Global custom LASIK surgery market, by Procedure (Wavefront Guided, Wavefront Optimized, and Topography), by Therapeutic Applications (Myopia, Hyperopia, Astigmatism, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1,837.9 million in 2018, and is expected to exhibit a CAGR of 9.6% over the forecast period (2019 – 2027), as highlighted in a new report published by Coherent Market Insights.
Increasing approval and launches of LASIK procedure and systems by the market players to augment the market growth
Key players in the market are focusing on launches and approvals of LASIK procedure and systems, which is expected to propel custom LASIK surgery market growth over the forecast period. For instance, in October 2018, Alcon, a subsidiary of Novartis, introduced advanced WaveLight Refractive Suite that can be used with Contoura Vision to guide surgeons and professionals in the detection of abnormality or imperfection in eyes.
Moreover, the key players are engaged in creating awareness and educating patients about LASIK procedures, which is expected to boost the market growth over the forecast period. For instance, in July 2019, Alcon launched new website yourlasiksolution.com to educate patients about LASIK and its personalized topography-guided LASIK technology, CONTOURA Vision.
Browse 29 Market Data Tables and 22 Figures spread through 128 Pages and in-depth TOC on ‘Custom Lasik Surgery Market’- Global Forecast to 2027 by Procedure (Wavefront Guided, Wavefront Optimized, and Topography), By Therapeutic Applications (Myopia, Hyperopia, Astigmatism, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) To know the latest trends and insights prevalent in the custom LASIK surgery market, click the link below:
https://www.coherentmarketinsights.com/market-insight/custom-lasik-surgery-market-86
Furthermore, rising prevalence of myopia, hyperopia, astigmatism, and other conditions is expected to drive the market growth over the forecast period. For instance, according to the Brien Holden Vision Institute estimations published in the World Health Organization Report 2015, estimated 52% of the global population would be suffering from high myopia in 2050.
The key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in potential markets. For instance, in February 2017, Johnson & Johnson acquired Abbott Medical Optics (AMO), a subsidiary of Abbott, which offers ophthalmic products in consumer eye health, cataract surgery, and laser refractive surgery.
However, high cost of treatment and approval of advanced alternate procedures to LASIK surgery are expected to restrain the custom LASIK surgery market growth over the forecast period. For instance, in September 2016, Carl Zeiss Meditec received the U.S. FDA approval for its VisuMax Femtosecond Laser for small incision lenticule extraction (SMILE) procedures, which are indicated for correction of nearsightedness in patients above the age of 22 years. The SMILE procedure is less invasive alterative to the LASIK surgery.
Key Takeaways of the Custom LASIK Surgery Market:
- The global custom LASIK surgery market is expected to exhibit a CAGR of 9.6% over the forecast period, owing to increasing prevalence of myopia and other conditions. For instance, according to the IAPB Vision Atlas, October 2017, around 28.7% of the global population were diagnosed with myopia, and it is expected to increase to reach 37.5% and 40.0% by 2040 and 2050 respectively.
- Among procedure, the wavefront-guided procedure segment held a dominant position in the custom LASIK surgery market in 2018, owing to increasing trend of procedure development in the market. For instance, in 2015, Alcon, a subsidiary of Novartis received the U.S. FDA approval for topography-guided LASIK procedure.
- Key players operating in the global custom LASIK surgery market include Alcon Laboratories, Inc., Bausch & Lomb, Carl Zeiss, Inc., Abbott Medical Optics, Nidek, Inc., and Technolas Perfect Vision GmbH.
