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| Custom LASIK Surgery Market |
The
Global Custom LASIK Surgery Market was valued at US$ 1,537.6 million in 2016,
as highlighted by Coherent Market Insights in its latest report on the market.
High degree of precision and personalization as compared to conventional LASIK
surgery is expected boost demand for custom LASIK surgery.
Custom
LASIK surgery market has witnessed lucrative growth in last five years, owing
to its added advantage over conventional LASIK surgery and advanced eye laser
treatments. It offers high correction vision and also enhances quality of eye
vision in terms of contrast sensitivity. Since the introduction of LASIK
surgery in 1991, over 10 million patients have been benefitted worldwide.
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However,
the personalized LASIK surgery gained traction post introduction of wavefront
guided LASIK surgery in 2002. Since then, various companies have revolutionized
the industry by venturing in custom LASIK surgery market.
Increasing
prevalence rate of refractive disorders, along with higher demand for eye laser
treatment is expected to create market opportunity for players engaged in LASIK
surgery market. For instance, over 23% of the U.S. population aged above 40
years suffered from myopia according to the American Academy of Ophthalmology
2016 estimates. There is high addressable market that needs to be capitalized
upon. Only a fraction of the market is commercialized with custom LASIK surgery
procedure. Existing leading companies are spend a considerable amount on
development of custom LASIK technology. Companies such as Abbott Medical Optics,
Alcon Laboratories, and Wavelight AG, have developed wavefront guided LASIK
technology for individual treatment.
Key takeaways of the market are as follows:
·
North America is estimated to account for nearly
38% of overall custom LASIK surgery market revenue in 2017. The market in this
region is expected to be primarily driven by rising demand in the U.S. Presence
of specialized refractive surgeons along with higher healthcare spending and
awareness towards better treatment care is expected to bolster demand for
custom LASIK surgery procedure in the region. In 2016, over 1,050 LASIK centers
performed around 630,000 LASIK procedures in the U.S.
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trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/market-insight/custom-lasik-surgery-market-86
·
The markets in Latin America and Asia Pacific is
expected to register double digit growth rate over the forecast period. Rise in
discretionary income along with increasing prevalence of refractive disorders
are expected to create lucrative market opportunities for the players in these
region. Though, Latin America custom LASIK surgery market size is expected to register
relatively higher CAGR than Asia Pacific, the latter is expected to generate
over 3.5 times of the revenue generated by Latin America by 2024 end.
·
While wavefront-guided procedure segment is
expected to dominate the custom LASIK surgery market share throughout the
forecast period, topography guided LASIK procedure segment is expected to
register fastest CAGR between 2016 and 2024. Various companies are trying to
establish their presence in the market through development and distribution of
innovative products in the market. For instance, in 2015, Alcon—a subsidiary of
Novartis—received FDA approval for topography guided LASIK procedure.
Commercialization of the product is expected to drive revenue growth of the
company over the forecast period.
·
Abbott Medical Optics, Alcon Laboratories, Inc.,
Carl Zeiss, Inc., Bausch & Lomb, Nidek, Inc., and Technolas Perfect Vision
GmbH are few of the key players in custom LASIK surgery market.
·
Expansion of product portfolio along with the
focus on long-term partnerships with LASIK centers are the prominent strategies
adopted by leading players in this industry. For instance, Abbott received FDA
approval for iDesign Advanced WaveScan Studio in 2015.
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