Refractive surgery has evolved as a revolutionary technique for correcting vision disorders like myopia, hyperopia and astigmatism. The procedure involves altering the shape of the cornea using excimer lasers to reshape it and focus light properly onto the retina. Today, LASIK surgery is considered the gold standard for refractive errors where an intrinsic lenticular lens is created using an advanced femtosecond or microkeratome device. This computer-guided laser preforms intricate cuts, separating the corneal flap which is lifted to expose the corneal stroma underneath.

The exposed stroma is carefully reshaped using an excimer laser tuned to the exact prescription. The repositioned corneal flap aids quick healing with minimal complications.

The global refractive surgery market is estimated to be valued at USD 231.5 Mn in 2024 and is expected to reach USD 429.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.

Refractive errors impact a vast population worldwide. Growing awareness about effective treatment options and rising disposable incomes are fueling the market growth. Technological advancements are making the procedures safer, quicker and more affordable.

Key Takeaways

Key players operating in the refractive surgery market are Alcon Inc., Johnson & Johnson Vision, Bausch + Lomb, Abbott Laboratories, Ziemer Ophthalmic Systems AG, Carl Zeiss AG, Nidek Co., Ltd., Rayner Intraocular Lenses Limited, Topcon Corporation, SurgiVision, Vision Group Holdings, Lumenis Ltd., Avedro, Inc., iLASIK, and OptiMedica Corporation

The Refractive surgery market share is significant as refractive errors impact a vast population worldwide. Growing awareness about effective treatment options and rising disposable incomes are fueling the market growth. Technological advancements are making the procedures safer, quicker, and more affordable. Ongoing market expansion activities by major players in developing regions of Asia Pacific, Latin America and Middle East are expected to augment the global outreach of refractive surgery solutions over coming years.

Market key trends

One of the most notable trends in refractive surgery industry is advancements in femtosecond laser technologies for LASIK treatments. The latest generation systems provide superior predictability, accuracy and safety compared to traditional microkeratomes. They can calculate corneal tissue removal based on 3D diagnostic measurements and perform cuts precisely according to the prescription. This has eliminated risks of irregular flaps and reduced postoperative complications significantly. The high demand for such advanced femtosecond LASIK worldwide will continue driving the refractive surgery market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low set up costs and availability of adequate technology lower barriers to entry. However, established players have strong brand value and customer loyalty.

Bargaining power of buyers: High as refractive surgery is not urgently needed and customers can choose from various providers based on price, technology, and reputation. This forces companies to offer competitive prices and high quality service.

Bargaining power of suppliers:

The Refractive surgery market faces challenges and opportunities as key supplies such as excimer lasers, software, and consumables are specialized, requiring significant investment and expertise to produce, with major suppliers holding significant market share.

Threat of new substitutes: Low as there are limited alternatives available that can replace refractive surgeries. New substitute technologies may pose a risk in future.

Competitive rivalry: High due to large number of major players and presence of low cost regional providers. Intense non-price competition among companies to differentiate through innovation, branding, and customer experience.

Geographical regions

North America accounts for the largest share of the refractive surgery market currently due to favorable reimbursement policies, growing awareness, and strong provider network. The dominant country is the U.S. owing to its highly developed healthcare system and high disposable incomes supporting strong adoption of elective procedures.

Asia Pacific region is poised to be the fastest growing regional market for refractive surgery. This is attributed to rising incomes, expanding medical tourism industry, growing prevalence of myopia among young generation especially in countries like China and India, and increasing awareness through medical conferences and marketing campaigns of global companies seeking growth opportunities in emerging markets.

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About Author:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. (LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )