Lasik Eye Surgery Devices Market to 2030 | Size, Share, Growth
[Research Report] The Lasik eye surgery devices market size is expected to grow from US$ 2.3 billion in 2022 to US$ 3.6 billion by 2031; it is estimated to register a CAGR of 5.4% from 2022 to 2031.
Analyst’s ViewPoint
The Lasik eye surgery devices market analysis explains market drivers, such as the rising prevalence of vision and ophthalmic conditions, a standalone factor responsible for influential market growth. Further, technological advancement is expected to introduce new trends in the market during 2022–2031. Based on the product segment, the femtosecond lasers segment held a larger market share in 2022. Based on application, the global Lasik eye surgery devices market is segregated into myopia, hyperopia, and astigmatism. The myopia segment will account for a major share of the segment growth in 2022. Furthermore, based on end users, the global market is segmented into hospitals & clinics, ophthalmic centers & clinics, and others. The hospitals & clinics segment will account for the largest share.
Lasik eye surgery is the most commonly preferred laser refractive surgery to correct vision problems. The Lasik eye surgery is a special cutting laser used to change the shape of the cornea. As per the Cleveland Clinic 2023 report, about 99% of people have received corrected vision after Lasik surgery.
Market Insights
Rising Prevalence of Vision and Ophthalmic Conditions
According to the Centers for Disease Control and Prevention (CDC) report, approx. 12 million people over 40 years old in the US have vision impairment. Among these, 1 million people are blind, 3 million have vision impairment after correction, and 8 million have vision impairment due to uncorrected refractive error. Additionally, the Natural Institute for Occupational Safety and Health (NIOSH) report reveals that about 2,000 US workers suffer from job-related eye injuries every day and seek medical treatment. Therefore, rising vision problems worldwide accelerate demand for LASIK eye surgery devices.
Further, top medical device manufacturers are developing innovative product launches. Johnson & Johnson Vision's "ELITATM Platform" is one such example. For instance, in August 2023, Johnson & Johnson Vision, a pioneer in eye health, announced the launching of a next-generation laser correction solution, "ELITATM Platform," that enables surgeons to perform refractive correction of patients who have myopia with or without astigmatism using the Smooth Incision Lenticule Keratomileusis (SILK) procedure. The SILK procedure helps to correct myopia through a quick and minimally invasive process. Therefore, innovative product launches by medical device manufacturers and the rising prevalence of vision problems raise demand for Lasik eye surgery, ultimately responsible for the lasik eye surgery devices market growth during 2022-2031.
Future Trend
Technological Advancements
Both patients and surgeons welcome technological advancements in the field of laser eye surgery. Also, technological advancements make the surgery more precise, effective, and safer than previous practices. For example, technology-based LASIK has enhanced to get better, faster, and hassle-free results. The "Visumax Femtosecond Laser technology" is an example of the latest surgical advancements within the refractive surgical fields of ophthalmology. The technology is coupled with its predecessors' knowledge, experiences, and success, and the advancements represent the third generation of laser correction. Likewise, several advancements in the Lasik procedure for correcting eyesight are more readily available to patients dependent on corrective lenses. One of the biggest advancements in Lasik technology is the development of a blade-free system. This new blade-free system is a new wavefront technology that allows eye surgeons to use corneal mapping to treat patients with larger refractive errors. Such a combination of technological advancements gives doctors more control and accuracy during surgery, making it a safe option for patients. Therefore, technological advancements are a standalone factor driving Lasik eye surgery devices market growth during 2021-2031.
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Lasik Eye Surgery Devices Market: Strategic Insights
Market Size Value in US$ 2.3 billion in 2022 Market Size Value by US$ 3.6 billion by 2030 Growth rate CAGR of 5.4% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Lasik Eye Surgery Devices Market: Strategic Insights
| Market Size Value in | US$ 2.3 billion in 2022 |
| Market Size Value by | US$ 3.6 billion by 2030 |
| Growth rate | CAGR of 5.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Report Segmentation and Scope
Product-Based Insights
Based on product, the Lasik eye surgery devices market is segmented into excimer lasers, Ultrashort Pulse (USP) lasers, and femtosecond lasers. The femtosecond lasers segment held a larger Lasik eye surgery devices market share in 2022. The high adoption of lasers intended for ophthalmic procedures includes " Femtosecond lasers (FSL)." FSL belongs to the category of ultrafast lasers or ultrashort pulse lasers with a beam diameter of fewer than 8 microns. Also, FSL represents an innovative technology that stands as a new frontier in cataract surgery, providing advantages. These advantages include FSL incorporation to perform three important steps in cataract surgery: corneal incisions, capsulotomy, and lens fragmentation.
Further, the American Academy of Ophthalmology report reveals that more than 55% of all Lasik procedures are performed by FSL today. Also, advancements in technology, such as the "Lower Energy System," coupled with fast firing rates, will increase the versatility and precision of the laser system. The advancement in technology will reduce ancillary tissue damage and make the surgery safer, bringing down the cost of Lasik eye surgery equipment and making it less expensive. Therefore, FSL holds great promise, and its application will continue to evolve and expand in the ophthalmology field, thereby dominating the market growth from 2021 to 2031.
Application-Based Insights
Based on application, the global Lasik eye surgery devices market is segregated into myopia, hyperopia, and astigmatism. The Lasik surgery is indicated for correcting low, moderate, and high myopia with and without astigmatism. For the correction of low to moderate myopia of less than -6D and low to moderate astigmatism of less than 2D, Lasik is effective and predictable in obtaining good and excellent uncorrected visual acuity, proving safe in terms of minimal loss of visual acuity. Therefore, Lasik is an excellent procedure for most patients who have myopia and astigmatism, thereby dominating the market growth during 2021-2031.
