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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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.