Global Laser Vision Correction Market Size, Trends & Growth Opportunity, By Type (Excimer Laser, and Femtosecond Laser), By Procedure (LASIK (Laser Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extra

Global Laser Vision Correction Market Size, Trends & Growth Opportunity, By Type (Excimer Laser, and Femtosecond Laser), By Procedure (LASIK (Laser Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction), and Others),By Therapeutic Application(Cataract, Astigmatism, Presbyopia, Hyperopia, and Myopia), By Region and Forecast till 2027.

Global Laser Vision Correction Market

Global Laser Vision Correction Market was valued at USD 6104.3 million in 2022 and is slated to reach at USD 8641.37 by 2027 at a CAGR of 7.83% from 2022-2027.

Laser vision correction is carried out for treatment of patients suffering from myopia. Rise in demand for minimally invasive therapies as well as increase in prevalence of refractive disorders are expected to fuel the market growth. Moreover, increase in research and development activities to treat refractive impairments will drive the market growth during this forecast period.

Market Drivers

Rise in number of product launches by key players in market is considered as key driving factor which is expected to boost the global laser vision correction market growth. For instance, in November 2015, Alcon which is division of Novartis AG had launched Contoura vision, first personalized LASIK procedure at the AAO (American Academy of Ophthalmology’s annual meeting in U.S. Contoura vision is a type of topography-guided LASIK treatment which developed to help surgeons or healthcare professionals who perform personalized laser procedures on patients. Also, in October 2018, Alcon had launched advanced WaveLight Refractive Suite which can be used with Contoura Vision to guide healthcare professionals and surgeons in detection of abnormality of eyes.

Market Restraints

However, product recall is the major challenging factor for market which is expected to hinder the global laser vision correction market growth. LASIK (Laser Assisted In-Situ Keratomileusis) surgery devices are highly computerized devices which can experience technical issues. Due to these technical issues the U.S. FDA had recalled LASIK surgery devices which expected to obstruct the market growth. For instance, in March2018, SIE AG’s FEMTO LDV(TM) Z8 Femtosecond Surgical Laser, a product is recalled by US FDA due to customer complaint received on NOV 2017, about a complication with cataract procedure.

Impact of COVID-19

In 2020, the impact laser vision correction market will be greatly impacted by the global effects of the corona virus disease 2019 (COVID-19). Numerous factors have been impacted by the COVID-19 outbreak, including flight delays, travel restrictions, and quarantines; restaurant closures; restrictions on all indoor and outdoor events; the declaration of states of emergency in over 40 countries; a significant slowdown in the supply chain; stock market volatility; a decline in business confidence; escalating public panic; and uncertainty about the future.

Recent developments

In August 2021, Eye Health America announced Nielsen Eye Center would join. The expansion of Eye Health America's patient care continuity in the Tampa Bat Area will result from this acquisition.

In June 2021, Lasik surgery was introduced by the Jawaharlal Institute of Postgraduate Medical Education and Research (Jimper).

Market Segmentation

Global Laser Vision Correction Market is segmented into type such as Excimer Laser, and Femtosecond Laser, by procedure such as LASIK (Laser Assisted In-Situ Keratomileusis), PRK (Photo Refractive Keratectomy), SMILE (Small Incision Lenticule Extraction), and Others, by therapeutic application such as Cataract, Astigmatism, Presbyopia, Hyperopia, and Myopia. Further, market is segmented into end user such as Hospitals, Specialty Clinics, and Ambulatory Surgical Centers.

Also, Global Laser Vision Correction Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Carl Zeiss Meditec AG, Johnson & Johnson, Ziemer Group AG, Bausch Health Companies Inc, Schwind Eye-tech-solutions, SIE AG, Noavartis AG, Nidek co., Ltd, and Alcon.

Market Taxonomy

By Type

• Excimer Laser
• Femtosecond Laser

By Procedure

• LASIK (Laser Assisted In-Situ Keratomileusis)
• PRK (Photo Refractive Keratectomy)
• SMILE (Small Incision Lenticule Extraction)
• Others

By Therapeutic Application

• Cataract
• Astigmatism
• Presbyopia
• Hyperopia
• Myopia

By End User

• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Laser Vision Correction Market?
• What will be the growth rate from 2022 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?