Refractive Surgery Devices Market

Refractive Surgery Devices Market

Refractive Surgery Devices Market by Device (Refractive Lasers, Implantable Lenses, and Other Devices), Application (Myopia, Astigmatism, and Presbyopia), End-Users (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to growing prevalence of refractive disorders and growing advancements in surgical procedures. 

The refractive surgery devices market was valued at USD 210.32 million in 2023, growing at a CAGR of 6.08% during the forecast period from 2024 to 2030 to reach USD 316.32 million by 2030. The refractive surgery devices market is driven by several key factors. The increasing prevalence of vision disorders such as myopia, hyperopia, and astigmatism is a primary driver, as more individuals seek corrective treatments. Advances in technology, particularly in laser-based procedures like LASIK and SMILE, have improved precision, safety, and outcomes, further fueling demand. Growing awareness about these advanced procedures and their long-term benefits over traditional corrective eyewear is also contributing to market growth. Additionally, the rise in disposable incomes and increasing accessibility to healthcare services in emerging markets are expanding the customer base. The aging population, which is more prone to vision issues, further supports market expansion and the trend toward minimally invasive surgeries and shorter recovery times continues to boost the adoption of refractive surgery devices. 

REFRACTIVE SURGERY DEVICES MARKET DYNAMICS:

The refractive surgery devices market is poised for significant growth, driven by several critical factors. According to the latest data from the International Myopia Institute (2023), 30% of the global population is currently affected by myopia, and this number is projected to reach 50% by 2050, which would account for approximately five billion people. Myopia prevalence is particularly high in East and Southeast Asia, where countries like South Korea, China, and Japan report myopia rates of 80-90%. In parallel, data from the World Health Organization (WHO) in 2023 highlights that globally, 2.2 billion people suffer from vision impairment or blindness, with at least 1 billion cases being preventable or unaddressed. These staggering statistics underscore the growing need for solutions to manage and correct refractive errors.

Refractive surgery offers a permanent corrective solution for refractive errors, providing a long-term alternative to conventional treatments like glasses or contact lenses. This appeal lies in the elimination of the need for ongoing maintenance, cleaning, and handling of corrective lenses, offering individuals greater convenience and freedom in their daily lives. Given the rising global prevalence of refractive disorders, particularly in younger populations, the demand for refractive surgery devices is expected to surge during the forecast period.

Technological advancements in the field of refractive surgery have also played a pivotal role in market growth. Innovations in refractive surgical devices, such as femtosecond lasers, wavefront-guided systems, and advanced diagnostic tools, have dramatically improved the precision, safety, and outcomes of procedures like LASIK (Laser-Assisted In Situ Keratomileusis), PRK (Photorefractive Keratectomy), and SMILE (Small Incision Lenticule Extraction). These advancements have reduced common complications, such as dry eye syndrome, night vision problems, and post-operative infections, while simultaneously enhancing visual outcomes and overall patient satisfaction. The higher success rates and fewer complications have made refractive surgery a more attractive option for a larger segment of the population.

Moreover, as refractive surgery continues to evolve, it is becoming more accessible to patients in emerging markets, where rising disposable incomes and better healthcare infrastructure are further propelling demand. In countries with a high burden of refractive errors, particularly in Asia, the increasing availability of these advanced procedures is driving substantial growth in the market.

Despite the clear advantages, the refractive surgery devices market faces some challenges. The high cost of surgical procedures remains a barrier for many potential patients, especially in regions where healthcare costs are prohibitive or insurance coverage is limited. Additionally, the availability of alternative, less invasive methods for refractive error correction, such as glasses and contact lenses, continues to compete with surgical solutions. There are also risks associated with refractive surgeries, including rare but serious complications, which can deter some individuals from opting for these procedures. Nonetheless, with ongoing technological advancements and a growing awareness of the benefits of refractive surgery, the market is expected to experience robust growth over the coming years.

REFRACTIVE SURGERY DEVICES MARKET SEGMENT ANALYSIS:

Refractive Surgery Devices Market by Device (Refractive Lasers, Implantable Lenses, and Other Devices), Application (Myopia, Astigmatism, and Presbyopia), End-Users (Hospitals and Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

The refractive lasers category within the refractive surgery devices market is projected to capture a significant revenue share in 2023 and beyond, driven by several key factors. Lasers provide unmatched precision in corneal reshaping, which is essential for achieving optimal visual outcomes in refractive surgeries. This precision has made laser-based procedures such as LASIK (Laser-Assisted In Situ Keratomileusis), PRK (Photorefractive Keratectomy), and SMILE (Small Incision Lenticule Extraction) the preferred choice for both patients and surgeons. Additionally, laser systems offer a high degree of customization, with technologies like wavefront-guided LASIK tailoring treatments to the patient's unique eye anatomy. This individualized approach results in superior visual results, further increasing the demand for laser-based refractive devices.

