Global Refractive Surgery Devices Market Size Hit USD 419.69 Million at a CAGR of 8% in 2032

Published March 28, 2023

The global refractive surgery devices market size was USD 209.95 Million in 2022 and is expected to register a revenue CAGR of 8% over the forecast period, according to the latest report by Reports and Data.

The demand for refractive surgical equipment is expected to rise globally due to the increasing prevalence of refractive errors. The World Health Organization reports that around 1 billion people worldwide suffer from untreated refractive issues. The prevalence of myopia and other refractive errors is on the rise, which is attributed to the growing use of electronic devices and digital equipment. Consequently, more people are opting for refractive surgery to correct their vision, leading to an expansion in the use of technology for such surgeries.

Wavefront-guided LASIK and femtosecond Laser-Assisted Cataract Surgery (FLACS) are advanced technologies that are gaining popularity among both patients and ophthalmologists. These cutting-edge goods provide more precision and accuracy during surgical procedures, reducing the chances of mistakes and improving patient outcomes.

Additionally, the rapidly growing global population of seniors is also contributing to the rise in demand for refractive surgical equipment. With age-related eye problems such as cataracts and presbyopia becoming more prevalent, older individuals require surgery to improve their vision. As a result, the increasing need for ophthalmic surgeries among the aging population is expected to drive market revenue growth.

It is expected that sales of refractive surgical equipment will rise in China and India, mainly due to the improvement of healthcare facilities and greater consumer knowledge. As myopia is becoming more common among young people in these areas, the demand for such equipment is on the rise. Additionally, the market revenue growth is anticipated to be driven by the large number of patients and the increasing acceptance of advanced medical technologies in these regions.

Some of the prominent players profiled in the global refractive surgery Devices market include Alcon, Carl Zeiss Meditec AG, Abbott Laboratories, Bausch + Lomb, NIDEK CO., LTD., Johnson & Johnson Vision, SCHWIND eye-tech-solutions GmbH & Co. KG, WaveLight GmbH, Oculentis, Topcon Corporation, and STAAR Surgical

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2022-2032. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Refractive Surgery Devices Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Refractive Surgery Devices Market.

Further key findings from the report suggest,

  • In 2021, the excimer laser systems segment had the highest revenue share in the global market for refractive surgical devices, mainly due to the growing popularity of LASIK surgery. LASIK surgery uses an excimer laser to reshape the cornea, which leads to improved visual acuity. According to the American Society of Cataract and Refractive Surgery (ASCRS), around 700,000 LASIK procedures are performed annually in the United States alone. The excimer laser technology has evolved significantly, with wavefront-guided LASIK being one of the notable advancements that have resulted in better surgical outcomes and increased patient satisfaction. This has further fueled the growth of the market in this area.
  • Due to the increasing prevalence of myopia, it is expected that the myopia segment will hold the largest market share in the global market for refractive surgical devices in the foreseeable future. Myopia is a condition that results in distant objects appearing blurry due to an excessively steep cornea or an elongated eye. This common ailment affects millions of individuals worldwide.
  • The North American market is expected to lead in terms of revenue in the refractive surgical devices market in the coming years. This can be attributed to the growing prevalence of refractive defects such as myopia, hyperopia, and astigmatism in the population. Additionally, the market is projected to witness revenue growth due to an increase in healthcare spending and favorable government initiatives aimed at expanding healthcare access.

To understand how our Refractive Surgery Devices Market can bring difference to your business strategy:

For the purpose of this report, Reports and Data has segmented the global refractive surgery devices market on the basis of Device Type Outlook, Application Outlook, End-Use Outlook, and Regional Outlook:

Device Type Outlook (Revenue, USD Million; 2022 – 2032)

  • Excimer Laser Systems
  • Femtosecond Laser Systems
  • Microkeratomes
    • Others

Application Outlook (Revenue, USD Million; 2022 – 2032)

  • Myopia
  • Hyperopia
  • Astigmatism
  • Others

End-Use Outlook (Revenue, USD Million; 2022 – 2032)

  • Hospitals
  • Ophthalmology Clinics
  • Others

Regional Outlook (Revenue, USD Million; 2022-2032)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

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 Key Advantages of Refractive Surgery Devices Market Report:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Refractive Surgery Devices industry
  • Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Refractive Surgery Devices Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

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