The Global LASIK Eye Surgery Market is presumed to expand at 6.5% CAGR during the assessment period owing to the increasing vision defects due to pollution, asserts Market Research Future (MRFR). LASIK (Laser-assisted in situ keratomileusis), also referred to 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 by using a microkeratome or a laser to reshape the cornea of one’s eye and improve the visual acuity. LASIK offers a long-lasting alternative to contact lenses and eyeglasses for most of the people.
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Drivers and Constraints Impacting the Market
The LASIK eye surgery market is expanding remarkably owing to the occurrence of visual problems across the globe. According to World Health Organization, around 285 million people across the world are suffering from vision impairment. Changes in environmental factors, for instance, changing lifestyle where individuals focused more into work and studies and spent less time outdoors also affect the vision. Companies are also investing more in research and development activities in order to introduce better treatment facilities for vision problems. For instance, Alcon Laboratories Inc. has launched next generation hydrogen peroxide lens care solution, AOSEPT PLUS with HydraGlyde Solution in 2015. Also, government support is further fueling the growth of the market. Moreover, the growing population has led to the introduction of electronic devices such as mobile phones along with unhealthy lifestyle. This has increased the prevalence of vision problems such as hyperopia astigmatism and myopia. In order to rectify such issues, people are adopting LASIK surgery which is fostering the market growth.
On the flip side, high cost of treatment is considered to retard the market growth across the globe in the coming years. Also, its technical complexity possesses challenges to the doctors performing such surgeries. It can also result in damaging the vision permanently. Such factors are likely to hinder the market growth.
The segment study of the global LASIK eye surgery market is based on end user, types, and vision error.
The type-based segments of the LASIK eye surgery market are wavefront-guided, wavefront optimized, topography guided, and all laser.
The vision error-based segments of the LASIK eye surgery market are astigmatism, myopia, and hyperopia among others. The myopia segment studied nocturnal, simple, induced or acquired, degenerative, and pseudomyopia among others. The hyperopia segment is sub-segmented into physiologic hyperopia and pathologic hyperopia among others. The segment of astigmatism studies mixed astigmatism, myopic astigmatism, hyperopia and astigmatism among others.
The end user-based segments of the LASIK eye surgery market are LASIK centers, hospitals, and eye care clinics among others.
In North America, the LASIK Eye Surgery market is expected to grow at a high CAGR by 2022. The availability of well-developed technology and their early adoption by several healthcare facilities can support the market rise in the near future. The presence of a large patient pool with vision impairment in the region and the need to increase management facilities for visually handicapped people can add to the market expansion. The rise in healthcare spending, and growing support from governments in research & development to fund R&D activities are other causes that are expected to fuel the growth of the market.
In Europe, the LASIK Eye Surgery market is expected to gain decent revenue owing to the government support for research and development of innovations. The availability of a robust R&D base in the region is expected to impact Europe LASIK eye surgery market in the near future. Germany and France are identified as top investments in the region’s healthcare sector that is expected to achieve long-term benefit for the market.
In Asia Pacific, the LASIK Eye Surgery market is noted as a fast growing market. The rapid development in healthcare technology and surge in healthcare expenditure as the patient population is observed to increase can favor the APAC market in the near future. The surge in demand for latest and efficient treatment methods in countries, such as; China and India, is expected to garner decent revenue by 2022.
In the Middle East and Africa region, the LASIK eye surgery market is likely to expand at a moderate growth rate owing to limited knowledge about diseases, and lack of expertise in managing treatment can favor the market growth in the years to come. However, the investment by some top-notch companies in the region to improve healthcare infrastructure is expected to benefit the market in the years to come.
Market Key Players
LaserSight Technologies, Inc (U.S.), Abbott Inc. (U.S.), Nidek Inc. (Japan), Alcon Laboratories Inc. (U.S.), Bausch & Lomb Incorporated (U.S.), AMO Manufacturing USA, LLC (U.S.), and Carl Zeiss, Inc. (Germany) are some top-notch companies that are operating in the worldwide LASIK Eye Surgery market.
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