PUBLISHER: The Business Research Company | PRODUCT CODE: 1387753
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387753
“Refractive Surgery Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refractive surgery devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refractive surgery devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The refractive surgery devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Refractive surgery devices and equipment are employed in procedures aimed at correcting or enhancing vision impaired by refractive errors, which can include conditions like near-sightedness (myopia), farsightedness (hyperopia), presbyopia, and astigmatism.
The primary product categories of refractive surgery devices and equipment include microkeratome, excimer lasers, femtosecond lasers, and YAG lasers. The excimer laser is a type of laser that emits highly concentrated light in the ultraviolet (UV) region of the electromagnetic spectrum. These devices are applied in various procedures addressing conditions such as astigmatism, near-sightedness, and farsightedness, and they find use in different healthcare settings, including hospitals, ambulatory surgical centers, and ophthalmology clinics.
The refractive surgery devices (or) equipment market research report is one of a series of new reports from The Business Research Company that provides refractive surgery devices (or) equipment market statistics, including refractive surgery devices (or) equipment industry global market size, regional shares, competitors with a refractive surgery devices (or) equipment market share, detailed refractive surgery devices (or) equipment market segments, market trends and opportunities, and any further data you may need to thrive in the refractive surgery devices (or) equipment industry. This refractive surgery devices (or) equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The refractive surgery devices and equipment market size has grown rapidly in recent years. It will grow from $0.17 billion in 2023 to $0.2 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth observed during the historical period can be attributed to factors such as the increased demand for vision correction, advancements in technology, a focus on patient safety and satisfaction, and the presence of an aging population with vision-related issues.
The refractive surgery devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $0.32 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The anticipated growth in the forecast period can be attributed to factors such as the expansion of customized refractive surgery options, the development of emerging markets, the focus on myopia control, and ongoing technological innovations. Major trends expected in the forecast period include the adoption of femtosecond laser-assisted cataract surgery, the use of smile surgery techniques, improvements in postoperative monitoring, and the integration of artificial intelligence (AI) in surgical planning.
The growth of the Refractive surgery devices and equipment market is significantly driven by the increasing global elderly population with eye disorders. Age-related macular degeneration is the leading cause of vision loss among individuals aged over 65. Many elderly individuals suffer from refractive errors, necessitating surgical interventions to address visual impairments. The continuous growth in the elderly population fuels the demand for refractive surgeries. For example, the United States is witnessing a steady increase in its elderly population, and it is projected that by 2030, there will be 70 million Americans aged over 65. Approximately one in three elderly individuals experience optical disorders, which contributes to the growth of the refractive surgery devices and equipment market.
The growth in healthcare infrastructure is expected to drive the expansion of the refractive surgery devices and equipment market in the future. Healthcare infrastructure comprises the physical and organizational assets, facilities, and systems that collectively support the delivery of healthcare services within specific regions, communities, or healthcare systems. Healthcare infrastructure plays a pivotal role in facilitating the growth of the refractive surgery devices and equipment market by providing the necessary resources, facilities, and expertise required for refractive surgeries and related eye care services. For instance, data from the UK's Office for National Statistics in May 2022 indicates that the predicted total healthcare expenditure in 2021 is $337.89 billion, representing a modest 7.4% increase over the costs in 2020. Therefore, the expansion of healthcare infrastructure is a driving force behind the growth of the refractive surgery devices and equipment market.
The refractive surgery devices and equipment market faces limitations due to the lack of surgical equipment utilization for treating refractive errors in developing nations. Factors such as underdevelopment, poverty, and lack of awareness contribute to patients' limited knowledge about surgical procedures. For example, the World Health Organization reports that visual impairment in Rwanda, an African nation, stands at 5.3%, and more than 80% of eye cases are related to refractive errors, which are considered treatable. However, the lack of ophthalmic surgical devices prevents treatment. Developing countries encounter a higher prevalence of blindness-related cases compared to developed nations.
The primary focus of many companies in the refractive surgery devices and equipment market has shifted toward advancing technologies in refractive surgery. Innovative technologies for correcting refractive errors offer broader treatment capabilities, reduce time and labor costs, and introduce new corneal refractive surgical techniques. These advancements include femtosecond corneal surgery techniques, pseudophakia intraocular lenses, intraocular rings and segments, and corneal stiffening methods such as collagen crosslinking. For instance, the intrastromal femtosecond laser-assisted lenticular corneal excision (Flex-Smile) technique is highly effective for myopic cases of up to 10 diopters with astigmatism up to 3. Advanced femtosecond laser surgical instruments offer precise surgical control down to the micron level in terms of diameter, depth, and edge angle, along with rapid flap creation.
Major companies operating in the refractive surgery devices and equipment market are innovating with new technological products, such as femtosecond laser systems, to enhance their profitability in the market. A femtosecond laser system emits optical pulses with a duration well below 1 picosecond, in the femtosecond range. For example, in August 2023, Johnson & Johnson Vision, a US-based ophthalmology company, introduced the ELITA platform. This platform incorporates the SILK method, an advanced corneal refractive technique that enables physicians to treat myopia in patients with astigmatism. Patients undergoing LASIK surgery or other refractive treatments can benefit from the ELITA System for creating a corneal flap.
In the United States, the sale of medical devices is regulated by the Food and Drug Administration (FDA), which monitors the safety of all regulated medical devices, including those used in refractive surgery.
Major companies operating in the refractive surgery devices and equipment market include Alcon, Johnson & Johnson, Carl Zeiss AG, Valeant Pharmaceuticals, Ziemer Ophthalmic Systems AG, Nidek Co. Ltd., STAAR Surgical Company, Avedro Inc., Lensar Inc., iVIS Technologies, SCHWIND eye-tech-solutions GmbH & Co. KG, Lumenis Ltd., Ellex Medical Lasers Limited., Visx, Refractec LLC, Topcon Corporation, HOYA Corporation, Glaukos Corporation, IRIDEX Corporation, Aaren-Scientific Inc., Lenstec Inc., Oculentis B.V., Ophtec B.V., Rayner Intraocular Lenses Limited, The HumanOptics AG, PhysIOL, Essilor International, NIDEK Co.Ltd., Quantel Medical SAS, Tracey Technologies, Abbott Medical Optics Inc., Oertli Instrumente AG, Topcon Corporation, Ophtec USA Inc., VisionCare Ophthalmic Technologies Inc., Visioneering Technologies Inc., Z-LASER Optoelektronik GmbH
North America was the largest region in the global refractive surgery devices (or) equipment market in 2023. Asia-Pacific was the second-largest region in the refractive surgery devices (or) equipment market. The regions covered in the refractive surgery devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the refractive surgery devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The refractive surgery devices and equipment market consist of sales of microkeratome, excimer lasers, femtosecond lasers, YAG lasers, and aberrometers that are used for refractive surgeries. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.