LASIK Eye Surgery Market Size, Company Revenue Forecast, Key Competitors and Growth Trends
The Global LASIK eye surgery market is expected to increase to 6.5% CAGR over the assessment period due to increased vision defects due to pollution, claims Market Research Future (MRFR). LASIK (laser-assisted in situ keratomileusis), also known as laser vision correction or laser eye surgery, is a type of refractive surgery performed to correct farsightedness, nearsightedness, and astigmatism. LASIK surgery is performed by an eye doctor using a microkeratome or laser to reshape the cornea of the eye and improve visual acuity. LASIK offers a long-lasting alternative to contact lenses and glasses for most people.
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Drivers and Restraints Impacting the Market
The LASIK eye surgery market is witnessing a remarkable expansion due to the occurrence of visual problems across the world. According to the World Health Organization, approximately 285 million people worldwide suffer from visual impairment. Changes in environmental factors, for example, changes in lifestyle where individuals focus more on work and study and spend less time outdoors also affect vision. Companies are also investing more in research and development activities to introduce better facilities for treating vision problems. For example, Alcon Laboratories Inc. launched the next generation hydrogen peroxide lens care solution, AOSEPT PLUS with HydraGlyde solution in 2015. Additionally, government support is further fueling the market growth. Moreover, population growth has led to the introduction of electronic devices such as mobile phones as well as an unhealthy lifestyle. This has increased the prevalence of vision problems such as farsighted astigmatism and myopia. In order to address these issues, people are adopting LASIK surgery which is driving the growth of the market.
On the other hand, the high cost of treatment is considered to retard the growth of the market across the globe in the coming years. Furthermore, its technical complexity presents challenges for physicians performing such surgeries. It can also lead to permanent damage to vision. These factors are likely to hamper the growth of the market.
The global LASIK eye surgery market segment study is based on end user, types and vision error.
The type-based segments of the LASIK eye surgery market are wavefront-guided, wavefront-optimized, topography-guided, and all-laser.
LASIK eye surgery market segments based on vision errors include astigmatism, myopia, and hyperopia, among others. The myopia segment studied nocturnal, simple, induced or acquired, degenerative myopia and pseudomyopia among others. The hyperopia segment is sub-segmented into physiological hyperopia and pathological hyperopia, among others. The astigmatism studies segment mixed among others astigmatism, myopic astigmatism, hyperopia and astigmatism.
The end-user based segments of the LASIK eye surgery market include LASIK centers, hospitals, and eye care clinics, among others.
In North America, the LASIK eye surgery market is expected to grow at a high CAGR by 2022. The availability of well-developed technology and its early adoption by several healthcare institutions can sustain the growth of the market in the near future . The presence of a large pool of visually impaired patients in the region and the need to increase the facilities for the care of visually impaired people can contribute to the expansion of the market. Rising healthcare expenditures and increasing government support for research and development to fund R&D activities are other causes that are expected to fuel the growth of the market.
In Europe, the LASIK eye surgery market is expected to generate decent revenues thanks to government support for research and development of innovations. The availability of a strong R&D base in the region is expected to impact the European LASIK eye surgery market in the near future. Germany and France are identified as the top healthcare investments in the region that are expected to bring long-term benefits to the market.
In Asia-Pacific, the LASIK eye surgery market is considered a fast growing market. Rapid development of healthcare technologies and soaring healthcare expenditures as an increase in patient population is observed may favor the APAC market in the near future. The surge in demand for the latest and effective treatment methods in countries such as; China and India are expected to generate decent incomes by 2022.
In the Middle East & Africa region, the LASIK eye surgery market is likely to grow at a moderate growth rate due to limited disease knowledge, and lack of expertise in treatment management may promote the market growth in the coming years. However, investment by some leading companies in the region to improve healthcare infrastructure is expected to benefit the market in the coming years.
Key market players
LaserSight Technologies, Inc. (USA), Abbott Inc. (USA), Nidek Inc. (Japan), Alcon Laboratories Inc. (USA), Bausch & Lomb Incorporated (USA), AMO Manufacturing USA, LLC (USA) and Carl Zeiss, Inc. (Germany) are prominent companies operating in the global LASIK eye surgery market.
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