The market for laser vision correction is anticipated to increase as a result of an increasing number of product releases and approvals. When treating several refractive problems like myopia, hyperopia, astigmatism, and others, laser vision correction is an efficient way to improve eyesight. Players in the market are concentrating on new launches, winning approval for laser vision correction devices, and improving their product lines in prospective areas. For instance, the American Academy of Ophthalmology (AAO) annual meeting in Las Vegas, United States, in November 2015 saw the introduction of Contoura Vision, the first individualized LASIK surgery, by Alcon, a Novartis business. Based on the corneal topography of each eye, Contoura Vision is a topography-guided LASIK process that enables surgeons or medical professionals to execute individualized laser operations on patients with nearsightedness and astigmatism. Additionally, Bausch Health offers to donate ARTELAC Splash eye drops to regional hospitals throughout Spain. Additionally, in October 2018, Alcon unveiled the cutting-edge WaveLight Refractive Suite, which works with Contoura Vision to help specialists and surgeons identify abnormalities or flaws in eyes.
The Coherent Market Insights estimates that during the projected period (2020-2027), the Laser Vision Correction Market is anticipated to grow at a CAGR of 7.9%, reaching an estimated market value of US$ 5,201.3 million in 2020.
Top Companies in the Laser Vision Correction Industry:
1. Johnson and Johnson
The company was started in 1886 and has its main office in New Brunswick, New Jersey, U.S. The business creates medications, consumer packaged goods, and medical equipment. Johnson & Johnson declared in November 2022 that it will pay $16.6 billion to buy Abiomed Inc. On December 22, the deal became final. Johnson & Johnson paid $6.5 billion to acquire Momenta Pharmaceuticals in November 2020.
2. Alcon Laboratories, Inc.
The business was established in 1945, and Geneva, Switzerland serves as its corporate headquarters. The company produces and markets products for cataract and vitreoretinal surgery, contact lenses, and refractive technology.Alcon declared in November 2021 that it will pay at least $475 million to acquire Ivantis and its glaucoma surgical stent technology. Alcon made the decision to acquire Aerie Pharmaceuticals in August 2022 for US$770 million in order to broaden its selection of ophthalmic drugs.
3. Carl Zeiss Meditec AG
The company was established in 2002 and is headquartered in Jena, Germany. In the area of ophthalmology-related medical technology, the company offers entire system solutions. Systems for screening, diagnosing, and treating eye conditions like cataracts, glaucoma, and retinal abnormalities are among the company's offerings.
4. Bausch Health Companies Inc.
The company was started in 1959 and is based in Laval, Canada. It creates, produces, and sells pharmaceutical goods and name-brand generic medications, primarily for eye health, neurology, gastrointestinal disorders, and skin conditions. For the "Cover Your Bases" gum disease awareness campaign, the company's oral health division OraPharma teamed up with Alex Rodriguez in June 2023.
5. Ziemer Group AG
The firm was founded in 1998 and is based in Bellmund, Bern, Switzerland. Surgical and other medical tools, apparatus, and equipment are distributed in bulk by the corporation. The business is a privately held, Swiss manufacturer of medical devices that provides innovative, cutting-edge solutions for the field of ophthalmology.
6. Schwind Eye-tech-solutions
The firm was started in 1958 and is based in Kleinostheim, Germany. The company creates, manufactures, and sells technologies for the treatment of corneal disorders and ametropiae, including a microkeratome, laser systems, diagnostic systems, and software for personalized treatment planning.
7. Coherent Inc.
The firm was started in 1966 and is located in Santa Clara, California, United States. The business creates, produces, and provides support for laser equipment as well as specialised parts that are related to it. Coherent Inc. was fully acquired by II-VI Incorporated in July 2022, and the new business was given the name Coherent Corp.
*Definition: As an alternative to spectacles and contact lenses, laser vision correction can improve your natural vision. For the treatment of myopia, patients undergo the LASIK surgery technique. A form of refractive surgery is LASIK.
