Refractive Surgery is the largest segment driving the growth of Laser Vision Correction Market
The global Laser Vision Correction Market is estimated to be valued at US$ 6.5 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laser vision correction is a non-invasive surgical procedure that uses a laser to reshape the cornea and improve the refraction of incoming light in the eye to reduce dependency on glasses or contacts. It offers advantages like better quality of vision, maintenance-free eyes and scope for a more active lifestyle.
Market key trends:
One of the key trends in the laser vision correction market is the increasing demand for laser eye surgery procedures globally due to the rising awareness about the benefits of laser vision correction such as convenience, safety and effectiveness. Moreover, the increasing prevalence of eye disorders caused by lifestyle diseases and aging population is also driving the growth of the market. For instance, according to World Health Organization (WHO), currently around 2.2 billion people have a near or distance vision impairment worldwide and this number is expected to increase to 2.5 billion by 2020.
SWOT Analysis
Strength: Laser vision correction procedures such as LASIK and LASEK are minimally invasive, provide quick results and have high success rates. This makes them an attractive option compared to spectacles and contact lenses.
Weakness: High cost of laser equipment and procedures make them unaffordable for a large section of the population globally. Post-surgical discomfort and dry eyes are other potential risks.
Opportunity: Rising disposable incomes in developing regions are increasing the affordability of laser vision correction surgeries. Growing awareness about these procedures through online consultations and social media is also driving the market growth.
Threats: Alternative vision correction methods such as refractive lens exchange and phakic intraocular lenses are gaining popularity. Strict regulations pertaining to laser device approvals also poses challenge for new market entrants.
Key Takeaways
Global Laser Vision Correction Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing preference for non-invasive and quick surgeries.
The market size for laser vision correction was valued at US$ 6.5 Bn in 2023. North America dominated the market, owing to favorable reimbursement policies and technological advancements in the region. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period driven by growing medical tourism and increasing disposable incomes.
Key players operating in the laser vision correction market are Johnson & Johnson Private Limited, Alcon Management S. A., NIDEK CO., LTD., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp. Increased investments by these players in widening their product portfolio and geographic expansion are expected to further fuel the laser vision correction market growth.
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