The refractive surgery devices market size was valued at USD 188.65 Million in 2022 and is projected to reach USD 370.87 Million by 2031, expanding at a CAGR of 7.8% during the forecast period, 2023 – 2031. The growth of the devices market is attributed to the rising geriatric population and increased screen time due to the covid-19 pandemic.
The surgical repair of refractive defects in the human eye is known as refractive surgery, a subspecialty of ophthalmology. Refractive surgery is a surgical treatment used to correct the refractive defect of the eye in order to improve vision without the use of eyeglasses. Refractive surgery makes it easier to correct vision and treat a variety of eye conditions that could otherwise result in blindness.
According to the WHO, around 88.4 million people worldwide have untreated refractive errors, which are the primary cause of vision impairment and blindness. Ophthalmic surgeons today have a variety of refractive surgical techniques at their disposal to treat refractive defects on an individual basis. There are now methods for performing corneal and lens refractive surgery that consistently meets the requirements of safety, effectiveness, cost-efficiency, and predictability of the refractive outcome. For nearsighted patients, several refractive surgery procedures are estimated to lower the cornea's too-steep curvature, reducing the eye's focusing power.
Covid-19 Impact on Refractive Surgery Devices Market
The Covid-19 pandemic affected the demand and supply of global market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to an unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period. However, more screen time due to work from home and postponed surgeries is anticipated to increase the demand for refractive procedures.
Refractive Surgery Devices Market Dynamics
The market research report on the refractive surgery devices market provides a detailed analysis by focusing on revenue growth, facts, figures, historical data, existing restraints, major drivers, key opportunities, and competitive analysis with recent developments that can shape the overall performance or outcome of the market during the forecast period, 2023 to 2031.
Major Drivers
Increasing elderly population to drive the market
The refractive surgery devices market is projected to increase with an aging population and rising screen time due to COVID-19. Furthermore, refractive issues are more prone to develop in the elderly and require quick surgical intervention to rectify. The prevalence of eye conditions and diseases, such as dry eyes, presbyopia, astigmatism, hyperopia, and myopia, is projected to increase, which is anticipated to boost the refractive surgery devices market. The market for refractive surgical devices is anticipated to increase with the development of technologically advanced and minimally invasive procedures like SMILE, PRK, and LASIK. Moreover, increasing adoption of advanced technologies for the development of surgical equipment is estimated to drive the market.
Rising muscular degeneration among geriatric population
A condition known as macular degeneration affects the retina, the light-sensitive lining in the back of the eye where images are focused. Vision becomes blurry when the macula, the part of the retina responsible for sharp central vision, ages. This may make it difficult to read and, for some people, result in a blurred or blind patch in the center of their vision. Non-exudative, also referred to as the "dry" form of age-related macular degeneration, is the most prevalent type and typically causes slow-progressing vision loss. The "wet" or exudative form of macular degeneration causes rapid and severe visual loss. Age is the main cause of age-related macular degeneration, but other factors including smoking and diet can also have an impact.
Existing Restraints
High cost of the equipment to impede the market growth
Increasing concerns about high prices and low acceptability in developing nations have a negative impact on the growth of the global refractive surgery devices market. Additionally, post-operation problems that cause visual loss or temporary vision impairment are estimated to hinder market growth. Lack of skilled refractive surgeons and uncertain policy changes are estimated to hamper the market growth.
Key Opportunities
Technological advancements are estimated to create immense opportunities
Refractive surgery, commonly known as laser surgery and vision correction surgery, corrects visual issues. Ophthalmic surgical procedures have experienced radical changes over time, leading to the introduction of highly advanced surgical instruments and systems. One of the most recent developments in refractive surgery is the use of surgical robots, which are extremely dependable, have excellent precision, and offer error-free processes. Thus technological advancements in refractive surgery devices market are estimated to create immense growth opportunities.
Scope of Refractive Surgery Devices Market Report
The report on the global refractive surgery devices market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Refractive Surgery Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023 – 2031
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Segmentation
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Products (Aberrometers, Microkeratome, Lasers, and Others), Applications (Dry Eyes, Presbyopia, Astigmatism, Hyperopia, and Myopia), End-users (Ophthalmology Clinics, Ambulatory Surgery Centers, and Hospitals)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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TOPCON CORPORATION; SCHWIND eye-tech-solutions; Quantel Medical; NIDEK CO., LTD.; Ziemer Ophthalmic Systems AG; Johnson & Johnson Vision, Inc.; Essilor; Carl Zeiss Meditec AG; Bausch & Lomb Incorporated; Lumenis; Alcon; Abbott Medical Optics; and Nidek
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Refractive Surgery Devices Market Segment Insights
The lasers segment held around 35% of the total market share in 2021
Based on products, the global refractive surgery devices market is segregated into aberrometer, microkeratomes, lasers, and others. The lasers segment held around 35% of the total market share in 2021 owing to technological advancement and increasing number of laser surgeries. There is a huge demand for LASIK and other laser refractive surgeries including LASEK and PRK. The use of eyeglasses and contact lenses to correct vision has decreased due to the high success rate of refractive surgery. In both LASIK and PRK, the cornea—the transparent outer layer of your eye that focuses light so you can see clearly—is reshaped with a laser. However, they handle things a little bit differently. LASIK causes the cornea to develop a little flap. The outer layer of the cornea is removed by PRK, although it eventually grows back.
The microkeratomes segment is projected to expand at a high CAGR during the forecast period. Growth of the segment is attributed to increasing frequency of eye illnesses and growing geriatric population. Additionally, technological developments have been made to the blade angle approach, blade oscillation frequency, and blade material in order to enhance flap cutting and reduce uneven astigmatism, which is estimated to drive the segment.
