Market Overview
Lasik Eye Surgery Market is estimated to reach at a CAGR of 7.7% during the forecast period (2024-2031).
Lasik surgery commonly referred to as laser eye surgery or laser vision correction is a refractive surgery type that is used to correct myopia, hyperopia, and astigmatism.
Market Scope
| Metrics | Details |
| Market CAGR | 7.7% |
| Segments Covered | By Type, By Indication Type, By End User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
Increasing demand for laser eye surgeries and increasing awareness regarding efficacy & safety, and technological advancements will drive the Lasik Eye Surgery Market in the forecast period.
Increasing demand for laser eye surgeries will dominate the Lasik Eye Surgery Market
Since laser eye surgery is a viable form of vision correction, more and more people are convinced of its benefits. As a result, they opt for the permanence and convenience of laser surgery instead of using glasses or contact lenses. As a result, LASIK laser eye surgery is the most popular form of laser eye surgery globally, and for a good reason. When compared with alternative forms of laser eye surgery like LASEK, it has faster recovery time, higher precision, and the possibility of correcting a more comprehensive range of eye prescriptions. Moreover, it is a safe, effective treatment with extremely low risk and can be carried out quickly with little to no discomfort and with a shorter recovery period.
Another major factor in the growth of the Lasik Eye Surgery Market is the development of new and ultra-precise laser technology. In a system known as Z-LASIK , OCL uses a combination of the world's most advanced lasers to carry out all LASIK surgery. This laser surgery system achieves high precision which results in 50% less eye tissue being removed than with a standard laser. Because of the high degree of accuracy, the Z-LASIK procedure can be used to treat patients with higher prescriptions who must have been denied other forms of laser eye surgery.
The success rate of LASIK surgery is at least 96%. However, research statistics show that sometimes this number goes as high as 98%. According to the same LASIK results statistics, up to 50% of the patients have a better vision than the standard 20/20. Ninety-six of people who get refractive surgery go with LASIK. This is largely because it has been around for decades and has a proven track record of success.
Increasing awareness regarding efficacy & safety and technological advancements will drive the Lasik Eye Surgery Market in the forecast period
Almost all surgeries carry some risk of complications and side effects, but LASIK is generally considered a safe procedure with a low complication rate. Lasik eye surgery is one of the safest elective surgical procedures available today, with a complication rate estimated to be less than 1%. The surgery has a 96% patient satisfaction rate. The latest research indicates that LASIK has a 99% success rate in achieving 20/40 vision or better and a 90% success rate in achieving 20/20 vision. While LASIK is a safe and successful procedure for many as of June 2018, about 9.5 million Americans have undergone surgery, and it is not foolproof.
Contoura Vision is one of the latest advancements in Specs Removal by Laser Vision Correction. While procedures like LASIK and SMILE only correct specs power, Contoura Vision goes one step further.
The increasing cost of ophthalmic devices and risk associated with eye surgeries will hamper the market
The approach to pricing for Lasik surgeries differs by company or surgeon. For example, some surgeons charge the same price for all vision correction procedures performed with an excimer laser to reshape the cornea of the eye. While some LASIK surgeons have different pricing depending on the specific technology used. For example, all-laser LASIK or custom LASIK that employs wavefront technology for a more customized procedure are generally costly. Also, some surgeons may have variable pricing for LASIK and other types of laser surgery depending on refractive error. Because LASIK isn't typically covered by insurance, some people might choose to save and pay for it via a flexible spending account.
LASIK surgery may cause discomfort during the first few days, such as mild irritation and light sensitivity is normal and can be expected. During the first few weeks or months, patients may also experience halos, glare, and starbursts in low-light environments, especially at night. Symptoms like dry eye, hazy vision, and reduced sharpness of vision can also be expected. In most cases, such problems are temporary and may disappear entirely within three to six months. Flap complications during the Lasik procedure generally involve the creation of a thin hinged flap on the front surface of the cornea. This flap is lifted during surgery for laser reshaping of the eye, then it is replaced to form a natural bandage. If the LASIK flap is not made correctly, it may fail to adhere properly to the eye's surface, or tiny wrinkles called striae (STRIE-ee) could develop in the flap. And these flap complications can cause optical aberrations and distorted vision.
COVID-19 Impact Analysis
Hospitals and medical practices have been affected during the COVID 19 pandemic due to several changes in the protocols. The ophthalmology procedures, involved in this pandemic have been affected. LASIK comes under elective therapy as it does not treat any life-threatening disease. As people are scared to undergo Lasik eye surgery due to the risk of COVID-19, there has been an impact on the Lasik Eye Surgery Market.
