LASIK Eye Surgery Market Report

The LASIK eye surgery market is significantly driven by the rising prevalence of vision disorders, as per the World Health Organisation (WHO), 36% of individuals with a distance vision issue are caused by refractive error, and 17% of individuals with vision problems from cataracts have received access to an appropriate intervention. In about 1 billion instances, which is nearly half of them, vision loss could have been avoided or remains untreated. Out of the total population of 1 billion individuals, the leading factors contributing to distance vision loss or blindness include cataracts (94 million), refractive error (88.4 million), age-related macular degeneration (8 million), glaucoma (7.7 million), and diabetic retinopathy (3.9 million). Around 826 million people are affected by presbyopia, which is the primary factor leading to near-vision limitations.

When it comes to regional variances, low- and middle-income areas have a four-times higher rate of distance vision impairment compared to high-income regions. In the realm of close vision, unaddressed near vision impairment rates exceed 80% in western, eastern, and central sub-Saharan Africa, while rates in high-income regions like North America, Australasia, Western Europe, and Asia-Pacific are less than 10%. However, the risk of vision impairment is anticipated to rise along with the growing population and aging. To overcome this problem, LASIK eye surgery could be a better solution.

Additionally, LASIK is often known as laser-assisted in situ keratomileusis surgery, which is the most well-known and frequently done laser refractive surgery for correcting vision issues. LASIK may serve as a substitute for glasses or contact lenses, improving patient comfort. In LASIK surgery, a specific cutting laser is utilized to alter the cornea's shape. LASIK often helps in attaining a vision of 20/40 or higher following refractive surgery. More than 80% of individuals who have had LASIK refractive surgery no longer require glasses or contacts for the majority of their daily tasks, consequently improving their convenience and lifestyle without relying on glasses or contacts.

The field of laser eye surgery is continuously evolving, with the most recent developments being truly impressive. Sophisticated imaging technology is currently employed to generate a precise 3D model of the eye, enabling a personalized LASIK treatment that considers the distinct shape of each person's eye and is a safer and more efficient procedure than traditional treatment. However, emerging eye procedures that are safe, convenient, cost-effective, and advanced therapies, such as femtosecond, by emitting laser pulses at a specific depth in the cornea, form a corneal incision. These pulses generate microphotodisruption, which creates a bubble made of gas (CO2) and water that cuts through the tissue, forming a division line. Femtosecond lasers produce LASIK flaps with greater consistency in thickness and fewer issues compared to traditional mechanical microkeratomes, contributing to the growth of the market and benefiting individuals. Using a femtosecond laser during LASIK surgery has been demonstrated to offer improved accuracy in predicting refractive results and reduce the need for additional enhancements compared to LASIK procedures done with a microkeratome.

Additionally, the improved visual outcomes recently reported can be largely attributed to the advancements in wavefront aberrometry technology. Wavefront-guided LASIK seems to offer benefits compared to certain other keratorefractive procedures in terms of visual acuity, predictability, astigmatism correction, and subjective visual symptoms. The advancements in wavefront aberrometry, as well as femtosecond and excimer lasers, have been consistently enhancing the capability to fix refractive errors. Furthermore, advancements in femtosecond and excimer laser technology have demonstrated better outcomes compared to previous microkeratomes and lasers. Apart from this, LASIK providers have a great opportunity to broaden their range of services beyond the usual refractive surgeries. This consists of options for presbyopia treatment like monovision LASIK or procedures that target refractive errors and other eye issues at the same time.

• Rising prevalence of vision disorders and the need for corrective measures
• The increasing popularity of customized LASIK procedures incorporating state-of-the-art diagnostics such as wavefront technology and femtosecond LASIK procedures.
• Increasing demand for LASIK treatments that target presbyopia, like monovision LASIK or multifocal LASIK.
• Advancements such as 3D imagining models and AI integration

The rising popularity of small-incision lung extraction (SMILE) as an alternative to traditional LASIK hampers market growth. Moreover, SMILE provides advantages such as a procedure that is minimally invasive with quicker recovery times and possibly fewer dry eye symptoms. SMILE, a novel laser refractive technique, differs from traditional procedures by avoiding the need to create a flap. Instead of that, it involves creating a tiny cut on the edge of the cornea to remove the lenticule. SMILE is a widely esteemed laser eye surgery that corrects near-sightedness and astigmatism, providing similar levels of safety and effectiveness as LASIK. Referred to as RLE, SMILE showcases benefits like higher patient happiness and decreased dry eye after surgery.

