Custom LASIK Surgery Market to Surpass US$ 4.1 Billion Globally at a CAGR of 9.6% by end of 2027 - CMI

SEATTLE, March 20, 2020 /PRNewswire/ -- According to Coherent Market Insights, the global custom LASIK surgery market was valued at US$ 1,837.9 million in 2018, and is expected to exhibit a CAGR of 9.6% over the forecast period (2019 - 2027).

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Key Trends and Analysis of the Custom LASIK surgery Market:

Key trends in market are rising prevalence myopia and other conditions, increasing launches and approvals of LASIK procedure, and adoption of inorganic growth strategies such as acquisitions and collaborations by market players.

Market players are focused on launches and approvals of procedures in order to expand their product offerings. For instance, in November 2015, Alcon, a division of Novartis introduced Contoura Vision as the first personalized LASIK procedure at American Academy of Ophthalmology (AAO) Annual Meeting held in Las Vegas, U.S. Contoura Vision is a topography-guided LASIK treatment developed to offers surgeons or healthcare professionals to perform more personalized laser procedures for patients with nearsightedness with astigmatism based on the corneal topography of each eye.

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Moreover, increasing prevalence of myopia and others is a major factor, which is expected to drive growth of the custom LASIK surgery market over the forecast period. For instance, according to the IAPB Vision Atlas, October 2017, around 28.7% of the global population were diagnosed with myopia, and it is expected to reach 37.5% and 40.0% by 2040 and 2050, respectively.

Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in potential markets. For instance, in February 2017, Johnson & Johnson acquired Abbott Medical Optics (AMO), a subsidiary of Abbott which offers ophthalmic products in three areas such as consumer eye health, cataract surgery, and laser refractive surgery.

However, the need for second surgery or retreatment to achieve desired vision correction is expected to result in cost burden on patients, which, in turn, is expected to hamper the market growth. Retreatment can be required in the case of patients with nearsightedness, farsightedness or those having high astigmatism prior to the LASIK procedure. For instance, according to the American Academy of Ophthalmology (AAO), in December 2015, around 10.5% of LASIK patients in the U.S. required a retreatment.

Key Market Takeaways:

    --  The custom LASIK surgery market is expected to exhibit a CAGR of 9.6%
        during the forecast period (2019 - 2027), owing to rising prevalence of
        myopia and other conditions, launches and approvals of treatment
        procedure, and adoption of inorganic growth strategies such as
        acquisitions and collaborations by the market players. For instance,
        according to a study published by the National Center for Biotechnology
        Information (NCBI) in May 2016, around 1,406 million people across the
        globe were diagnosed with myopia in 2000, and the number is expected to
        reach around 4,758 million by 2050.
    --  Key players in the market are focused on product approvals and launches
        in order to enhance their product portfolio, which is expected to propel
        the market growth over the forecast period. For instance, in June 2018,
        Johnson & Johnson Vision, received the U.S. Food and Drug Administration
        (FDA) approval for iDESIGN Refractive Studio, a system that helps
        surgeons take precise measurement of the inner part of the eye, and
        delivering customized LASIK procedure to the patients.

Key players operating 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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Market Segmentations:

    --  Global Custom LASIK Surgery Market, By Procedure:
        --  Wavefront Guided
        --  Wavefront Optimized
        --  Topography
    --  Global Custom LASIK Surgery Market, By Therapeutic Applications:
        --  Myopia
        --  Hyperopia
        --  Astigmatism
        --  Others
    --  Global Custom LASIK Surgery Market, By Region:
        --  North America
                --  U.S.
                --  Canada
        --  Latin America
                --  Brazil
                --  Mexico
                --  Argentina
                --  Rest of Latin America
        --  Europe
                --  Germany
                --  U.K.
                --  France
                --  Italy
                --  Spain
                --  Russia
                --  Rest of Europe
        --  Asia Pacific
                --  China
                --  India
                --  Japan
                --  Australia
                --  South Korea
                --  ASEAN
                --  Rest of Asia Pacific
        --  Middle East
                --  GCC
                --  Israel
                --  Rest of Middle East
        --  Africa
                --  South Africa
                --  Central Africa
                --  North Africa

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SOURCE Coherent Market Insights