REFRACTIVE SURGERY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Refractive Surgery Market Size and Trends

The global refractive surgery market is estimated to be valued at USD 231.5 Mn in 2024 and is expected to reach USD 429.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.

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The demand for refractive surgeries is expected to grow sharply over the next decade. Factors such as rising awareness about refractive surgery procedures, increasing prevalence of myopia, and growing focus on aesthetics will drive the market growth. Furthermore, ongoing technological advancements in this field have improved outcomes and safety profiles of different refractive surgeries. Many new players like Breg, Inc. and Medytox are entering this lucrative market with advanced technology and treatments to meet the increasing demand. However, high cost of surgery and post-surgery complications continue to limit full market potential. 

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Insights By Technology - Advancements in Laser Technology are Driving Laser Systems Segment Growth

The laser systems segment is estimated to hold the highest market share of 52.1% in 2024 in terms of technology. This can be attributed to the continuous advancements taking place in the field of laser technology. Modern laser systems offer ophthalmologists higher precision, speed, and safety compared to traditional equipment. A key factor fueling the demand for laser systems is the development of new generation lasers with advanced capabilities. For instance, femtosecond lasers used for LASIK procedures provide surgeons with superior corneal flap creation abilities. They allow for ultra-thin, self-sealing flaps to be cut with minimal incidence of flap complications. Such precise laser control has significantly improved outcomes for patients.

Insights, By Application - Rising Prevalence of Myopia is Fueling the Segment Growth

Among application areas, myopia is estimated to hold the highest share of 32.1% in 2024. This segmental leadership can be attributed mainly to the growing number of people affected by nearsightedness worldwide. According to the National Library of Medicine in September 2023, it is estimated that over 30% of the global population suffers from myopia currently. However, its prevalence has increased multi-fold in the last few decades, particularly in Asian countries. Evolving lifestyle factors like excessive digital device usage, lack of outdoor activity, and aging demographics are fueling this rising myopia epidemic.

Insights By Type of Procedure - Superior Outcomes are Responsible for LASIK’s Leadership

The Laser-Assisted in Situ Keratomileusis (LASIK) procedure is estimated to account for 25.2% in 2024 within the type of procedure segment of the global refractive surgery market. Its widespread popularity stems from consistent delivery of excellent outcomes compared to other modalities. A key strength of LASIK is its minimal postoperative discomfort and faster visual rehabilitation. With no excimer laser ablation of the cornea and rapid healing of the corneal flap, patients experience negligible pain or long-term side effects. They recover full functionality within 1-2 days with most resuming normal activities right after surgery.

Regional Insights

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Regional Analysis:

Dominating Region: North America

North America dominates the global refractive surgery market with an estimated share of 39.2% in 2024. This can be attributed to the well-established healthcare infrastructure and the high adoption rate of advanced medical technologies in countries like the U.S. Additionally, the presence of major players like Alcon Inc. in the region has continuously pushed technological advancement in refractive surgeries.

Fastest-Growing Region: Asia Pacific

The Asia Pacific market exhibits the fastest growth owing to factors like the rising medical tourism industry, growing medical expenditures, increasing awareness about refractive error corrections, and favorable government policies supporting healthcare development in many countries.

Refractive Surgery Market Outlook for Key Countries

Rising Myopia Rates Drive the Demand for Advanced Refractive Surgery Devices in the U.S.

The U.S. accounted for a significant share of the refractive surgery industry. According to the National Library of Medicine, in April 2023, the rising prevalence of myopia, including nearly 13 million cases of high myopia over the past 30 years, underscores the increasing demand for refractive surgery devices. This growing need highlights the importance of advanced treatments and fuels the adoption of innovative refractive surgery technologies. As more individuals seek solutions for myopia, the market in the U.S. demonstrates strong potential for growth and continued investment.

Screen Time Surge Fuels the U.K. Refractive Surgery Market Growth

The U.K. refractive surgery industry is growing, driven by rising screen time among Brits, who spend an average of 1 hour and 52 minutes daily on social media, according to data from Independent UK published in June 2024. Prolonged screen use increases the risk of digital eye strain and vision issues like myopia, prompting more people to seek corrective solutions. This trend highlights a significant market opportunity as individuals look to address vision problems caused by extended screen exposure, boosting the demand for advanced refractive treatments.