The refractive lasers category is also benefiting from continuous advancements in technology and regulatory approvals for new products. For example, in March 2023, Johnson & Johnson Vision announced that it had received CE Mark approval for the ELITA Femtosecond Laser System, its next-generation laser vision correction solution. Such product launches and regulatory milestones are expected to significantly contribute to the market share of refractive lasers, enhancing the overall growth of the refractive surgery devices market.

Moreover, the versatility of laser systems extends their application across different types of refractive errors, including myopia, hyperopia, and astigmatism, making them highly valuable in a wide range of corrective surgeries. Their ability to deliver precise, reliable, and repeatable outcomes with fewer complications is increasing both patient and surgeon confidence in laser-based procedures. As a result, the demand for refractive lasers is anticipated to grow substantially during the forecast period, positioning them as a leading product category in the refractive surgery devices market.

NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL REFRACTIVE SURGERY DEVICES MARKET:

North America is anticipated to hold the largest share of the refractive surgery devices market in 2023, driven by several key factors. The growing prevalence of refractive disorders in the region is a significant contributor, with more than 150 million people in the United States suffering from these conditions, according to the National Eye Institute (2023). In addition, data from the American Academy of Ophthalmology (2024) reports that nearly 14 million Americans aged 40 and older are affected by hyperopia. The rising cases of refractive errors such as myopia and hyperopia highlight the increasing need for effective treatment and management, fueling demand for refractive surgery devices.

The aging population in North America, particularly the growing number of elderly individuals prone to vision issues, also plays a vital role in driving market growth. This demographic shift, coupled with the presence of advanced healthcare infrastructure, ensures access to state-of-the-art refractive surgery procedures, further supporting the market. Moreover, the region's robust environment for product development and frequent launches adds momentum to the market's expansion.

Product innovations and regulatory approvals are also key factors propelling the market. For instance, in January 2024, ZEISS Medical Technology secured U.S. FDA approval for the VISUMAX® 800 with SMILE® pro software, a cutting-edge solution for surgically treating myopia with or without astigmatism. Such advancements reinforce North America’s position as a hub for innovative refractive surgery solutions, drawing more patients and increasing the adoption of these devices.

Thus, the combination of a high prevalence of refractive disorders, a rapidly aging population, advanced healthcare infrastructure, and a thriving product development landscape is expected to drive substantial growth in the refractive surgery devices market in North America over the forecast period. 

REFRACTIVE SURGERY DEVICES MARKET KEY PLAYERS:

Some of the key market players operating in the refractive surgery devices market include Johnson & Johnson Services, Inc., HOYA GROUP, Alcon Inc., Bausch & Lomb, Carl Zeiss Meditec AG, NIDEK CO., LTD., SCHWIND eye-tech-solutions, Care Group, Devine Meditech., Ophtec, Eyekon Medical, Topcon Healthcare, STAAR SURGICAL, Rayner Group, Ziemer Ophthalmic Systems AG, Hanita Lenses Ltd., Omni Lens Pvt. Ltd., TELEON, Lumibird Medical, PhyIOL S.A., and others.

RECENT DEVELOPMENTAL ACTIVITIES IN THE REFRACTIVE SURGERY DEVICES MARKET:

• In January 2024, Bausch + Lomb Corporation announced that the U.S. Food and Drug Administration (FDA) has approved the TENEO Excimer Laser Platform for laser-assisted in situ keratomileusis (LASIK) vision correction surgery for myopia and myopic astigmatism. 
• In April 2023, Johnson & Johnson Vision, a global leader in eye health and part of Johnson & Johnson MedTech, announced that its new ELITA Femtosecond Laser had received FDA 510(k) clearance for the creation of LASIK flaps. 

KEY TAKEAWAYS FROM THE REFRACTIVE SURGERY DEVICES MARKET REPORT STUDY

• Market size analysis for current refractive surgery devices market size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years.
• Key companies dominating the refractive surgery devices market.
• Various opportunities available for the other competitors in the refractive surgery devices market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current refractive surgery devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for refractive surgery devices market growth in the coming future?

TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS REFRACTIVE SURGERY DEVICES MARKET REPORT STUDY

• Refractive surgery device product providers
• Research organizations and consulting companies 
• Refractive surgery devices - related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in refractive surgery devices  
• Various end-users who want to know more about the refractive surgery devices market and the latest technological developments in the refractive surgery devices market.