Although it has a challenging learning curve, SMILE has become widely popular with refractive surgeons worldwide, prompting adjustments for improved results and reduced risks over traditional surgery. Apart from this, the cost of such a surgical procedure is high as it requires specialized femtosecond laser systems designed for lenticule extraction as well as maintaining costs are necessary when performing SMILE. Additionally, the complexity of these surgical procedures requires more technical skill and expertise to ensure patient safety and more accuracy with precise results. The intricacy of the process leads to increased expenses.

The rising prevalence of vision disorders along with the need for technological advancements to improve efficacy and patient comfort with fewer side effects propelling the market growth and opportunities to the leading key players. For instance, Jan 2024, Bausch + Lomb Receives FDA Approval for the TENEO Excimer Laser Platform for Myopia and Myopic Astigmatism LASIK Vision Correction Surgery. The accurate design of this platform creates a quick, compact, cutting-edge device that offers an outstanding experience for surgeons and patients alike. TENEO has been embraced and used in over 50 countries worldwide, and now U.S. eye specialists will also take advantage of this adaptable laser.

Another breakthrough technology in the Lasik field is by Johnson & Johnson Vision, a division specializing in eye health under Johnson & Johnson MedTech, In Sep 2023 has revealed the initiation of a limited market launch for laser vision correction surgeries conducted with the innovative SILK (Smooth Incisions Lenticule Keratomileusis) technique. The goal of the procedure is to fix the eyesight of individuals with near-sightedness, with or without astigmatism, utilizing the advanced laser vision correction technology from Johnson & Johnson Vision Johnson & Johnson Vision, a division specializing in eye health under Johnson & Johnson MedTech, has revealed the initiation of a limited market launch for laser vision correction surgeries conducted with the innovative SILK technique. The goal of the procedure is to fix the eyesight of individuals with near-sightedness, with or without astigmatism, utilizing the advanced laser vision correction technology from Johnson & Johnson Vision.

North America is considered an established LASIK market owing to its high patient knowledge, cultured healthcare system, and relatively affluent population. Adoption of advanced treatments such as Wavefront-guided LASIK and femtosecond laser technology have been broadly embraced in this region. Patients seek healthcare for the sake of convenience, lifestyle factors, and to decrease reliance on glasses or contacts. According to the National Institute of Health (NIH), the prevalence of myopia in the United States is about 4% of the population or 113 Million people with the 66% increase in the prevalence of myopia with the rising demand for corrective refractive measures drives the LASIK eye surgery market in North America.

For the Asia Pacific region LASIK eye surgery market is highly driven by quickly expanding urbanization, higher disposable incomes, and a growing middle-class population. Rising occurrence of myopia in nations such as China with a prevalence of 11.8% and in India. As per one study myopia is expected to increase by about 50% by 2050. leading to an increased need for LASIK surgery to address this problem. Different regions are at different stages of market maturity when it comes to adopting technological advancements.

The report provides a detailed overview of the LASIK eye surgery market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, the Middle East, and Africa. The country-specific assessment for the LASIK eye surgery market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the LASIK eye surgery market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the LASIK eye surgery market. Some key countries and regions included in the LASIK eye surgery market report are as follows:

• LASIK eye surgery market detailed segments and segment-wise market breakdown
• LASIK eye surgery market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in LASIK eye surgery industry)
• Current, historical, and forthcoming 10 years market valuation in terms of LASIK eye surgery market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
• LASIK eye surgery market demand analysis
• LASIK eye surgery market regional insights with region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the LASIK eye surgery market
• Regulatory landscape by key regions and key countries
• LASIK eye surgery market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on the LASIK eye surgery market forecast by countries
• Mergers and acquisitions in the LASIK eye surgery market
• Essential information to enhance market position
• Robust research methodology