Refractive Surgery Device Market

Refractive surgery device Market Outlook from 2024 to 2034

The valuation of the Refractive Surgery Device Market is anticipated to reach USD 213.0 million by the year 2024, with a projected CAGR of 3.90% during the forecast period of 2024 to 2034. It is expected that the global market will offer an absolute dollar opportunity of USD 312.3 million by the end of 2034.

This growth can be attributed to the increasing number of elderly individuals and the rise in screen time due to Covid-19 restrictions.

Key Market Drivers

Positive outcomes and high satisfaction rates among patients who undergo refractive surgeries encourage more individuals to consider these procedures. This has pushed the demand for refractive surgery devices in the general population.

Apart from this, several other reasons are responsible for the growth of the refractive surgery devices market in the past few years:

• Continuous innovations in refractive surgery devices have led to safer, more accurate, and customizable procedures, attracting more patients
• With a larger elderly population globally, there is a higher incidence of age-related vision problems such as presbyopia, driving the demand for refractive surgeries
• Modern lifestyles involving increased screen time and exposure to digital devices contribute to higher rates of myopia, fueling the need for corrective procedures
• Improved access to healthcare services, including refractive surgeries, in both developed and developing countries, has expanded the market significantly
• Growing awareness about refractive surgery options through advertising, word-of-mouth, and online resources has increased consumer confidence and interest in these procedures
• Advancements in surgical techniques and equipment have improved the safety and efficacy of refractive surgeries, reducing apprehensions and attracting more candidates
• Rising disposable incomes in many regions allow more people to afford elective procedures like refractive surgeries, driving market growth
• The availability of minimally invasive refractive surgery techniques reduces recovery time, discomfort, and complications, making them more appealing to patients
• The rise of medical tourism allows individuals to seek affordable refractive surgeries in countries with advanced healthcare infrastructure and lower costs

Attributes	Key Statistics
Expected Base Year Value (2024)	USD 213.0 million
Anticipated Forecast Value (2034)	USD 312.3 million
Estimated Growth (2024 to 2034)	3.90% CAGR

Trends in the Global Refractive Surgery Device Market

The global refractive surgery devices market is witnessing several notable trends that are shaping its trajectory in recent years:

• Refractive surgeries are benefitting from continuous innovation in laser technology, imaging systems, and surgical techniques.
• Minimally invasive surgeries like LASIK and SMILE are becoming more popular because they offer faster recovery times, reduced discomfort, and fewer complications.
• Personalized correction based on individual ocular characteristics is now possible with the adoption of wavefront-guided and topography-guided treatments, which enhance outcomes and patient satisfaction.
• Femtosecond lasers are gaining prominence for creating corneal flaps in LASIK procedures, providing greater precision and control compared to mechanical microkeratomes.

Safety Concerns and Lack of Ophthalmologists to Slow down the Market Growth for Refractive surgery devices

Despite significant technological advancements in refractive surgeries, there are several factors that are hindering the widespread adoption of these procedures and limiting the growth of the market.

• One key concern is the safety of these surgeries, which remains a worry for some potential patients and leads to hesitancy and reluctance to undergo the procedures.
• Access to specialized ophthalmic services and healthcare facilities is not evenly distributed, particularly in rural and underserved areas, which restricts access to refractive surgeries for certain populations.
• The high upfront costs associated with these surgeries and devices can also act as a deterrent for potential patients, particularly in regions with limited insurance coverage or where out-of-pocket healthcare expenses are significant.
• Another challenge is the shortage of trained ophthalmologists and refractive surgeons, which is particularly acute in developing regions. This scarcity of specialized care limits the availability of these procedures and impedes market growth

Category-wise Insights

Laser Devices for Refractive Surgeries to Gain Impetus in the Healthcare Sector

On the basis of product, the market for refractive surgery devices is segmented into Lasers, microkeratome, aberrometers, etc. The lasers category, accounting for 48%, is projected to hold the largest share of the global refractive surgery device market in 2024.