The aberrometer segment is expected to grow at a rapid pace in the coming years. Aberrometers are useful instruments in ophthalmology, particularly in refractive surgery since they use wavefronts to assess overall refractive error. Ophthalmologists can now precisely and properly evaluate corrective components of the eye than ever before due to technological advancement. In addition, improvements in wave-front aberrometer technology are undoubtedly the main factor boosting the market growth.
The myopia segment accounted for a major market share 2021
On the basis of applications, the global refractive surgery devices market is fragmented into dry eyes, presbyopia, astigmatism, hyperopia, and myopia. The myopia segment accounted for a market share of around 28% in 2021 and is projected to expand at a substantial rate during the forecast period. the prevalence of myopia is rising rapidly all over the world with an increasing risk of visual impairment. According to the World Health Organization (WHO), myopia prevalence will significantly increase by 2050 in nations like India where it has previously been estimated and recorded as low. The hyperopia segment held a significant market share in 2021. Farsightedness, also known as hyperopia, is the tendency to see distant things more clearly than those nearby.
The astigmatism segment is anticipated to expand at a rate of around 9% during the projected period. The growth of the astigmatism segment is attributed to technological improvements and increase in astigmatism disorders. According to the American Optometric Association nearly everyone has some astigmatism, which can be treated with most types of refractive surgery. This is estimated to fuel the segment during the projected period.
The presbyopia segment is expected to grow at a rapid pace during the forecast period. Over 1.1 billion people worldwide suffer from presbyopia, with one-third of them being over the age of 50. The majority of the patients in this pool are from developing countries (more than 90%). As a result, emerging nations are anticipated to have a large demand for presbyopia and myopia correction surgery during the forecast period. The prevalence of casual risk factors such as excessive use of contact lenses and prolonged exposure to digital displays has increased, which is rising the incidence of dry eyes, thus the segment is estimated to grow.
The hospitals segment accounted for a major market share of around 38% in 2021
In terms of end-users, the global refractive surgery devices market is divided into ophthalmology clinics, ambulatory surgery centers, and hospitals. The hospitals segment accounted for a major market share of around 38% in 2021. Increase in the purchase of ophthalmic refractive surgical devices is due to their longer shelf life, which is estimated to drive the segment. Factors such as favorable reimbursement policies, improved healthcare facilities, and increased refractive surgeries are estimated to boost the segment growth. In addition, the market is growing as a result of the increasing number of hospitals in developing nations and development of the current infrastructure for eye care.
The ambulatory surgery centers segment is projected to expand at a substantial rate during the forecast period. The popularity of ambulatory surgery centers is increasing due to its closeness, convenience, and low cost for patients and insurance. Ambulatory surgical facilities offer more convenience for patients than hospital OPDs, such as the option to schedule surgery more quickly. Patients find that ambulatory surgical centers offer more conveniences as compared to hospital OPDs, like the option to schedule surgeries more quickly. This is estimated to fuel the segment.
The ophthalmology clinics segment is projected to expand at a high CAGR during the forecast period due to rising number of optometrists and ophthalmologists delivering individualized clinical services. Furthermore, increasing awareness and incidences of refractive errors are anticipated to propel the segment.
North America dominated the global refractive surgery devices market in 2021
On the basis of regions, the global refractive surgery devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a key market share of around 35% of the total market share in 2021. The presence of leading players, high prevalence of refractive errors, and the availability of efficient reimbursement policies are expected to boost the refractive surgery devices market in the region. The WHO projected that by 2035, there will be 78 million people in the country who are 65 years of age or older, which will increase consumer demand for goods. Additionally, the adoption of advanced technology for the development of surgical items is anticipated to drive the market in the region.
The refractive surgery devices market in Asia Pacific is expected to grow at a rapid pace during the forecast period. The demand for refractive surgery devices is increasing as a result of changing environmental and lifestyle factors such as air pollution, geriatric population, and increased use of phones and computers. The increased demand for ophthalmic devices in Asia has allowed some Western companies to profit in the region. STAAR Surgical, Ellex, and Carl Zeiss Meditec are some of the companies established in Asia Pacific.
Segments
The global refractive surgery devices market has been segmented on the basis of
Products
- Aberrometers
- Microkeratome
- Lasers
- Others
Applications
- Dry Eyes
- Presbyopia
- Astigmatism
- Hyperopia
- Myopia
End-users
- Ophthalmology Clinics
- Ambulatory Surgery Centers
- Hospitals
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Major market players competing in the global refractive surgery devices market include TOPCON CORPORATION; SCHWIND eye-tech-solutions; Quantel Medical; NIDEK CO., LTD.; Ziemer Ophthalmic Systems AG; Johnson & Johnson Vision, Inc.; Essilor; Carl Zeiss Meditec AG; Bausch & Lomb Incorporated; Lumenis; Alcon; Abbott Medical Optics; and Nidek. The refractive surgery devices market research report covers a complete market share analysis by focusing on various key strategies, market dynamics, industry trends, and business development methods adopted by the leading nutritional yeast manufacturer to ensure their presence in the global competition. It also provides qualitative and quantitative analysis and market size from the year 2021 to 2030. Some of the strategies adopted by refractive surgery devices market players include product launches, acquisitions or mergers, partnerships or collaborations, and expansion of production units. For instance,
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In March 2021, Bausch Health Companies decided to sell their share of the Amoun Pharmaceutical Company, an Egyptian manufacturer of human and animal health product company, to ADQ for US$ 740 million.
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In 2022, Precise Bio and Carl Zeiss Meditec announce a partnership for developing and marketing tissue-based implants for ophthalmology.
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