End User-Based Insights
Based on end users, the global Lasik eye surgery devices market is segmented into hospitals & clinics, ophthalmic centers & clinics, and others. The hospitals & clinics segment will account for the largest Lasik eye surgery devices market share. The rising number of patients suffering from ophthalmic disorders contributes to the growing demand for Lasik eye surgery devices in hospitals. Additionally, technological advancements in Lasik eye surgery devices in acute care hospitals accelerate the utilization.
Further, the hospital & clinic segment's considerable growth is primarily attributed to the availability of several treatment options with modernizing technology to treat ophthalmic disorders. Therefore, hospitals providing an efficient and practical approach to treating eye disorders resulting in segment growth, ultimately driving the Lasik eye surgery devices market growth during 2021-2031.
Regional Analysis
The North America Lasik eye surgery devices market is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the new product launches by the top manufacturers as a standalone factor positively influencing the market's growth. Oculase's "Trans-PRK/LASEK" is one such example. The new product by Oculase is a no-touch technique intended for laser vision correction with no cutting, touching, or flaps. The surgery involves applying Trans-PRK directly to the cornea's surface for reshaping and creating no flap. Such advancements by the manufacturers for Trans-PRK in launching innovative products are standalone factors responsible for positive segment growth during 2021-2031.
Additionally, Alcon's "WaveLight Refractive Suite" is another example of providing surgeons and patients with a more comfortable and efficient Lasik experience. To deliver the fastest total refractive procedure in the US, a new platform offers a modernized user interface, ergonomic design, and expanded equipment color options. Also, the new suite enhancement will seamlessly integrate with Contoura Vision, offering surgeons true topography guidance and the unique ability to map each eye's corneal features and imperfections using 22,000 data points from the "Wavelength Topolyzer VARIO." Further, in a clinical trial, 92.6% of the eyes were treated with Contoura Vision, which achieved 20/20 vision or better. This is mainly due to new software updates enhancing the graphical user interface (GUI) of the Suite's "WaveNet Planning Station, EX500 Excimer Laser, and the FS200 Femtosecond Laser". This new software incorporation improves intuitiveness and workflow as surgeons use Contoura Vision to develop customized patient treatment plans. Such advancements in Lasik eye surgery devices and the launch of innovative products by US manufacturers are responsible for influential regional growth during 2021-2031.
Likewise, Asia Pacific will account for the highest CAGR for the Lasik eye surgery devices market for the forecast period 2022-2031. According to the AIER EYE HOSPITAL GROUP report, there is the highest prevalence of myopia in Asia Pacific, standing highest in Europe and the US. Among the Asia Pacific region, China has the highest prevalence of myopia, accounting for 48.5% among all age groups. There to address the prevalence of myopia, the Chinese government highly supports surgery through the influx of technological devices. Lasik surgery is the most commonly preferred refractive procedure performed to tackle myopia, accounting for 51.87% of all ophthalmic procedures as per the statistics revealed by the AIER HOSPITAL GROUP report. Therefore, rising myopia cases in China accelerate the demand for Lasik eye surgery among the Chinese population, dominating the Lasik eye surgery devices market growth from 2021 to 2031.
The report profiles leading players in the global Lasik eye surgery devices market. These include Johnson & Johnson Services Inc., NIDEK, SCHWIND Eye-Tech Solutions, Bausch Health, TECHNOLAS PERFECT VISION GmbH, Ziemer Ophthalmic Systems, Carl Zeiss, Nikon Corporation, LaserSight Technologies, Inc., Alcon Laboratories Inc., and other market participants. The companies in the Lasik eye surgery devices market are involved in new organic and inorganic developments, focusing on new product launches, mergers, and collaboration.
In December 2023, Carl Zeiss Meditec AG announced the acquisition of the Dutch Ophthalmic Research Center (International) B.V. (D.O.R.C.). The acquisition will enhance and complement ZEISS Medical Technology's broad ophthalmic portfolio and range of digitally connected workflow solutions to address several eye conditions, including eye disorders, cataracts, glaucoma, and refractive errors.
In July 2023, Bausch + Lomb announced the acquisition of Johnson & Johnson Vision's "Blink product portfolio." The over-the-counter Blink product line features eye and contact lens drops, Blink Tears Preservative Free Lubricating Eye Drops; Blink GelTears Lubricating Eye Drops; Blink Triple Care Lubricating Eye Drops; Blink Contacts Lubricating Eye Drops; and Blink-N-Clean Lens Drops.
In July 2023, Vantage Surgical Solutions announced the acquisition of Ophthalmic Surgical Solutions (OSS), specializing in ophthalmic surgical equipment and services. The acquisition combines the two companies' experience of providing ophthalmic surgery access to rural communities through partnerships with hospitals and ambulatory surgery centers.
Company Profiles
- Johnson & Johnson Services Inc.
- NIDEK
- SCHWIND Eye-Tech Solutions
- Bausch Health
- TECHNOLAS PERFECT VISION GmbH
- Ziemer Ophthalmic Systems
- Carl Zeiss
- Nikon Corporation
- LaserSight Technologies, Inc.
- Alcon Laboratories Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Application, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- Johnson & Johnson Services Inc.
- NIDEK
- SCHWIND Eye-Tech Solutions
- Bausch Health
- TECHNOLAS PERFECT VISION GmbH
- Ziemer Ophthalmic Systems
- Carl Zeiss
- Nikon Corporation
- LaserSight Technologies, Inc.
- Alcon Laboratories Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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