market is expected to expand at a compound annual growth rate (CAGR) of 3.90% during the forecast period from 2024 to 2034, ultimately offering an absolute dollar opportunity of USD 312.3 million by the end of 2034.
Several key factors are driving this market expansion. The increasing number of elderly individuals is a primary contributor, as age-related vision issues often necessitate refractive surgical interventions. Additionally, the rise in screen time due to Covid-19 restrictions has led to a surge in vision problems, further fueling the demand for refractive surgery devices.
Refractive surgery devices, which are essential for procedures that correct vision issues such as myopia, hyperopia, and astigmatism, are becoming increasingly vital in addressing these emerging health trends. The market’s expansion underscores the importance of technological advancements and innovation in improving vision care and patient outcomes.
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The market’s growth highlights how important innovation is to enhancing patient care and quality of life. With ongoing developments and rising public awareness, the market for devices used in refractive surgery is expected to significantly impact the state of healthcare around the world.
Key Takeaways:
- Market Valuation: The refractive surgery device market is projected to reach a valuation of US$ 213.0 million by 2024.
- Growth Rate: The market is expected to expand at a CAGR of 3.90% from 2024 to 2034.
- Future Opportunity: By the end of 2034, the market is anticipated to offer an absolute dollar opportunity of US$ 312.3 million.
- Driving Factors: Key factors fueling this growth include an increasing elderly population and the rise in screen time due to Covid-19 restrictions, leading to a higher prevalence of vision issues requiring correction.
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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