Seattle, WA -- (SBWire) -- 09/27/2019 --LASIK surgery or commonly referred as Lasik surgery is a laser eye surgery or laser eye correction, which is done for the correction of hyperopia, astigmatism, and myopia. According to American Academy of Ophthamalogy, 2016, around 34 million patients were suffering from myopia in the U.S. alone. Moreover, according to the same source, around 150 million people in the U.S. wear corrective eyeglasses. Increasing demand for effective treatment of eye disorders is expected to drive growth of global custom LASAIK surgery market growth during the forecast period 2016-2024.
Furthermore, increasing launch of novel and advanced products coupled with long-tern partnership between key players and regional hospitals are major growth factors in the market. In the U.S., there are around 1,050 LASIK centers that cater around 650,000 patients annually. Various government institutes are supporting custom LASIK surgery procedure that has led to development of numerous programs such as BlueCross Blue Shield QualSight. The program was launched to offer support to product development and subsidiaries on the LASIK surgery.
The global custom LASIK surgery market size is estimated to be valued at US$ 1,537.6 million in 2016 and is expected to expand at a CAGR of 9.7% during 2016 – 2024.
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In Procedure type, wavefront-guided segment accounts for the largest revenue share
In procedure type, wavefront-guided procedure segment is expected to hold dominant position in the global custom LASIK surgery market during the forecast period. The segment is expected to account for 45.8% of the market share in 2016. The wavefront procedure involves detailed wavefront-generated measurements of light crossing through the eyes. This procedure assists patients with personalized treatment in accordance with the anatomy of the patient's eye. It is a highly accurate and more specific compared to traditional LASIK surgery.
Following are some of the U.S. FDA approved wavefront-guided custom LASIK systems. WaveScan System CustomVue LASIK (Abbott Medical Optics), Technolas 217z Zyoptix System for Personalized Vision Correction (Bausch + Lomb) and iDesign Advanced CustomVue LASIK System (Abbott Medical Optics).
WaveLight Allegretto Wave Eye-Q Excimer Laser System (Alcon) is another U.S. FDA approved wavefront-optimized LASIK systems.
In the recent past, topography-guided LASIK systems have received significant traction in the market. Contoura Vision with the WaveLight Allegretto Wave Eye-Q Excimer Laser System is one such example of FDA approved topography-guided LASIK system.
Increasing demand for LASIK surgery procedure in emerging economies is expected to drive growth of the market.
North America is estimated to hold dominant position in the global custom LASIK surgery market in 2016, followed by Europe. The two regions are expected to account for combined market revenue of 65.1%. However, by 2019, the global custom LASIK surgery market is expected to surpass Europe in Asia Pacific. This is owing to increased installations of LASIK systems in eye-facilities in Japan. Furthermore, Japan is expected to account for 51% market share in 2017 in Asia Pacific custom LASIK surgery. This is owing to high disposable income, increasing patient awareness, and enhanced healthcare structure, which has increased the number of LASIK surgeries in the country.
International key players need to tap into potential addressable market in emerging economies
Collaborations and partnership along with product portfolio expansion are some current trends in the global custom LASIK surgery market. Furthermore, key players in the market are focused on product approval from regulatory authorities to enhance their market position. For instance, in 2015, Abbot received the U.S. FDA approval for its iDesign Advanced WaveSca Studio. Key players in the global custom LASIK surgery market include Alcon Laboratories, Inc., Bausch & Lomb, Carl Zeiss, Inc., Abbott Medical Optics, Nidek, Inc., and Technolas Perfect Vision GmbH.
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Key takeaways of the market are as follows:
The markets in Latin America and Asia Pacific is expected to register double digit growth rate over the forecast period. Rise in discretionary income along with increasing prevalence of refractive disorders are expected to create lucrative market opportunities for the players in these region.
Though, Latin America custom LASIK surgery market size is expected to register relatively higher CAGR than Asia Pacific, the latter is expected to generate over 3.5 times of the revenue generated by Latin America by 2024 end.
While wavefront-guided procedure segment is expected to dominate the custom LASIK surgery market share throughout the forecast period, topography guided LASIK procedure segment is expected to register fastest CAGR between 2016 and 2024. Various companies are trying to establish their presence in the market through development and distribution of innovative products in the market. For instance, in 2015, Alcon—a subsidiary of Novartis—received FDA approval for topography guided LASIK procedure. Commercialization of the product is expected to drive revenue growth of the company over the forecast period.
Abbott Medical Optics, Alcon Laboratories, Inc., Carl Zeiss, Inc., Bausch & Lomb, Nidek, Inc., and Technolas Perfect Vision GmbH are few of the key players in custom LASIK surgery market.
Expansion of product portfolio along with the focus on long-term partnerships with LASIK centers are the prominent strategies adopted by leading players in this industry. For instance, Abbott received FDA approval for iDesign Advanced WaveScan Studio in 2015.
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