Laser vision correction is a non-invasive surgical procedure that uses lasers to improve vision in patients with refractive errors like myopia, hyperopia and astigmatism. The key types of laser vision correction procedures are photorefractive keratectomy (PRK) and laser-assisted in situ keratomileusis (LASIK). These minimally invasive procedures have replaced contact lenses and eyeglasses as the primary vision correction method for various vision problems.
The global laser vision correction market is estimated to be valued at US$ 1832.7 Million in 2023 and is expected to exhibit a CAGR of 5.50% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
High growth in laser vision correction procedures is one of the major drivers of the global laser vision correction market. The number of LASIK procedures worldwide has increased significantly over the past few years owing to advantages like quick recovery time and minimal post-operative discomfort. Between 2017 to 2021, the number of LASIK procedures performed globally grew at a CAGR of over 7%. Growing awareness about various vision correction options and rising disposable incomes in developing countries are contributing considerably to the growing preference for laser vision correction over other vision correction methods. The market is also expected to witness stable growth due to technological advancements that have made laser vision correction safer and more affordable.
SWOT Analysis
Strength: Laser vision correction is a minimally invasive procedure that provides fast recovery time and requires no injections. The procedure only takes 15-20 minutes and patients can resume their regular activities immediately. Most patients experience improved vision within a day.
Weakness: Laser vision correction may not be suitable for all individuals. Factors like existing eye conditions, prescription strength, and age can impact eligibility and success rate of the procedure. For some patients with high prescriptions, the results with laser vision correction may not meet their expectations.
Opportunity: Rising awareness about the benefits of laser eye surgery and growing disposable incomes are fueling the demand for laser vision correction across major countries. In addition, advancing laser technologies are enabling surgeons to treat complex vision problems with higher accuracy and safety.
Threats: The laser vision correction market is highly competitive with the presence of several global and regional players. Introduction of new technologies by market players poses pricing pressure on existing firms. Stringent regulatory guidelines regarding safety and efficacy of laser systems can also impact approvals and commercialization plans of new products.
Key Takeaways
The global laser vision correction market is expected to witness high growth over the forecast period of 2023-2030. The global laser vision correction market is estimated to be valued at US$ 1832.7 Million in 2023 and is expected to exhibit a CAGR of 5.50% over the forecast period 2023-2030.
The Asia Pacific region dominates the market currently owing to large patient pools, rising medical tourism, and increasing focus of key players on emerging Asian countries. China, Japan and India are expected to be the fastest growing markets in Asia Pacific.
Key players operating in the laser vision correction market are Johnson & Johnson Private Limited, Alcon Management S. A., NIDEK CO., LTD., Bausch Health Companies Inc., Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp. These companies are focusing on new product launches, collaborations and geographic expansion strategies to consolidate their market shares.
Arizona LASIK offers bladeless laser vision correction surgeryby top LASIK surgeons in the LASIK laser eye surgery field.
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