Market Segment Analysis
Wavefront-guided Lasik dominated the market
A powerful tool for refractive surgery is the application of Wavefront technology to the eye. Wavefront-guided (WFG) LASIK represents a paradigm shift in the way optical aberrations are measured, described, and treated. In addition to considerable utility, it is used as a diagnostic tool. Wavefront technology can improve outcomes of refractive surgery and may result in better vision than before surgery. It is also called custom LASIK, is a variation of the surgery. In this instead of applying a sphero-cylindrical correction to the cornea, based on the measurements from an aberrometer the laser is instructed to ablate a sophisticated spatially variant pattern. The goal of achieving a more optically perfect ablation still depends on appropriate patient selection, high-quality wavefront data, successful surgery, and accurately predicting and managing the changes that occur during healing.
Johnson & Johnson Vision has secured FDA approval for a new laser eye surgery indication for its iDesign Refractive Studio system. The latest indication covers wavefront-guided photorefractive keratectomy, or PRK eye surgery, as an alternative to LASIK to treat nearsightedness.
Presbyopia will dominate the Lasik Eye Surgery Market in the forecast period
Presbyopia is the gradual loss of the eye's ability to focus on or nearby objects. It's a natural, often part of aging. It usually becomes noticeable in the early to mid-40s and continues to worsen until around age 65. To treat presbyopia there is a technique used using the LASIK procedure called monovision. Most patients undergo a trial with either glasses or contact lenses to see if they can tolerate having one eye corrected for distance vision and one eye for near vision before proceeding with the procedure.
Monovision LASIK effectively lessens near vision problems caused by presbyopia because a mildly nearsighted eye sees near objects clearly without glasses. So, after monovision LASIK, the dominant eye takes the lead to provide clear distance vision, and the non-dominant eye is responsible for sharpening near vision.
The hospital segment will dominate the market
Hospitals with their large scale, strong financial capabilities, and broad range of services will see an increase in this segment. Eyes are special, and only a well-trained eye surgeon or a specialist should perform LASIK on them for safe and accurate outcomes in the first attempt itself. Hospitals provide the best surgeons, healthcare facilities, and advanced treatment options. Hence, this segment will dominate the market.
Market Geographical Share
North America will dominate the market
Rising awareness levels and developed healthcare infrastructure will rise the market in this region. An ophthalmologist performs LASIK surgery by using a laser or microkeratome to reshape the eye's cornea to improve visual acuity. As of 2018, roughly 9.5 million Americans have had LASIK. The prevalence of presbyopia has been estimated at nearly 80% by age 45–55 in North America, with an estimated 16% of these individuals without adequate correction.
Forty million people around the globe have had LASIK surgery. In the United States, over ten million Americans have chosen to improve their vision and their quality of life with this treatment. In 2020, 718,000 people in the U.S. opted for LASIK surgery so that they could ditch their eyeglasses or contacts.
Market Companies
Major key players in the Lasik Eye Surgery Market are Abbott Laboratories, Johnson & Johnson, Carl Zeiss Inc., Lasersight Technologies, Inc., Abbot Medical Optics, Nidek Co. Ltd., Bausch + Lomb, Ziemer Group AG., Alcon Laboratories, Tianjin JingMing New Tech. Devp. Co., Ltd, HANSON MEDITEC CO., LTD and Huaian Meide Medical Instrument Co., Ltd.
Key Companies to Watch
Carl Zeiss Inc.
Overview: Carl Zeiss, Inc. develops and manufactures optical and optoelectronic instruments. The Company offers ophthalmic, binoculars and riflescopes, camera and cine lenses, planetariums, electron and ion microscopes, industrial metrology, spectrometers, optronics, and other optical products.
Product Portfolio: ZEISS is one of the companies that produces, develops, and distributes solutions for industrial metrology and quality assurance which are highly innovative and microscopy solutions for the life sciences. It also helps in materials research and medical technology solutions for diagnostics and treatment in ophthalmology and microsurgery. With a portfolio aligned for future growth in areas like digitalization, healthcare,smart production and a strong brand. ZEISS as a company is shaping the future of technology and constantly advancing the world of optics and related fields with its solutions.
Key Development: The ZEISS Medical Technology Segment announced the FDA Premarket Approval (PMA) for ReLEx® SMILE® PMA which is expanding myopia treatment to patients with astigmatism. It also provides for a small entry incision to be made, allowing the SMILE® procedure to be potentially less disruptive to the corneal surface tissue.
The Lasik Eye Surgery Market report would provide access to an approx. 60 market data table, 51 figures and 180 pages.
