The global refractive surgery device market is poised for substantial growth, with its valuation expected to reach USD 213.0 million by 2024. This market is forecasted to maintain a CAGR of 3.90% from 2024 to 2034, offering an absolute dollar opportunity of USD 312.3 million by the end of the forecast period. This surge underscores the rising global demand for vision correction solutions driven by key demographic and lifestyle shifts.
The primary growth drivers for this market are the increasing elderly population and the surge in screen time due to the Covid-19 pandemic. As the world adjusts to hybrid work models and increased reliance on digital devices, the strain on eye health has led to a heightened demand for refractive surgery devices. This trend is particularly prominent in regions with aging populations, where the prevalence of age-related vision issues is on the rise.
Market players are expected to capitalize on this demand by introducing advanced, minimally invasive refractive surgery technologies. The rise in awareness about the benefits of refractive surgery, coupled with technological advancements, is likely to further fuel market expansion. As the need for improved vision care becomes a global priority, industry stakeholders are focusing on innovations that enhance safety, precision, and patient outcomes.
The refractive surgery device market represents a significant growth opportunity for manufacturers, healthcare providers, and investors alike. With increasing global awareness of eye health, coupled with technological advancements in surgical procedures, the sector is on track for sustained growth through 2034. Companies that can deliver innovative, patient-centric solutions are expected to lead in this dynamic market.
Key Takeaways:
- Market Valuation: The global refractive surgery device market is projected to reach USD 213.0 million by 2024.
- Growth Momentum: Market growth will continue at a compound annual growth rate (CAGR) of 3.90% from 2024 to 2034.
- Revenue Opportunity: The market is expected to generate an absolute dollar opportunity of USD 312.3 million by 2034.
- Growth Drivers:
- Aging Global Population: The increasing number of elderly individuals is contributing to a higher prevalence of vision problems, necessitating refractive surgeries.
- Increased Screen Time: Lifestyle changes post-COVID-19 have led to more screen time, resulting in a rise in vision-related issues that require correction.
This growth trajectory highlights the importance of refractive surgery devices in addressing the evolving needs of patients seeking vision correction solutions. As the market continues to develop, advancements in technology and increasing awareness about eye health will likely further drive demand for these devices.
Competitive Landscape
Due to their prolonged presence, the market for refractive surgery devices is filled with companies with a strong foothold in the international marketplace. Hospitals, ambulatory surgical centers, and emergency clinics rely on these companies for the devices required for refractive surgeries.
Some of the most prominent companies in the market are Alcon Inc., Carl Zeiss Meditec AG, Johnson & Johnson Vision, Bausch + Lomb, NIDEK Co., Ltd., and Ziemer Ophthalmic Systems AG. These companies invest billions of dollars to come up with new technologies to make the surgery process more convenient, effective, and less time-consuming.
Recent Developments
- In June 2023, Eye-Q introduced an Advanced Customised LASIK machine at its Rewari eye-care facility, revolutionizing laser vision correction and eliminating the need for patients to travel to Gurugram. The hospital aimed to enhance the quality of life for individuals, particularly youth aged 18-35, by offering world-class eye-care treatments.
- In September 2023, Alcon unveiled its largest-ever scientific program at the 41st Congress of the ESCRS in Vienna, Austria. The event showcased over 75 abstracts, presenting new data and innovations supporting ophthalmic surgical teams across cataract, refractive, visualization, and ocular health fields.
A Full Report Overview – https://www.futuremarketinsights.com/reports/refractive-surgery-devices-market
Key Companies in the Market
- Alcon Inc.
- Carl Zeiss Meditec AG
- Johnson & Johnson Vision
- Bausch + Lomb
- NIDEK Co., Ltd.
- Ziemer Ophthalmic Systems AG
- STAAR Surgical Company
- Abbott Medical Optics
- Topcon Corporation
- Essilor International
- Lumenis Ltd.
- HOYA Corporation
- Haag-Streit AG
- Schwind eye-tech-solutions GmbH
- iVIS Technologies
- Oculentis GmbH
- NIDEK Technologies Srl
- Optovue, Inc.
- OCULUS Optikgeräte GmbH
- Rayner Intraocular Lenses Limited
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
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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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