Attributes	Details
Product	Lasers
Market Share	48.00%

• Laser products are being increasingly preferred by healthcare institutions, especially modern ophthalmologists, as offer greater accuracy and customization, resulting in better visual outcomes and higher patient satisfaction compared to traditional surgical methods.
• Continuous innovations in laser technology are enhancing the safety, precision, and effectiveness of refractive surgeries. This has exponentially expanded its adoption among medical practitioners.
• Rising awareness about the benefits of laser refractive surgeries, coupled with increasing demand for vision correction and aesthetics, is driving the adoption of laser devices in the healthcare sector.

Refractive Surgery Devices Find Their Place in Hospitals Worldwide

With a share of 38%, hospitals dominate the refractive surgery device market based on their end-use.

Attributes	Details
End-use	Hospitals
Market Share	38%

• Hospitals offer a wide range of medical services concerning eye care, including refractive surgeries as they have state-of-the-art equipment and facilities required for refractive surgeries, including laser devices, and diagnostic tools. This has made them one of the largest consumer pools in the refractive surgery devices market.
• Hospitals are equipped to handle medical emergencies and complications that may arise during or after refractive surgeries. This has made them one of the most trustworthy institutions for refractive surgeries in the general population.

Country-wise Insights

This section offers a comprehensive analysis of the refractive surgery device market across various countries, including India, Thailand, Malaysia, Indonesia, and Spain. The table presents the CAGR for each country, depicting the estimated market growth in these regions until 2034.

Countries	CAGR
India	5.40%
Thailand	4.70%
Malaysia	4.20%
Indonesia	4.00%
Spain	3.60%

Impressive Healthcare Infrastructure to Bolster Market Growth in India

India is expected to exhibit significant market growth over the forecast period. The Indian market for refractive surgery devices is anticipated to grow at a CAGR of 5.40% through 2034.

The refractive surgery device market in India is on the rise, driven by a large population with a high prevalence of refractive errors. India also has an impressive healthcare infrastructure, with several hospitals and clinics equipped with state-of-the-art laser devices and skilled ophthalmic surgeons. This factor makes it a preferred destination for domestic and international patients seeking cost-effective and high-quality vision correction procedures.

Thai Market for Refractive Surgery Devices Benefits from its Robust Medical Tourism

Thailand is also one of the lucrative markets in the refractive surgery devices industry. The Thai market for refractive surgery devices is anticipated to grow at a CAGR of 4.70%.

Thailand's refractive surgery device market is fueled by its well-established medical tourism industry. The country attracts a large number of international patients seeking affordable yet high-quality healthcare services, including refractive surgeries. Thailand's advanced healthcare infrastructure, modern facilities, and internationally trained medical professionals make it an attractive destination for medical tourists from neighboring countries and beyond.

Affordable Healthcare Costs to Become a Boon for Refractive Surgeries in Malaysia

Malaysia also is a promising market in the global refractive surgery devices industry. Over the next ten years, the Malaysian demand for refractive surgery devices is projected to rise at a 4.20% CAGR.

Malaysia is quickly becoming a hub for refractive surgeries due to its strategic location, advanced healthcare facilities, and growing medical tourism industry. The country offers a safe and comfortable environment for patients seeking vision correction procedures, with a range of internationally accredited hospitals and specialized eye care centers equipped with cutting-edge refractive surgery devices. Malaysia's healthcare costs are affordable, and English-speaking healthcare professionals are readily available.

Government Initiatives to Aid the Growth of Refractive Surgery Devices Market in Indonesia

Indonesia is also one of the countries that is filled with potential in this market. The Indonesian refractive surgery device market is anticipated to retain its dominance by progressing at a growth rate of 4.00% till 2034.

The refractive surgery device market in Indonesia is expanding due to its large and increasingly affluent population, growing healthcare expenditures, and rising demand for vision correction procedures. Indonesian government's initiatives to improve healthcare access and quality, coupled with the rising awareness of refractive surgery options among the population, contribute to the country's growing prominence in the market.

