The global refractive surgery device market is projected to attain a valuation of USD 213.0 million by 2024, with a compound annual growth rate (CAGR) of 3.90% anticipated over the forecast period from 2024 to 2034. The market is expected to generate an absolute dollar opportunity of USD 312.3 million by the end of 2034.
This anticipated growth is driven by an increasing aging population and the surge in screen time due to Covid-19 restrictions, both of which are contributing to a higher demand for refractive surgery devices. As the need for vision correction grows, the market is poised for significant expansion, reflecting the ongoing advancements and rising adoption of these innovative technologies.
This growth trajectory is largely driven by several key factors, including the increasing number of elderly individuals requiring vision correction and the rise in screen time resulting from Covid-19 restrictions. As more people spend extended periods in front of screens, the demand for effective refractive surgery solutions is on the rise, contributing to the market’s expansion.
The refractive surgery device market is set to benefit from ongoing advancements in technology and increased awareness of vision health, positioning it for continued success and development in the coming years.
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Key Takeaways:
- Market Valuation and Growth: The refractive surgery device market is projected to achieve a valuation of US$ 213.0 million by 2024. The market is expected to grow at a CAGR of 3.90% from 2024 to 2034, highlighting a robust growth trajectory.
- Future Opportunities: By the end of 2034, the market will offer an absolute dollar opportunity of US$ 312.3 million, underscoring the expanding potential for growth and investment in this sector.
- Drivers of Growth: The increase in market valuation is primarily driven by two factors:
- The rising number of elderly individuals, who are more likely to seek refractive surgery solutions to address age-related vision changes.
- The significant rise in screen time, a trend exacerbated by Covid-19 restrictions, which has increased the prevalence of vision issues requiring refractive correction.
As the global population ages and digital device usage continues to surge, the demand for advanced refractive surgery devices is expected to grow, offering substantial opportunities for industry stakeholders.
Competitive Landscape
The refractive surgery device market is dominated by well-established companies with a significant global presence. These key players provide essential equipment to hospitals, ambulatory surgical centers, and emergency clinics, ensuring that refractive surgeries are performed with the latest and most reliable technologies.
Leading companies in the sector include Alcon Inc., Carl Zeiss Meditec AG, Johnson & Johnson Vision, Bausch + Lomb, NIDEK Co., Ltd., and Ziemer Ophthalmic Systems AG. These industry leaders invest heavily in research and development to introduce cutting-edge technologies that enhance the efficiency, effectiveness, and convenience of refractive surgeries.
Recent Developments
In June 2023, Eye-Q launched an Advanced Customised LASIK machine at its Rewari eye-care center, transforming laser vision correction by reducing the need for patients to travel to Gurugram. This advancement is aimed at improving the quality of life for patients, particularly those aged 18-35, by providing top-tier eye-care treatments locally.
In September 2023, Alcon presented its largest-ever scientific initiative at the 41st Congress of the ESCRS in Vienna, Austria. The event featured more than 75 abstracts highlighting new research and innovations that support advancements in cataract, refractive, visualization, and ocular health.
Refractive Surgery Device Market Segmentation:
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
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author
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 clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in 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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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