Reports And Data

Refractive Surgery Devices Market Size – USD 209.95 Mn in 2022, CAGR of 8%, Growing demand for refractive surgery equipment’s and technology advanced products

NEW YORK, NY, UNITED STATES, March 27, 2023 /EINPresswire.com/ -- The market revenue growth is being driven significantly by the rising incidence of refractive problems, including myopia, hyperopia, and astigmatism, which require surgical procedures for vision correction. Additionally, there is a growing demand for advanced and minimally invasive refractive surgical equipment, which is expected to further boost the market revenue.

The global Refractive Surgery Devices Market size was USD 209.95 Million in 2022 and is expected to register a revenue CAGR of 8% over the forecast period, according to the latest report by Reports and Data.

The demand for refractive surgical equipment is expected to rise globally due to the increasing prevalence of refractive errors. The World Health Organization reports that around 1 billion people worldwide suffer from untreated refractive issues. The prevalence of myopia and other refractive errors is on the rise, which is attributed to the growing use of electronic devices and digital equipment. Consequently, more people are opting for refractive surgery to correct their vision, leading to an expansion in the use of technology for such surgeries.

Wavefront-guided LASIK and femtosecond Laser-Assisted Cataract Surgery (FLACS) are advanced technologies that are gaining popularity among both patients and ophthalmologists. These cutting-edge goods provide more precision and accuracy during surgical procedures, reducing the chances of mistakes and improving patient outcomes.

Additionally, the rapidly growing global population of seniors is also contributing to the rise in demand for refractive surgical equipment. With age-related eye problems such as cataracts and presbyopia becoming more prevalent, older individuals require surgery to improve their vision. As a result, the increasing need for ophthalmic surgeries among the aging population is expected to drive market revenue growth.

It is expected that sales of refractive surgical equipment will rise in China and India, mainly due to the improvement of healthcare facilities and greater consumer knowledge. As myopia is becoming more common among young people in these areas, the demand for such equipment is on the rise. Additionally, the market revenue growth is anticipated to be driven by the large number of patients and the increasing acceptance of advanced medical technologies in these regions.

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Some of the prominent players profiled in the global refractive surgery Devices market include Alcon, Carl Zeiss Meditec AG, Abbott Laboratories, Bausch + Lomb, NIDEK CO., LTD., Johnson & Johnson Vision, SCHWIND eye-tech-solutions GmbH & Co. KG, WaveLight GmbH, Oculentis, Topcon Corporation, and STAAR Surgical

Some Key Highlights from the Report

• In 2021, the excimer laser systems segment had the highest revenue share in the global market for refractive surgical devices, mainly due to the growing popularity of LASIK surgery. LASIK surgery uses an excimer laser to reshape the cornea, which leads to improved visual acuity. According to the American Society of Cataract and Refractive Surgery (ASCRS), around 700,000 LASIK procedures are performed annually in the United States alone. The excimer laser technology has evolved significantly, with wavefront-guided LASIK being one of the notable advancements that have resulted in better surgical outcomes and increased patient satisfaction. This has further fueled the growth of the market in this area.
• Due to the increasing prevalence of myopia, it is expected that the myopia segment will hold the largest market share in the global market for refractive surgical devices in the foreseeable future. Myopia is a condition that results in distant objects appearing blurry due to an excessively steep cornea or an elongated eye. This common ailment affects millions of individuals worldwide.
• The North American market is expected to lead in terms of revenue in the refractive surgical devices market in the coming years. This can be attributed to the growing prevalence of refractive defects such as myopia, hyperopia, and astigmatism in the population. Additionally, the market is projected to witness revenue growth due to an increase in healthcare spending and favorable government initiatives aimed at expanding healthcare access.

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For the purpose of this report, Reports and Data has segmented the global refractive surgery devices market on the basis of Device Type Outlook, Application Outlook, End-Use Outlook, and Regional Outlook:

Device Type Outlook (Revenue, USD Million; 2022 - 2032)

Excimer Laser Systems
Femtosecond Laser Systems
Microkeratomes
Others

Application Outlook (Revenue, USD Million; 2022 - 2032)

Myopia
Hyperopia
Astigmatism
Others

End-Use Outlook (Revenue, USD Million; 2022 - 2032)

Hospitals
Ophthalmology Clinics
Others

Regional Outlook (Revenue, USD Million; 2022-2032)

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Advantages of Refractive Surgery Devices Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Refractive Surgery Devices industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Refractive Surgery Devices market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

Nikhil Morankar
Reports and Data
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