Personalized LASIK Surgery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Personalized LASIK Surgery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The personalized LASIK surgery market is poised to record a CAGR of 5.9% over the forecast period (2022-2027).

The COVID-19 pandemic has impacted the market significantly. Initially, with the increasing number of COVID-19 cases around the world, governments implemented lockdown measures to stop the spread of the virus. This not only led to a drop in footfall in clinics and hospitals for eye care but also led to the cancellation or postponement of many procedures. According to a research study published by Parul C Gupta et al. in the Indian Journal of Ophthalmology (2021), the clinic that was studied was expected to perform 7,500 cataract procedures. However, due to the pandemic, they were able to perform only 2,500 procedures. This data suggests that there was a significant decrease in cataract procedures during the pandemic.

Further, the pandemic is expected to have a long-term impact on the market studied as a significant number of individuals are impacted by eye disorders owing to long working hours and the rising prevalence of eye-related conditions among pediatrics, causing strain on the eyes and leading to surgeries. According to a research study published by Jiaxing Wang et al. in January 2021, in school-based photo screenings conducted in China, children between the age of 6 and 8 years who were kept at home during the COVID-19 pandemic suffered major myopic changes. Also, compared to the previous years, in 2020, for children aged 6 years, the prevalence of myopia appeared to be almost three times greater, two times higher for children aged 7, and 1.4 times higher for those aged 8 years. Thus, owing to the increased burden of optical disorders, the demand for personalized LASIK surgeries may increase over the years and boost the growth of the studied market.

Factors such as the growing demand for laser eye surgeries and technological advancements are expected to contribute to the growth of the studied market. Additionally, the increasing burden of target diseases, such as myopia (near-sightedness), hyperopia (far-sightedness), and presbyopia, is expected to be a major driving factor for market growth.

Presbyopia is the gradual loss of close-up vision and usually develops as people age. As per the data published by the American Academy of Ophthalmology in February 2022, the target population may start to notice presbyopia shortly after the age of 40 years. In most cases, ophthalmologists suggest refractive surgeries such as LASIK for the treatment of this condition.

Furthermore, the strategic activities of the major market players are anticipated to drive the studied market. For instance, in December 2021, Adagia Partners, a pan-European mid-market private equity firm, acquired Schwind eye-tech Solutions GmbH. The company covers some of the important all-laser procedures of modern refractive surgery from a single source, such as the touch-free TransPRK/SmartSurfACE surface treatment, intrastromal Femto-LASIK, and new-gen minimally-invasive SCHWIND SmartSight lenticle extraction. These activities are anticipated to drive market growth.

There are several advantages associated with personalized LASIK surgery, which are anticipated to augment the growth of the market studied. An article titled "Custom LASIK: Advantages and Disadvantages," published in August 2021, stated that one of the most advantageous features of the customized LASIK is that it uses wavefront technology, which allows the eye surgeon to customize where the lasers remove tissue from the cornea, taking the cornea’s shape and irregularities into account, while traditional LASIK lacks this feature and does not measure specific corneal aberrations.

Key Market TrendsMyopia Segment Anticipated to Witness Growth

Nearsightedness (myopia) is a common vision condition. People with myopia can see objects near them clearly, but objects that are far away may seem blurry. LASIK surgery eliminates this near focus caused by myopia. Thus, the application of personalized LASIK surgery in the treatment of myopia is expected to boost the segment's growth over the forecast period.

The increasing incidence of myopia globally is also anticipated to drive the demand for LASIK surgeries. For instance, the International Myopia Institute in January 2022 stated that nearly 30% of the world is currently myopic, and almost 50% of the global population may be myopic by 2050. As personalized LASIK surgery is the latest solution available for the treatment of myopia, the demand for LASIK surgeries for myopia treatment is predicted to grow.

Topo-guided LASIK surgery has been effective for myopia treatment, and several studies have shown its efficacy over other procedures. In October 2021, at the European Society of Cataract and Refractive Surgeons, Dr. A. John Kanellopoulos stated that due to the eye tracking, cyclorotation compensation, and active centration control in topo-guided LASIK technology, better visual performance than SMILE (Small Incision Lenticule Extraction) was observed over long-term follow-up. Additionally, when a four-year research study was conducted to find the refractive outcomes of LASIK and SMILE, topo-guided LASIK demonstrated better visual performance and accuracy, especially in highly myopic eyes. Such studies will likely increase the adoption of personalized LASIK surgeries among myopia-affected populations.

Therefore, owing to the abovementioned factors, the myopia segment is expected to witness growth over the forecast period.

North America Dominates the Market

In the North American region, the United States accounted for the largest market share as there is a high rate of preference for vision corrective surgeries. Other factors driving the studied market in the country are the availability of advanced technologies and the high healthcare spending of the target population.

According to the 2021 report of the American Optometric Association, myopia affects nearly 30% of the US population. While the exact cause of myopia is unknown, there is significant evidence that many people inherit myopia, or at least the tendency to develop myopia. If one or both parents are near-sighted, there is an increased chance their children will be near-sighted.

At the Association for Research in Vision and Ophthalmology meeting, author and researcher Patricia Fortin stated that the prevalence of myopia in the United States is estimated to be 16 million. The researchers estimated that 19,512,708 children had myopia and that there was a nationwide prevalence of 36.1%, using data from the US Census Bureau's report (2020). The prevalence of myopia in North America is anticipated to drive the studied market over the forecast period.

Additionally, as per the data updated in November 2021 for LASIK by the National Library of Medicine, there are several lasers approved by the US Food and Drug Administration (FDA) for use in LASIK surgeries. As per the above-mentioned source, custom LASIK is often utilized.

Owing to the aforementioned factors, the market studied is predicted to grow even further in North America over the forecast period.

Competitive Landscape

The global personalized LASIK surgery market is competitive and comprises a few major players. Companies like Johnson & Johnson, Alcon Inc., Bausch Health, Carl Zeiss AG, Lasersight Technologies Inc., Nidek Co. Ltd, and Ziemer Group AG hold significant market shares.

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