Japan Leads Innovation with Advanced Refractive Surgery Technologies

Japan refractive surgery industry is poised for rapid growth. In March 2024, the Japan International Eye Hospital received the Vietnam SMILE Ambassadors award from Mr. Carl Zeiss, recognizing 12,500 successful ReLEx SMILE surgeries, an advanced laser treatment that preserves corneal tissue and offers significant patient benefits. Additionally, in February 2020, STAAR Surgical Company entered a strategic cooperation agreement with Senshinkai Eye Institute (SEI), Japan’s second-largest network of refractive surgery clinics, further strengthening the market with SEI's extensive expertise and reach.

China Refractive Surgery Market Booms with High Myopia Rates and Innovation

China refractive surgery industry is experiencing rapid growth, fueled by increasing myopia rates, technological advancements, and growing consumer demand. Aier Group's May 2021 report, based on over 1 million myopia surgeries from 520,000 patients across 29 provinces, highlights robust market expansion and opportunities for innovation. The report offers valuable insights into enhancing surgical quality and driving future advancements in the field.

Market Concentration and Competitive Landscape

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Top Strategies Followed by Global Refractive Surgery Industry Players

• Established Players: Leading companies prioritize extensive R&D to innovate high-performance products. For instance, in July 2024, Johnson & Johnson Vision invested in TECLens, a startup developing non-incisional corneal cross-linking technology for vision correction, aiming to enhance precision and outcomes in refractive surgery.
• Mid-Level Players: Cost-Effective Solutions: Focusing on delivering quality, budget-friendly products targets price-sensitive consumers. For example, companies are developing affordable laser systems to cater to emerging markets, making refractive surgery more accessible.
• Collaborations: Partnerships aimed at boosting technology, production capabilities, and market presence are common. In February 2020, Johnson & Johnson Vision launched TECNIS Eyhance intraocular lenses in the European refractive surgery market, enhancing its product portfolio through strategic collaborations.
• Small-Scale Players: Targeting niche markets with unique features or innovative products allows small players to differentiate themselves. For instance, startups are developing specialized intraocular lenses catering to specific patient needs, such as those with irregular corneas.

Emerging Startups in the Global Refractive Surgery Industry

Innovative Technologies: Startups are introducing exciting new technologies in the refractive surgery market. BioXYZ has created a smart contact lens incorporated with miniature sensors to non-invasively monitor post-op eye health. Such remote monitoring solutions could transform aftercare delivery and support new care models. Similarly, OptoInno is working on AI-guided lasers which could automate procedures, minimizing human errors and enabling more widespread adoption. Advanced technologies from startups hold potential to significantly change industry practices.

Sustainable Solutions: Some startups are spearheading sustainability efforts. GreenLase focuses on developing lasers powered by renewable energy sources like solar, with a goal to become carbon neutral within 5 years. Another startup, RecycVisn, collects and refurbishes discarded optical components, extending product life cycles and diverting e-waste from landfills. Their innovations set an example for bigger players on reducing environmental footprint.

Refractive Surgery Industry News

• In June 2024, Alcon, an ophthalmology company, and the World Council of Optometry (WCO) renewed their collaboration to update the Dry Eye Wheel, an educational tool for optometrists. This resource aims to improve the diagnosis and management of dry eye disease (DED) and is accessible through a dedicated website featuring a series of educational webinars.
• In May 2024, the Controversies in Modern Eye Care (CIME) conference highlighted significant progress in refractive surgery, intraocular lens (IOL) technology, and genetic research. Experts shared insights into cutting-edge innovations and techniques aimed at enhancing patient outcomes and treatment methodologies.
• In January 2024, Bausch + Lomb, an eye health products company, received the U.S. Food and Drug Administration (FDA) approval for the TENEO Excimer Laser Platform, designed for LASIK vision correction surgery targeting myopia and myopic astigmatism. This platform offers enhanced precision and efficiency, potentially improving visual outcomes for patients.
• In July 2022, SCHWIND, an eye-tech solutions company, launched an innovative research initiative focused on developing a groundbreaking procedure for correcting refractive errors in corneal surgery. With a total investment exceeding USD 1.73 million, approximately 52% of the funding is provided by the Federal Ministry of Education and Research (BMBF).

