Refractive Surgery Devices Market Size, Share & Trends Analysis Report By Application (Myopia, Astigmatism), By Product (Lasers, Aberrometers), By End- use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2024 - 2030
Refractive Surgery Devices Market Size, Share & Trends Analysis Report By Application (Myopia, Astigmatism), By Product (Lasers, Aberrometers), By End- use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2024 - 2030
Refractive Surgery Devices Market Growth & Trends
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.
Refractive Surgery Devices Market Report Highlights
By application, the myopia segment accounted for the largest market share of 26.8% in 2023 and is anticipated to grow at a moderate rate during the forecast period due to an increase in the cases of myopia globally
Based on product, the lasers segment accounted for the largest market share of 35.1% in 2023 and is expected to garner the fastest CAGR over the forecast period, driven by advancements in laser technology and their critical role in vision correction procedures
In terms of end use, the ambulatory surgical centers segment shows the fastest CAGR over the forecast period. This rapid growth is driven by the increasing preference for outpatient procedures, cost-effectiveness, and shorter recovery times offered by ASCs.
The hospitals segment accounted for the largest revenue share of 36.6% in 2023. This dominance is attributed to hospitals' comprehensive facilities, advanced technology, and skilled professionals, enabling them to perform a high volume of refractive surgeries.
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Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.1. Segment Definitions
1.1.1. Product
1.1.2. Application
1.1.3. End Use
1.1.4. Regional scope
1.1.5. Estimates and forecasts timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. GVR’s internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.3.5.1. Data for primary interviews in North America
1.3.5.2. Data for primary interviews in Europe
1.3.5.3. Data for primary interviews in Asia Pacific
1.3.5.4. Data for primary interviews in Latin America
1.3.5.5. Data for Primary interviews in MEA
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Commodity flow analysis (Model 1)
1.6.2. Approach 1: Commodity flow approach
1.6.3. Volume price analysis (Model 2)
1.6.4. Approach 2: Volume price analysis
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Product outlook
2.2.2. Application outlook
2.2.3. End Use outlook
2.3. Regional outlook
2.4. Competitive Insights
Chapter 3. Refractive Surgery Devices Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Rising geriatric population
3.2.1.2. Increased screen time
3.2.1.3. Technological advancements
3.2.2. Market Restraint Analysis
3.2.2.1. High cost of surgery
3.2.2.2. Post-surgery complications/risk
3.3. Refractive Surgery Devices Market Analysis Tools