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Refractive Eye Surgery Devices Market Size
Refractive Eye Surgery Devices Market size is predicted to expand during 2024 and 2032 owing to the rising prevalence of uncorrected refractive errors in both children and adults. According to data from the World Health Organization (WHO), almost 2.2 billion individuals globally suffer from near or distant vision impairment.
Further, the popularity of refractive cataract surgery is expected to increase in the coming years due to the growing occurrence of cataracts among older persons. Moreover, the technological advancements are leading to the development of more precise and less invasive surgical techniques. The increasing in the number of patients seeking vision correction will bolster the demand for refractive eye surgery devices in the coming years.
Refractive Eye Surgery Devices Market Trends
The rising trend of opting for minimally invasive procedures, such as LASIK and SMILE, due to their quicker recovery times and reduced risks compared to traditional methods is driving the industry progression. Moreover, increased healthcare expenditure, improved accessibility to medical services, and expanding healthcare infrastructure in emerging economies are creating a conducive environment for industry players. Lastly, strategic collaborations and partnerships are fostering innovation and advancements in refractive eye surgery devices, fueling the market outlook.
Refractive Eye Surgery Devices Market Analysis
The microkeratome segment will generate remarkable revenues by 2032, credited to the diverse benefits of the laser vision correction device which include quicker operation and greater patient comfort. Despite these benefits, the adoption of microkeratome devices may be hampered in the years to come by potential issues related to LASIK procedures performed with microkeratomes, such as the hole in the flap and the hazards of a partial flap.
Europe refractive eye surgery devices market size to witness strong CAGR over 2024 and 2032 owing to the high demand for ophthalmology services to avoid cases of sight loss in the UK. According to the Royal College of Ophthalmologists, by 2030, sight loss in the nation is anticipated to increase by a third, reaching more than 2.7 million people. There is increasing awareness about the benefits of refractive surgery for reducing dependence on corrective eyewear. The favorable reimbursement policies and the presence of well-established healthcare infrastructure in Europe are further supporting the industry.
Refractive Eye Surgery Devices Market Share
Some of the major players in the refractive surgery devices industry:
- Lensar
- Ellex Medical
- Lumenis
- Avedro (Glaukos Corp.)
- Bosch + Lomb Surgical
- Alcon Laboratories
- Zeimer Ophthalmic Systems
- Carl Zeiss Meditec Inc.
- IVIS Technologies
- Schwind Eye-Tech-Solutions
- Johnson and Johnson Company
In a bid to grow business in the internationally, companies specializing in refractive eye surgery devices are concentrating on the introduction of new products and engaging in partnerships and acquisitions.
Refractive Eye Surgery Devices Industry News
- In December 2023, Carl Zeiss Meditec AG revealed its acquisition agreement, securing full ownership of Dutch Ophthalmic Research Center (International) B.V. (D.O.R.C.) from Eurazeo SE, based in Paris, France. This strategic move is set to enrich and diversify ZEISS Medical Technology's extensive range of ophthalmic offerings and digitally integrated workflow solutions.