According to Market Research Future (MRFR), the global LASIK eye surgery market is expected to grow at a CAGR of 6.5% during the assessment period due to the increase in vision impairments due to environmental pollution. LASIK (laser-assisted in situ keratomileusis), also known as laser vision correction or laser eye surgery, is a type of refractive surgery performed to correct hyperopia, myopia, and astigmatism. LASIK surgery is performed by an ophthalmologist using a microkeratome or laser to reshape the eye’s cornea and improve visual acuity. LASIK offers a long-lasting alternative to contact lenses and glasses for most people.
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Drivers and constraints affecting the market
The LASIK eye surgery market is expanding remarkably due to the emergence of vision problems around the world. According to the World Health Organization, around 285 million people worldwide suffer from visual impairments. Changes in environmental factors, such as changing lifestyles where people focus more on work and study and spend less time outdoors, also affect vision. Companies are also investing more in research and development activities to introduce better treatment facilities for vision problems. For example, in 2015 Alcon Laboratories Inc. launched the next generation hydrogen peroxide lens care solution, AOSEPT PLUS with HydraGlyde solution. Government support is also driving the growth of the market further. In addition, the growing population along with an unhealthy lifestyle has led to the introduction of electronic devices such as mobile phones. This has increased the prevalence of vision problems such as farsightedness, astigmatism and nearsightedness. To fix such problems, people are turning to LASIK surgery which is driving the market growth.
On the other hand, high treatment costs are expected to delay global market growth in the coming years. Its technical complexity also poses challenges for the doctors who perform such operations. It can also cause permanent vision damage. Such factors are likely to hamper market growth.
Global LASIK Eye Surgery market segmental study is based on end users, types, and vision defects.
The type-based segments of the LASIK eye surgery market are wavefront-guided, wavefront-optimized, topography-guided and all lasers.
The vision defect-based segments of the LASIK eye surgery market include astigmatism, myopia and hyperopia, among others. The myopia segment examined nocturnal, simple, induced or acquired, degenerative, and pseudomyopia, among others. The hyperopia segment is subdivided into physiological hyperopia and pathological hyperopia, among others. The Astigmatism segment examines mixed astigmatism, myopic astigmatism, hyperopia and astigmatism, among others.
The end-user-based segments of LASIK Eye Surgery Market include LASIK Centers, Hospitals, and Eye Clinics.
In North America, the LASIK eye surgery market is expected to grow at a high CAGR through 2022. The availability of well-developed technology and its early adoption by multiple healthcare institutions can support the market rise in the near future. The presence of a large pool of visually impaired patients in the region and the need to expand administrative facilities for visually impaired people can contribute to the market expansion. Rising healthcare spending and growing government support for R&D to fund R&D activities are other reasons expected to drive the growth of the market.
In Europe, the LASIK eye surgery market is expected to generate reasonable revenue due to government support for research and development of innovations. The availability of a robust R&D base in the region is expected to impact the European LASIK eye surgery market in the near future. Germany and France are identified as top investments in the region’s healthcare sector, which are expected to generate long-term benefits for the market.
In Asia Pacific, the LASIK eye surgery market is considered to be a fast growing market. The rapid development in healthcare technology and the increase in healthcare spending as the patient population increases may favor the APAC market in the near future. The increasing demand for the latest and efficient treatment methods in countries such as; China and India are expected to have decent revenues by 2022.
In the Middle East and Africa region, the LASIK eye surgery market is likely to expand at a moderate growth rate due to the limited knowledge of diseases and lack of expertise in treatment management may favor the market growth in the coming years. However, investments by some top-tier companies in the region to improve healthcare infrastructure are expected to benefit the market in the years to come.
Market Key Players
LaserSight Technologies, Inc (USA), Abbott Inc. (USA), Nidek Inc. (Japan), Alcon Laboratories Inc. (USA), Bausch & Lomb Incorporated (USA), AMO Manufacturing USA, LLC (USA) and Carl Zeiss, Inc. (Germany) are some top-notch companies operating in the global LASIK eye surgery market.
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