LASIK Eye Surgery Devices Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032

The Global LASIK Eye Surgery Devices Market was valued at USD 1.8 billion in 2023 and is projected to grow at a CAGR of 5.5% from 2024 to 2032. The surge in ophthalmic disorders and the rising preference for minimally invasive surgeries are major catalysts for this market growth. Globally, the market is witnessing growth, primarily fueled by the rising prevalence of ophthalmic disorders like myopia, hyperopia, and astigmatism. Contributing factors include an aging population, increased screen time, and lifestyle changes, all leading to heightened vision impairment. The World Health Organization reports that over 2.2 billion individuals globally face vision impairment or blindness, with a significant 1 billion cases being preventable or treatable.

This escalating demand for corrective procedures, combined with advancements in LASIK technology, is driving market growth as more individuals seek effective, long-term solutions. Technological innovations in LASIK devices are also propelling the market growth, especially in developed nations quick to adopt these advancements. Such innovations boost the precision, safety, and efficacy of LASIK procedures, leading to heightened patient interest and market growth. Modern femtosecond lasers have transformed LASIK, allowing for a more precise and predictable corneal flap creation.

This not only minimizes complications but also enhances surgical outcomes. The overall industry is classified into product, application, end-use, and region. Market segmentation by product reveals two main categories, namely femtosecond laser and excimer laser. The femtosecond laser segment led with a revenue of USD 837.6 million in 2023. The superiority of femtosecond lasers lies in their precision for corneal flap creation, a significant advantage over traditional excimer lasers.

This heightened precision not only diminishes complication risks but also elevates surgical outcomes, solidifying its status as the preferred choice among ophthalmologists. When categorized by application, the LASIK devices market segments include myopia, hyperopia, and others. The myopia segment led with a 34.4% share in 2023. Myopia, or nearsightedness, stands out as one of the most prevalent refractive errors globally. The rising incidence of myopia, especially in younger demographics due to increased screen exposure and diminished outdoor activities, fuels a robust demand for LASIK procedures.

Since the inception of LASIK, myopia correction has been a primary focus, with numerous patients turning to LASIK for nearsightedness solutions. North America LASIK devices market accounted for a substantial USD 639.3 million in 2023 and is projected to grow at a CAGR of 4.5% from 2024 to 2032. The high rates of myopia and hyperopia, influenced by urbanization and increased screen time, are driving the demand for LASIK devices. Additionally, North America's robust healthcare infrastructure, coupled with the availability of skilled professionals and state-of-the-art surgical facilities, further propels regional market growth.