The global LASIK eye surgery devices market size was estimated at USD 2.25 billion in 2023 and is predicted to hit around USD 3.69 billion by 2033, growing at a CAGR of 5.07% from 2024 to 2033. The market is growing due to the rising demand for LASIK eye surgery devices worldwide, driven by applications in LASIK eye centers, hospitals, ambulatory surgical centers, and others.
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The U.S. LASIK eye surgery devices market size was valued at USD 620 million in 2023 and is anticipated to reach around USD 1,020 million by 2033, poised to grow at a CAGR of 5.1% from 2024 to 2033.
North America led the market with the biggest market share of 37% in 2023. The region boasts a well-maintained medical infrastructure featuring advanced hospitals, ophthalmic clinics, and ambulatory surgery infrastructure, facilitating the widespread acceptance of LASIK eye surgery techniques. Additionally, North America leads in technological advancements, with substantial investments in research and development related to ophthalmic devices and methods. This commitment has resulted in the availability of advanced LASIK eye surgery devices, including excimer laser systems and femtosecond lasers, ensuring superior surgical outcomes.
Asia Pacific is expected to experience considerable growth in the LASIK eye surgery devices market over the forecast period due to several factors. Firstly, the region's substantial and expanding population, including many individuals with refractive errors, presents a considerable market opportunity. Increased awareness of the benefits of LASIK eye surgeries, growing disposable incomes, and improved healthcare infrastructure contribute to the rising demand for these procedures in the region. Furthermore, the presence of emerging economies like China and India, with their expanding middle-class population, has made LASIK eye surgery procedures more affordable.
LASIK eye surgery, often referred to as laser eye surgery or laser vision correction, is a refractive surgery used to address vision issues such as hyperopia (farsightedness), myopia (nearsightedness), and astigmatism. LASIK stands for laser-assisted in situ keratomileusis, a procedure that permanently reshapes the cornea using a laser beam. There are various types of surgeries for vision correction, including wavefront-optimized, wavefront-guided, and topography-guided. LASIK eye surgery devices are used to complete these surgeries successfully.
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 5.07% |
| Global Market Size in 2023 | USD 2.25 Billion |
| Global Market Size by 2033 | USD 3.69 Billion |
| U.S. Market Size in 2023 | USD 620 Million |
| U.S. Market Size by 2033 | USD 1,020 Million |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product and By End-use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Drivers
Innovations in LASIK eye surgery
Recent studies indicate a growing interest in the innovative LASIK laser eye surgery devices, with the business expected to continue its remarkable expansion year after year. A record number of individuals are opting for this procedure, contributing to the rising demand for LASIK surgery to correct vision problems such as myopia, hyperopia, and astigmatism through refractive surgery, with LASIK being the most common type. The global increase in eye issues further supports the growth of the LASIK industry, which is also fueled by government spending on research and development. Furthermore, the growing prevalence of myopia is anticipated to drive the growth of the LASIK eye surgery devices market.
Rise in age-related diseases
The rise in age-related issues significantly contributes to the growing prevalence of eye disorders like cataracts and refractive errors. Additionally, increased screen time has led to a higher incidence of vision problems, particularly among children and adults. Consequently, LASIK treatment, which can alleviate symptoms associated with age-related macular degeneration and other eye conditions, and the LASIK eye surgery devices market is gaining greater acceptance.
Restraint
High-costs
Costs associated with LASIK surgeries pose a significant challenge in the LASIK eye surgery devices market. The procedure can be expensive, limiting access for individuals with limited financial resources or insurance coverage. The economic burden includes preoperative evaluations, follow-up visits, surgical fees, and postoperative care. The cost of LASIK eye surgery devices and equipment also adds to the expense.
Opportunities
Prospectives into myopia treatment
Nearsightedness (myopia) is a common vision condition where people can see nearby objects clearly but may find distant objects blurry. LASIK surgery is effective in eliminating the near focus caused by myopia. Personalized LASIK surgery to treat myopia will drive the segment's growth in the coming years. The rising prevalence of myopia globally is a key factor contributing to the development of the LASIK eye surgery devices market.
Increase in the number of eye conditions
The LASIK eye surgery sector is growing due to various factors, including the increasing number of people experiencing eye conditions, a rise in healthcare spending, a demand for minimally invasive surgical treatments, and a growing number of eye care centers adopting personalized LASIK technology. Eye-related illnesses are becoming more prevalent in teens and millennials due to prolonged screen usage and poor diets. Common causes of visual impairments in the older population include Cataracts, age-related macular degeneration, diabetes, glaucoma, trachoma, and corneal opacity. Increasing awareness about the effectiveness and safety of technological advancements and increased government funding are creating opportunities in the LASIK eye surgery devices market.
Advantages of LASIK surgery over traditional methods
LASIK eye surgery brings several advantages over conventional approaches such as contact lenses or glasses, enhancement of visual acuity, reduction of dependence on glasses or contacts, and clearer vision, particularly for those with heightened refractive errors. It offers a permanent solution to refractive errors, eliminating the constant reliance on external vision aids. These advantages contribute to the growing acceptance and preference for LASIK surgery among individuals seeking lasting vision correction.
The femtosecond laser segment held the largest share of the LASIK eye surgery devices market in 2023. Femtosecond lasers, with their ultra-fast pulses of laser energy, are increasingly preferred over traditional microkeratomes in creating corneal flaps during LASIK surgery. Surgeons and patients favor bladeless LASIK procedures using these lasers as they ensure a more precise and predictable surgical process. Bladeless procedures eliminate the use of a mechanical blade, reducing the risk of complications like irregular flap creation.
The excimer laser system segment is predicted to be the fastest-growing segment over the forecast period. These systems use ultraviolet laser technology to reshape the cornea and correct refractive errors precisely. They provide benefits like accurate customization of treatment, quick procedure times, and minimal patient discomfort. Additionally, continuous technological advancements, such as wavefront-guided treatments and advanced eye-tracking systems, further enhance the safety and effectiveness of these systems.
The LASIK eye centers segment accounted for the highest share of the LASIK eye surgery devices market in 2023. In an ideal world-class LASIK center, you would find all the necessary cornea diagnostic equipment for a pre-LASIK checkup, including pachymetry, OCT, and topography. The presence of a trained cornea and LASIK surgeon, along with a skilled support staff, enhances the center's capabilities. The more equipped the center is, the better choices you can make regarding the most suitable type of LASIK for your needs.
The ambulatory surgical centers (ASCs) segment is expected to witness the fastest growth in the LASIK eye surgery devices market during the forecast period. These outpatient facilities specialize in same-day surgical services that also involve LASIK eye surgery. Several factors drive the rapid growth of ASCs in this market. ASCs provide an ideal environment for conducting LASIK procedures, combining the benefits of a surgical facility with the comfort of an outpatient option. Patients can undergo surgery in a desirable setting without the requirement of prolonged hospitalization, promoting quicker recovery and cost savings for patients and healthcare providers.
Segments Covered in the Report
By Product
By End-use
By Geography
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