The laser vision correction market is estimated to be valued at US$ 6.5 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Laser vision correction involves the use of laser technology to correct nearsightedness, farsightedness, and astigmatism. Various laser vision correction procedures such as Lasik, Lasek, PRK, and Smile are carried out with the help of an excimer laser. These procedures reduce the dependency on contact lenses and eyeglasses. The increasing cases of myopia and hyperopia and the growing demand for non-invasive laser treatment are fueling the growth of the laser vision correction market.
Market key trends:
One of the key trends witnessed in the laser vision correction market is the rising acceptance of laser eye surgery. According to the American Refractive Surgery Council, over 45 million people have undergone laser vision correction procedures over the past few years. The surgeries are less intense and provide quicker recovery and visual results compared to traditional refractive surgery. The advancing technology is making laser vision correction procedures more precise and safer. For instance, newer femtosecond laser technologies are enabling creation of thin corneal flaps with greater precision. This is increasing patients’ confidence in laser vision correction.
Threat of new entrants: The laser vision correction market requires high capital investment for equipment and facilities. Established brands have strong brand recognition which makes it difficult for new players to enter.
Bargaining power of buyers: Individual customers have low bargaining power due to expensive treatment costs. However, large hospitals and eye care centers can negotiate better deals due to volume purchasing.
Bargaining power of suppliers: A few key players dominate the laser equipment manufacturing market giving them significant power over eye care facility owners.
Threat of new substitutes: No significant substitute exists currently. However, advancements in technologies like artificial intelligence may pose a threat in long run.
Competitive rivalry: Intense competition exists between major players to gain higher market share through product innovation, mergers and acquisitions.
Strength: Availability of various customizable laser correction procedures, rapid recovery times, and long lasting results.
Weakness: High costs of treatment, risks of complications, and short term side effects like glare and halos post surgery. Lack of treatment availability in rural areas.
Opportunity: Growing aging population suffering from vision related issues, rising disposable incomes in emerging economies. Scope to expand in India, China, and Latin America.
Threats: Strict regulatory approvals and safety standards. Threat from alternative non-laser vision correction options and vision aids.
Global Laser Vision Correction Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of myopia and other vision related issues. North America dominated the market in 2023 with over 30% share due to high consumer afforability and developed healthcare infrastructure in the region. The Asia Pacific region is expected to be the fastest growing region during the forecast period fueled by growing middle class population in countries like India and China where over 50% of the population suffer from vision disorders.
Key players operating in the laser vision correction market are Johnson & Johnson Private Limited, Alcon Management S. A., NIDEK CO., LTD., Bausch Health Companies Inc., Carl Zeiss Meditec AG (A subsidiary of Carl Zeiss AG), Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp. These players are focusing on developing advanced laser technology and launching new customized laser vision correction procedures to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it