The refractive surgery devices market revenue is poised to set out on a revolutionary journey that will fundamentally alter the ocular solutions sector. If technological advancements continue to drive innovation, these devices provide hope for a future where vision correction reaches previously unheard-of levels of accuracy and efficacy. The way the market has changed over time demonstrates a commitment to reframing our knowledge of and methods for treating refractive problems while upholding an unwavering focus on enhancing visual results and patient satisfaction. As the industry grows, the Refractive Surgery Devices Market is anticipated to have a major impact on how eye care is delivered in the future.Devices used in refractive surgery are anticipated to expand at a compound annual growth rate (CAGR) of The market analysis report states that it will grow 7.7% and have a value of US$ 195.1 million in 2021. From 2022 to 2032. This exhibits a noticeable decline from the 8.1% CAGR that was observed previously. The global market is anticipated to present an absolute financial opportunity of US$ 235 million between 2022 and 2032. This is explained by the ageing of the population and the rise in screen time that individuals are experiencing as a result of the Covid-19 limitations.
With a compound annual growth rate (CAGR) of 8.2%, the Lasers category led the Global Refractive Surgery Devices Market in terms of revenue in 2021. This is explained by improvements in technology and a rise in the use of laser vision correction operations. The estimated growth rate between 2017 and 2019 is substantially less than the 9.5% growth rate.
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In addition, the Global Refractive Surgery Devices Market considers myopia to be the leading application category. Between 2022 and 2032, it is predicted to expand at a Compound Annual Growth Rate of 9%. This is due to an increase in the risk of vision impairment due to the global prevalence of myopia. As a result of increased screen usage, myopia has been a prominent issue among children during the pandemic.
Key Takeaways:
- The Market is expected to grow at a CAGR of 7.7% which is slightly lower than its historical CAGR of 8.1%.
- By the end of 2032, the global market for Refractive Surgery Devices will reach the valuation of US$ 446.2 Million.
- Within the period between 2022 and 2032, the market is expected to offer an absolute dollar opportunity of US$ 235 Million.
- Lasers segment leads among other products type segments by growing at a CAGR of 8.2% while its historical growth was 9.5% during the period between 2017 and 2021.
- The U.S. market for Refractive Surgery Devices constitutes a majority share of nearly 26% in the global market. It is expected to grow at a CAGR of 7.3% during the forecast period.
- Market revenue through Myopia leads among the all the application-based segments. Revenue through this application is expected to grow at a CAGR of 9% during the forecast period.
With the introduction of technologically advanced and minimally invasive techniques in refractive surgical devices, the patients have numerous options for reducing their reliance on contact lenses and spectacles, as well as taking corrective treatments for refractive issues, comments a Future Market Insights analyst.
Competitive Landscape :
The Refractive Surgery Devices Market is driven by the Market players who are expanding their product portfolios by highly investing in the R&D and Product development areas. Government funding, technological breakthroughs, regulatory clearances, mergers and acquisitions, and a diversified product offering have all helped to maintain the environment competitive. The leading companies are expected to gain from new product releases and the expansion of present operations in the untapped international market.
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
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The major developments in the Refractive Surgery Devices Market are:
- In February 2022, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that CARVYKTI had been approved by the US Food and Drug Administration (FDA) for treating adults with relapsed or refractory multiple myeloma. This approval demonstrates J&J’s ongoing commitment to providing additional therapeutic alternatives.
- In March 2021, Bausch Health companies agreed to sell their stake in Amoun Pharmaceutical Company, an Egypt based human and animal health Product Company, to ADQ for US$ 740 Mn.
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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