The global Refractive Surgery Devices Market size was USD 209.95 Million in 2022 and is expected to register a revenue CAGR of 8% over the forecast period, according to the latest report by Reports and Data.
The demand for refractive surgical equipment is expected to rise globally due to the increasing prevalence of refractive errors. The World Health Organization reports that around 1 billion people worldwide suffer from untreated refractive issues. The prevalence of myopia and other refractive errors is on the rise, which is attributed to the growing use of electronic devices and digital equipment. Consequently, more people are opting for refractive surgery to correct their vision, leading to an expansion in the use of technology for such surgeries.
Wavefront-guided LASIK and femtosecond Laser-Assisted Cataract Surgery (FLACS) are advanced technologies that are gaining popularity among both patients and ophthalmologists. These cutting-edge goods provide more precision and accuracy during surgical procedures, reducing the chances of mistakes and improving patient outcomes.
Additionally, the rapidly growing global population of seniors is also contributing to the rise in demand for refractive surgical equipment. With age-related eye problems such as cataracts and presbyopia becoming more prevalent, older individuals require surgery to improve their vision. As a result, the increasing need for ophthalmic surgeries among the aging population is expected to drive market revenue growth.
It is expected that sales of refractive surgical equipment will rise in China and India, mainly due to the improvement of healthcare facilities and greater consumer knowledge. As myopia is becoming more common among young people in these areas, the demand for such equipment is on the rise. Additionally, the market revenue growth is anticipated to be driven by the large number of patients and the increasing acceptance of advanced medical technologies in these regions.
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Some Key Highlights from the Report
- In 2021, the excimer laser systems segment had the highest revenue share in the global market for refractive surgical devices, mainly due to the growing popularity of LASIK surgery. LASIK surgery uses an excimer laser to reshape the cornea, which leads to improved visual acuity. According to the American Society of Cataract and Refractive Surgery (ASCRS), around 700,000 LASIK procedures are performed annually in the United States alone. The excimer laser technology has evolved significantly, with wavefront-guided LASIK being one of the notable advancements that have resulted in better surgical outcomes and increased patient satisfaction. This has further fueled the growth of the market in this area.
- Due to the increasing prevalence of myopia, it is expected that the myopia segment will hold the largest market share in the global market for refractive surgical devices in the foreseeable future. Myopia is a condition that results in distant objects appearing blurry due to an excessively steep cornea or an elongated eye. This common ailment affects millions of individuals worldwide.
- Some of the prominent players profiled in the global refractive surgery Devices market include Alcon, Carl Zeiss Meditec AG, Abbott Laboratories, Bausch + Lomb, NIDEK CO., LTD., Johnson Johnson Vision, SCHWIND eye-tech-solutions GmbH Co. KG, WaveLight GmbH, Oculentis, Topcon Corporation, and STAAR Surgical.
- The North American market is expected to lead in terms of revenue in the refractive surgical devices market in the coming years. This can be attributed to the growing prevalence of refractive defects such as myopia, hyperopia, and astigmatism in the population. Additionally, the market is projected to witness revenue growth due to an increase in healthcare spending and favorable government initiatives aimed at expanding healthcare access.
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For the purpose of this report, Reports and Data has segmented the global refractive surgery devices market on the basis of Device Type Outlook, Application Outlook, End-Use Outlook, and Regional Outlook:
Device Type Outlook (Revenue, USD Million; 2022 - 2032)
- Excimer Laser Systems
- Femtosecond Laser Systems
- Microkeratomes
- Others
End-Use Outlook (Revenue, USD Million; 2022 - 2032)
- Hospitals
- Ophthalmology Clinics
- Others
Application Outlook (Revenue, USD Million; 2022 - 2032)
- Myopia
- Hyperopia
- Astigmatism
- Others
Regional Outlook (Revenue, USD Million; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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