Laser Vision Correction Market , by Procedure (LASIK (Laser Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction) and Others), by Type (Excimer Laser and Femtosecond Laser), By Therapeutic Application (Myopia, Hyperopia, Presbyopia, Astigmatism, Cataract, and Others), by End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 6.5 Bn in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing mergers and acquisitions regarding laser vision correction can drive the growth of the global laser vision correction market over the forecast period. For instance, in August 2021, Nielsen Eye Center, a company that provides professional eye care services, merged and rebranded with Updegraff Laser Vision, an eye health U.S.-based company.
Global Laser Vision Correction Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The economic and social disruption caused by the pandemic was devastating: tens of millions of people fell into extreme poverty, while the number of undernourished people, in 2020 was estimated at nearly 690 million, it increased by up to 132 million by 2022.
COVID-19 had a negative impact on the global laser vision correction market. This is because ophthalmology experienced one of the largest decreases in patient visits due to the pandemic. For instance, according to an article published in October 2021, in PubMed, a free search engine for biological databases and medical reports, visits the week of April 2020 were down by 79% compared to the week of March 2020 (referred to as baseline or pre-pandemic levels).
Global Laser Vision Correction Market: Key Developments
Strategies like novel product launches can boost the growth of the global laser vision correction market during the forecast period.
For instance, on June 22, 2020, Fluence, a company specialized in energy storage and digital applications for renewables and storage, launched compact femtosecond laser, Jasper Micro. Jasper Micro can be used for applications in the field of ophthalmology such as LASIK, PRK, and DNA transfection eye surgery.
Browse 43 Market Data Tables and 38 Figures spread through 198 Pages and in-depth TOC on “Global Laser Vision Correction Market”- Forecast to 2030, Laser Vision Correction Market, by Procedure (LASIK (Laser Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction), and Others), by Type (Excimer Laser and Femtosecond Laser), By Therapeutic Application (Myopia, Hyperopia, Presbyopia, Astigmatism, Cataract, and Others), by End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/laser-vision-correction-market-3996
Key Takeaways of the Global Laser Vision Correction Market:
- The global laser vision correction market is expected to exhibit a CAGR of 7.9% during the forecast period. The merger, acquisition, and partnership scenarios between various biopharmaceutical companies or private organizations can boost the market growth. For instance, in October 2022, SMS Healthcare, an Australia-based healthcare company, acquired Sydney Eye Clinic, a quaternary referral unit for eye diseases in Australia, to expand its eye surgery services.
- Among type, the exciser laser segment is expected to grow in the global laser vision correction market over the forecast period. This is because of the increasing research and development activities carried out in the segment over the forecast period. For instance, on March 2, 2023, ViaLase, Inc., a clinical stage medical technology company, announced positive results of the first, in-human study of Exciser laser image-guided high-precision trabeculotomy (FLigHT). The results, which indicate FLigHT's potential as a safe and effective treatment option for Primary Open Angle Glaucoma (POAG), were presented at the 2023 American Glaucoma Society (AGS) meeting in Austin, U.S.
- Among therapeutic application, myopia is expected to be the dominant application in the global laser vision correction market owing to the prevalence of myopia globally. For instance, according to an article published in PubMed, a free search engine for biological database and medical reports, in April 2021, the prevalence of myopia exceeded 28% globally, and there are projections indicating that approximately half of the world’s population, or five billion people, will have some degree of myopia by 2050.
- The major players operating in the global laser vision correction market include Johnson & Johnson Private Limited, Alcon Management S. A., NIDEK CO., LTD., Bausch Health Companies Inc., Carl Zeiss Meditec AG (A subsidiary of Carl Zeiss AG), Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp.
