Global LASIK Surgery Market outline
LASIK or laser-assisted in-situ keratomileusis is the most commonly performed laser refractive eye surgery to treat myopia (nearsightedness), astigmatism and hyperopia (farsightedness). This LASIK procedure is done for reshaping the cornea and enable light entering the eye to be properly focused on the retina for a clear vision. In a majority of the cases LASIK surgery is a painless procedure and completed within 15 minutes for both eyes and recovery period is as little as 24 hours. The LASIK procedure helps the sighted people free from the lenses, however in it may not completely restore the sight, and may request to use corrective lenses to perform some critical tasks.
Market Dynamics: LASIK Surgery Market
LASIK surgery market is mainly driven by the growing adaptation LASIK procedure worldwide to treat myopia and hyperopia. In addition, growth rates of a geriatric population who are more susceptible to sight problems and technological advancements expected to boost the LASIK surgery market over the forecast period. Furthermore, increase in government support and hospital and company partnership may drive the LASIK surgery market over the forecast period. However, lack of skilled professionals, minimal awareness about the LASIK surgery in developed and developing regions may hinder the market growth. Moreover, LASIK Surgery may not correct the complete sight and availability of other refractory procedures to act as restraints for the LASIK surgery market over the forecast period.
Global LASIK surgery market is composed of many market players and a majority of the market is dominated by some strong players. Companies in LASIK surgery market is engaged in mergers, acquisitions and collaborations to increase their product portfolio in the market and strengthen their market position. For instance, In September 2016, Johnson & Johnson Servieces Inc. entered into definitive agreement to acquire Abbot Medical Optics of Abbot Laboratories to strengthen their product portfolio in ophthalmic products. This acquisition includes Abbot Medical Ophthalmics advanced laser vision technology designed to surgeon productivity and corrects the sightedness and astigmatism. Furthermore, companies also focusing on the new product developments, advancing the existing technologies to diversify their products and grab the market share.
Market Scope: LASIK Surgery Market
Global LASIK Surgery market is segmented based on technology, an end user.
Based on technology, it is segmented into
- Wavefront-Guided LASIK
- Wavefront-Optimized LASIK
- Topography Assisted LASIK
- All Laser
Based on end user, it is segmented into
- Eye Clinics
- Ambulatory Surgical Centers
Regional Analysis: LASIK Surgery Market
Geographically, LASIK Surgery market is segmented into Latin America, Europe, Asia- Pacific, North America, and the Middle East & Africa. North America expected to grow at notable rates owing to the factors such as the presence of the dominant industry players, developed healthcare infrastructure and rise in awareness and adaptation of LASIK surgery for the treatment of sightedness and astigmatism. Asia Pacific, Middle East and Africa region expected to grow at notable rates owing to developing healthcare infrastructure and rise in awareness related to LASIK surgery. Furthermore, countries such as India and China projecting lucrative growth opportunities owing to rapidly developing healthcare infrastructure and expansion of the multinational companies into these regions.
Some of the players in market includes Nidek, Inc. (U.S.), Abbott Laboratories (AMO Manufacturing USA LLC) (U.S.), Novartis AG (Alcon Laboratories, Inc.) (Switzerland), Valeant Pharmaceuticals International, Inc. (Bausch & Lomb Surgical, Inc.) (Canada), Carl Zeiss, Inc. (Germany) and Lasersight Technologies, Inc. (U.S) to name a few.
Notable Market Developments:
- In November 2015, Alcon, a subsidiary of Novartis AG has introduced “countoura vision”, as first personalised LASIK procedure
- In December 2013, U.S. Food and Drug Administration approved Nidek, Inc.’s topography assisted LASIK system, “Nidek EC – 5000 Excimer Laser System”
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2013-2016) and forecast (2017-2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market