PUBLISHER: Grand View Research | PRODUCT CODE: 1552879
PUBLISHER: Grand View Research | PRODUCT CODE: 1552879
The global refractive surgery devices market size is expected to reach USD 396.7 million by 2030, registering a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. As a result of the COVID-19 pandemic, consumers have started spending more time on digital devices. The trend of working from home has contributed to an increase in eyestrain, dry eye, and myopia. Furthermore, the growth of the geriatric population has increased the demand for refractive surgery devices. According to the National Institute on Aging (NIA), the geriatric population would be about 72 million individuals by 2030.
Refractive surgery allows a person to be more independent by eliminating the need for spectacles or contact lenses. Consumers have managed their personal spending and emphasized health and wellbeing during the pandemic, which has increased the demand for refractive surgery devices. Whereas the market for refractive surgery devices is being hindered in developing countries due to a shortage of surgical equipment to address refractive defects.
Many companies in the refractive surgery devices sector have moved their focus to the development of advanced refractive surgery devices and are conducting various research programs for the same. As per the World Health Organization, the cost of uncorrected refractive error in terms of direct and indirect global productivity loss is estimated to be USD 269 billion. Myopia is the leading cause of distance refractive error, according to current estimations and demographic trends, and will likely remain so in the future. Therefore, a growing unaddressed patient pool with refractive errors is expected to contribute to the demand for refractive surgery, which is expected to propel the overall market growth.