Personalized LASIK Surgery Market - Positive long-term growth outlook 2024

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Personalized LASIK Surgery Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2016
2024
With LASIK surgeries increasingly gaining a repute of being an advanced and
highly effective treatment for vision related disorders, primarily myopia,
hyperopia, astigmatism, and presbyopia, the global market for personalized
LASIK surgery is demonstrating high growth in its size and valuation. In 2015,
the market stood at US$1.6 bn in revenues. Increasing at a CAGR of 5.60%
between 2016 and 2024, the market’s opportunity is anticipated to reach
US$2.6 bn by the end of 2024. The rise in the prevalence of ocular disorders
and diseases, increasing risk of infection caused by the continual usage of
contact lens, and the emergence of novel ophthalmic technologies are likely to
boost this market substantially over the forthcoming years.
On the geographical front, the worldwide market for personalized LASIK
surgery has been segmented into Europe, Asia Pacific, North America, Latin
America, and the Middle East and Africa. In 2015, with a share of 45%, North
America acquired the leading position in the global market. The persistent rise
in the geriatric population, increasing cases of myopia, and the surging level
of awareness among people about the treatment of myopia through laser
technique have been driving the market for personalized LASIK surgery in
North America since the last few years. Analysts project this regional mark et
to retain its posi tion in the near future, thanks to the advent of new
technologies, rise in the prevalence of ocular disorders and diseases, and the
augmenting usage of LASIK surgeries in the corrective treatments for vision
by ophthalmologists in North America.
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Europe is the second-most prominent market for personalized LASIK surgery
across the world and is expected to continue like this over the n ext few years.
The increasing prevalence of myopia and presbyopia in European citizens,
growing demand for minimally invasive surgeries, and the availability of
favorable reimbursement policies are anticipated to propel the Europe
personalized LASIK surgery market in the years to come.
Among others, Asia Pacific is expected to exhibit a considerable rise in its
market for personalized LASIK surgery in the near future. The growing base
of the geriatric population, increasing incidence of myopia and presbyopia, and
surging investments from market participants to set up a robust distribution
channel can be attributed for this progress in the Asia Pacific market for
personalized LASIK surgery. The upswing in the medical tourism and the
availability of low cost treatment are also projected to stimulate the Asia
Pacific market for LASIK surgery over the coming years.
Hospitals, ophthalmic clinics, and ambulatory surgical centers are the main end
users of personalized LASIK surgeries across the world. The hospital segment
contributed a higher revenue in the glob al market for personalized LASIK
surgeries in 2015 and is expected to remain doing so throughout the next few
years. The escalating investments by some of the key market players for the
development of effective distribution network with hospitals and the creation
of novel surgical platforms, in a bid to meet the needs and demands of patients
are likely to increase the contribution of the hospital segment in the overall
revenue generated in this market over the years to come.
Alcon Laboratories Inc., Abbott Laboratories Inc., Bausch & Lomb Surgical
Inc., Carl Zeiss Inc., Nidek Co. Ltd., Lasersight Technologies Inc., SUPREME
ILASIK Co. Ltd., and Ziemer Ophthalmic Systems AG are some of the key
players in the global personalized LASIK surgery market.
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