According to the most recent report published by Future Market Insights, a leading Market Research firm, the Refractive Surgery Devices Market is currently valued at US$ 195.1 Mn and is expected to reach US$ 446.2 Mn by the end of 2032 at a CAGR of 7.7%. Furthermore, the market is expected to offer a US$ 235 Mn absolute dollar opportunity over the next ten years.
In 2021, the Lasers segment generated the most revenue in the Global Refractive Surgery Devices Market, growing at an 8.2% CAGR. This is due to technological advancements and an increase in the use of laser vision correction procedures. The projected growth rate is significantly lower than the 9.5% rate between 2017 and 2021.
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Furthermore, myopia is the leading application category in the Global Refractive Surgery Devices Market. It is expected to grow at a Compound Annual Growth Rate of 9% between 2022 and 2032. This is because the global prevalence of myopia has increased the risk of vision impairment. Myopia has been a prominent issue among children during the pandemic as a result of increased screen usage.
Key Takeaways from the Market Study
- The market is expected to grow at a 7.7% CAGR, which is slightly lower than the 8.1% CAGR recorded in the past.
- The global market for Refractive Surgery Devices will be worth US$ 446.2 Mn by the end of 2032.
- The market is expected to offer an absolute dollar opportunity of US$ 235 Mn between 2022 and 2032.
- Among other product type segments, the lasers segment leads with an 8.2% CAGR, while its historical growth rate was 9.5% between 2017 and 2021.
- The US market for Refractive Surgery Devices accounts for nearly 26% of the global market. During the forecast period, it is expected to grow at a CAGR of 7.3%.
- Myopia has the highest market revenue among all application-based segments. During the forecast period, revenue from this application is expected to grow at a CAGR of 9%.
According to a Future Market Insights analyst, with the introduction of technologically advanced and minimally invasive techniques in refractive surgical devices, patients have numerous options for reducing their reliance on contact lenses and spectacles, as well as receiving corrective treatments for refractive issues.
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Competitive Landscape
The market for Refractive Surgery Devices is being driven by market players who are expanding their product portfolios by heavily investing in R&D and product development. Government funding, technological breakthroughs, regulatory approvals, mergers and acquisitions, and a diverse product offering have all contributed to the environment remaining competitive. New product launches and the expansion of existing operations in the untapped international market are expected to benefit the leading companies.
The major market players in the Refractive Surgery Devices Market are
- Alcon
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG
- Essilor
- Johnson & Johnson Services, Inc.
- NIDEK CO. LTD.
- Quantel Medical
- SCHWIND eye-tech-solutions
- TOPCON CORPORATION
The major developments in the Refractive Surgery Devices Market are:
- In February 2022, Johnson & Johnson’s Janssen Pharmaceutical Companies announced that CARVYKTI had been approved by the US Food and Drug Administration (FDA) for the treatment of adults with relapsed or refractory multiple myeloma. This approval demonstrates J&J’s ongoing dedication to providing more therapeutic options.
- Bausch Health Companies agreed to sell their stake in Amoun Pharmaceutical Company, an Egypt-based human and animal health product company, to ADQ for $740 million in March 2021.
Market Segments Covered In Refractive Surgery Devices Market Analysis
By Product Type:
- Lasers
- Microkeratome
- Aberrometers
- Other Product Types
By Application:
- Myopia
- Hyperopia
- Astigmatism
- Presbyopia
- Dry Eyes
By End-use:
- Hospitals
- Ambulatory Surgery Centers
- Ophthalmology Clinics
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
TOC continued..!
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Refractive Surgery Devices market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
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