Embarking on a transformative journey, the Refractive Surgery Devices Market is set to redefine the landscape of ocular solutions. As technological advancements continue to drive innovation, these devices promise a future where vision correction reaches unprecedented levels of precision and efficacy. With an unwavering focus on enhancing visual outcomes and patient satisfaction, the market’s evolution reflects a commitment to reshaping the way we perceive and address refractive challenges. As the industry propels forward, the Refractive Surgery Devices Market stands poised to play a pivotal role in shaping the future of eye care.As per the refractive surgery devices market Analysis study, the market is anticipated to reach a valuation of US$ 195.1 million in 2021 and expand at a compound annual growth rate (CAGR) of 7.7% between 2022 and 2032. Comparing this to the prior CAGR of 8.1%, there has been a noticeable decline. The global market is anticipated to present an absolute monetary opportunity of US$ 235 million between 2022 and 2032. This is explained by the ageing population and the increasing screen time that people are experiencing as a result of the Covid-19 limitations.
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.
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
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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 Mn.
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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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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