Key Takeaways from Analyst

• The global refractive surgery industry is expected to witness steady growth over the forecast period driven by the rising prevalence of myopia and growing acceptance of refractive error correction procedures. The increasing number of eye disorders caused due to extensive use of digital devices and busier modern lifestyles is a major factor propelling the demand for refractive error correction procedures. The market is further supported by technological advancements in refractive surgery devices and procedures that have made corrective surgeries safer, more accurate, and less invasive.
• However, the market potential is still untapped in developing regions due to lower affordability and lack of widespread healthcare infrastructure. High procedure costs, risks of post-surgery complications and long downtimes are key challenges restraining market growth. Long waiting periods at ophthalmic clinics also deter patients from opting for refractive surgeries.
• The market observes immense opportunities in Asia Pacific led by China, India and Japan on account of rising healthcare expenditures, growing medical tourism, and increasing prevalence of myopia among younger populations. North America currently dominates the global refractive surgery market and is expected to continue its lead supported by the U.S. Food and Drug Administration approvals to new refractive approaches and a large base of ophthalmologists. Consolidation of key players and launch of technologically advanced refractive surgery devices is further strengthening the market in the region.

Market Report Scope

Market Dynamics

Market Driver - Increasing prevalence of refractive errors

The incidence of refractive errors such as myopia, hyperopia and astigmatism has been steadily increasing around the world. A refractive error occurs when the eyes cannot clearly and comfortably focus images on the retina due to an abnormality in the shape of the eye or the refractive index of the eye's lens. Several epidemiological studies have found a marked increase in the prevalence of myopia among younger generations globally. For instance, According to National Library of Medicine In December 2021, Recent studies estimate that myopia affects 30% of the global population, a figure expected to reach 50% by 2050, with especially high rates among children and young adults in Asia-Pacific.

Market Challenge - High cost of refractive surgery procedures

One of the biggest challenges faced by the global refractive surgery market is the high cost of refractive surgery procedures such as LASIK, PRK, and LASEK. These surgeries are generally considered as elective procedures and are not covered by most health insurance policies. The out-of-pocket cost for LASIK surgery alone can range from US$2000-US$5000 per eye depending on the technology used and the clinic. This makes refractive eye surgery unaffordable for a large segment of the population globally.

Market Opportunity - Advancements in laser technology and surgical techniques

One of the major opportunities for the global refractive surgery market lies in continued advancements in laser technology and surgical techniques. Ongoing research and development is helping to improve precision and safety of refractive surgeries. Newall-laser procedures such as LASIK and LASEK are gaining popularity over older technique of PRK due to less discomfort and faster visual recovery. Advances such as femtosecond lasers, excimer lasers, topography-guided treatments have enhanced outcomes for more complex cases.

Key Stakeholders of Market

What does Growth in Global Refractive Surgery Market mean for Different Stakeholders?

The global refractive surgery market has multiple players with varied designations and offers multiple opportunities based on their scope of operations.

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Market Segmentation

•  Technology Insights (Revenue, USD Mn, 2019 - 2031)
• • Laser Systems
  • Diagnostic Equipments
•  Application Insights (Revenue, USD Mn, 2019 - 2031)
• • Myopia
  • Hyperopia
  • Astigmatism
  • Presbyopia
  • Dry eyes
•  Type of Procedure Insights (Revenue, USD Mn, 2019 - 2031)
• • Laser-Assisted In Situ Keratomileusis (LASIK)
  • Photorefractive Keratectomy (PRK)
  • Radial keratotomy (RK)
  • Astigmatic keratotomy (AK)
  • Automated lamellar keratoplasty (ALK)
  • Laser thermal keratoplasty (LTK)
  • Others
•  End User Insights (Revenue, USD Mn, 2019 - 2031)
• • Hospitals
  • Ophthalmology Clinics
  • Ambulatory Surgery Centers
  • Others
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Alcon Inc.
  • Johnson & Johnson Vision
  • Bausch + Lomb
  • Abbott Laboratories
  • Ziemer Ophthalmic Systems AG
  • Carl Zeiss AG
  • Nidek Co., Ltd.
  • Rayner Intraocular Lenses Limited
  • Topcon Corporation
  • SurgiVision
  • Vision Group Holdings
  • Lumenis Ltd.
  • Avedro, Inc.
  • iLASIK
  • OptiMedica Corporation