Well-established Ophthalmic Research Ecosystem to Shape the Future of Spain’s Market for Refractive Surgery Devices

Spain also exhibits a promising future in the global refractive surgery devices market. The refractive surgery device market in Spain is anticipated to retain its dominance by progressing at a growth rate of 3.60% till 2034.

Spain's well-established ophthalmic research and innovation ecosystem drive the development and adoption of cutting-edge refractive surgery devices and techniques. With its modern healthcare infrastructure, regulatory compliance, and expertise in ophthalmology, Spain continues to attract patients seeking safe, effective, and affordable vision correction procedures.

Competitive Landscape

Due to their prolonged presence, the market for refractive surgery devices is filled with companies with a strong foothold in the international marketplace. Hospitals, ambulatory surgical centers, and emergency clinics rely on these companies for the devices required for refractive surgeries.

Some of the most prominent companies in the market are Alcon Inc., Carl Zeiss Meditec AG, Johnson & Johnson Vision, Bausch + Lomb, NIDEK Co., Ltd., and Ziemer Ophthalmic Systems AG. These companies invest billions of dollars to come up with new technologies to make the surgery process more convenient, effective, and less time-consuming.

Recent Developments

• In June 2023, Eye-Q introduced an Advanced Customised LASIK machine at its Rewari eye-care facility, revolutionizing laser vision correction and eliminating the need for patients to travel to Gurugram. The hospital aimed to enhance the quality of life for individuals, particularly youth aged 18-35, by offering world-class eye-care treatments.
• In September 2023, Alcon unveiled its largest-ever scientific program at the 41st Congress of the ESCRS in Vienna, Austria. The event showcased over 75 abstracts, presenting new data and innovations supporting ophthalmic surgical teams across cataract, refractive, visualization, and ocular health fields.

Key Companies in the Market

• Alcon Inc.
• Carl Zeiss Meditec AG
• Johnson & Johnson Vision
• Bausch + Lomb
• NIDEK Co., Ltd.
• Ziemer Ophthalmic Systems AG
• STAAR Surgical Company
• Abbott Medical Optics
• Topcon Corporation
• Essilor International
• Lumenis Ltd.
• HOYA Corporation
• Haag-Streit AG
• Schwind eye-tech-solutions GmbH
• iVIS Technologies
• Oculentis GmbH
• NIDEK Technologies Srl
• Optovue, Inc.
• OCULUS Optikgeräte GmbH
• Rayner Intraocular Lenses Limited

Key Coverage in the Refractive Surgery Device Industry Report

• Eye Refractive Surgery Cost in India
• Market Overview of Refractive Error Correction Devices
• Emerging Trends in Laser Eye Surgery Devices
• Top Refractive Surgery Device Manufacturers
• Industrial Analysis of Vision Correction Devices

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
  • 5.1 Lasers
  • 5.2 Microkeratome
  • 5.3 Aberrometers
  • 5.4 Other Product Types
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 6.1 Myopia
  • 6.2 Hyperopia
  • 6.3 Astigmatism
  • 6.4 Presbyopia
  • 6.5 Dry Eyes
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use
  • 7.1 Hospitals
  • 7.2 Ambulatory Surgery Centres
  • 7.3 Ophthalmology Clinics
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 8.1 North America
  • 8.2 Latin America
  • 8.3 Western Europe
  • 8.4 Eastern Europe
  • 8.5 South Asia and Pacific
  • 8.6 East Asia
  • 8.7 Middle East and Africa
• 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1 Alcon
  • 18.2 Bausch & Lomb Incorporated
  • 18.3 Carl Zeiss Meditec AG
  • 18.4 Essilor
  • 18.5 Johnson & Johnson Services, Inc.
  • 18.6 NIDEK CO. LTD.
  • 18.7 Quantel Medical
  • 18.8 SCHWIND eye-tech-solutions
  • 18.9 TOPCON CORPORATION
• 19. Assumptions & Acronyms Used
• 20. Research Methodology