The Global Refractive Surgery Devices Market size is expected to reach $331.5 billion by 2027, rising at a market growth of 9.4% CAGR during the forecast period. Refractive surgery is also known as vision correction surgery or laser surgery, which helps in correcting eyesight problems. The Refractive surgery technique is used to give structural changes to the eyes and to improve the refractive status of the patient’s eye. The best treatment needed for chronic eye disorders is the surgeries involved in ophthalmology practice. These surgeries assist in the correction of vision and treatment of other ocular disorders, which can further lead to blindness. The kind of surgery devices to be used depends on the kind of eye disorder the patient is suffering from.
The demand for refractive surgeries is anticipated to increase, attributed to the rise in the number of aging population and excessive use of digital devices, which has increased the screen time of the world population due to the COVID-19 pandemic. As per the study by JAMA Ophthalmology, during the pandemic, a major eye problem recorded among the youngsters is myopia, due to the increased screen time. Also, by WHO, Myopia is the major issue, which is rising constantly and it is anticipated that more than half of the population will get affected by this chronic eye disease in the upcoming years. In addition, the high possibilities of developing refractive errors are among the geriatric population and will be needed immediate treatment to correct this eye problem.
The outbreak of the COVID-19 pandemic, has a negative impact on the various industries, leading to the decline in the productivity of the businesses. During this pandemic, customers started spending their time more on digital devices, which is therefore responsible to have a great effect on the eyes. The organizations started to continue their business through the online platform, also a new trend of working from home emerged, which has increased the cases of dry eye, myopia, and eyestrain. In addition, the increase in the geriatric population has driven the demand for refractive surgery equipment.
The COVID-19 pandemic led to restrictive controlling measures including remote working, social distancing, and hindrance in commercial activities. In contrast, the refractive surgery devices market is anticipated to increase in the upcoming years. This is due to the organization's rearrangement in their operations and is getting better from the impact of COVID-19. The refractive surgery equipment market includes sales of refractive surgery devices. As there is a rise in the number of patients suffering from eye problems, the demand for surgical devices is boosting, and therefore, it would augment the growth of the refractive surgery devices market.
The demand for the latest technologies is increasing with the evolving time. In the healthcare sector also, there is need for advanced technologies to make improvements in treatment and surgeries. For correction of refractive errors in the eyes, doctors use refractive surgery. This increment in the advanced technologies helps in increasing the efficiency of the devices by reducing the risks of error. All these factors are accountable to push the growth of the refractive surgery devices market.
The objective of refractive surgery is to improve or correct the patient’s refractive error of the eye. The commonly performed refractive surgery is the Laser-Assisted in Situ Keratomileusis (LASIK). It is performed to treat astigmatism, hyperopia, and myopia. The LASIK surgery reduces or eliminates the use of contact lenses or glasses by allowing the light to directly focus on the retina. This is attained by reshaping the cornea of the eye.
Operating advanced refractive surgery devices in the healthcare sector require skilled eye specialist. The highly technical operations of these surgeries create challenges for any regular doctor to operate these devices and thus, need special training for it. However, the shortage of ophthalmologists decreases the number of testings, mainly in the developing regions, and hence, hampering the demand for refractive surgery devices in the market.
Based on Application, the market is segmented into Astigmatism, Myopia, Hyperopia, Presbyopia, and Dry eyes. Myopia acquired the maximum revenue share in 2020 and would witness a gradual growth rate over the forecast years. Myopia is increasing worldwide at an extreme level along with a substantial rise in the chances of vision impairment. As stated by WHO, nations experiencing the occurrence of myopia or slowly increase in the number of cases are expected to significantly increase during the forecast period.
Based on Product, the market is segmented into Lasers, Microkeratome, Aberrometers and Other Products. The lasers segment obtained the maximum revenue share in 2020 due to the upsurge in the utilization of laser surgeries for correcting vision and improvements in technologies. The laser segment is anticipated to display the fastest growth rate over the forecast period. The demand for laser refractive surgeries like LASIK, LASEK, and PRK is excessively increasing. This surge is due to the significant decline in the adoption of contact lenses or eyeglasses and the high success rate of refractive surgery.
Based on End Use, the market is segmented into Ophthalmology Clinics, Hospitals and Ambulatory surgery centers. Ambulatory surgical centers segment would witness the fastest growth rate over the forecast years. The surgical centers are getting popular among the population as they are convenient to reach and have low charges for patients and insurance. Also, these centers are more convenient in scheduling dates for surgery than hospital OPDs. Though, it is anticipated that this factor would propel the growth of the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 165.3 Million |
| Market size forecast in 2027 | USD 331.5 Million |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 9.4% from 2021 to 2027 |
| Number of Pages | 229 |
| Number of Tables | 384 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, Product, End Use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific is projected to display the maximum growth rate over the forecast years. As reported by World Health Organization, there is a large number of cases of myopia in economically strong nations. The demand for refractive surgery equipment is surged by the evolving environmental conditions and lifestyles like an aging population, maximum utilization of computers & phones, and air pollution. Various western organizations are taking advantage of the growing need for ophthalmic equipment in Asia.
Free Valuable Insights: Global Refractive Surgery Devices Market size to reach USD 331.5 million by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Johnson & Johnson and Novartis AG are the forerunners in the Refractive Surgery Devices Market. Companies such as Carl Zeiss Meditec AG, and Topcon Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carl Zeiss Meditec AG, Topcon Corporation, Novartis AG, Glaukos Corporation, Johnson & Johnson, Essilorluxottica SA, Bausch Health Companies, Inc., SCHWIND Eye-Tech-Solutions GmbH, NIDEK CO., LTD., and Quantel Medical (Lumibird Group).
By Application
By Product
By End Use
By Geography
The refractive surgery devices market size is projected to reach USD 331.5 billion by 2027.
Rising number of advanced technologies offering lucrative opportunities are driving the market in coming years, however, lack of training among the doctors to operate the advanced technologies limited the growth of the market.
Carl Zeiss Meditec AG, Topcon Corporation, Novartis AG, Glaukos Corporation, Johnson & Johnson, Essilorluxottica SA, Bausch Health Companies, Inc., SCHWIND Eye-Tech-Solutions GmbH, NIDEK CO., LTD., and Quantel Medical (Lumibird Group).
The hospitals segment acquired the greatest revenue share in 2020.
The Astigmatism segment would exhibit the fastest growth rate in the refractive surgery devices market over the forecast years.
The North America acquired the highest revenue share of the refractive surgery devices market in 2020.
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