Laser Vision Correction Market is Estimated to Witness High Growth Owing to Opportunity of Increased Adoption of Refractive Procedures
Laser vision correction techniques such as LASIK and PRK have made it possible for many people to become free from spectacles or contact lenses. Laser vision correction involves using ultra-precise lasers to reshape the cornea and correct vision. It provides improved outcomes for conditions like myopia, hyperopia, and astigmatism. The demand for laser eye surgeries is growing owing to the advantages they offer over wearing contact lenses or spectacles such as better vision quality and independence from glasses.
The global Laser
Vision Correction Market is estimated to be valued at US$ 1832.7 Million in
2023 and is expected to exhibit a CAGR of 5.50% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
The increasing adoption of refractive procedures is estimated to provide high
growth prospects for the laser vision correction market. Refractive errors are
among the most common vision conditions requiring corrections. The prevalence
of myopia and hyperopia has been increasing globally. As per recent estimates,
nearly 30% of the global population is expected to be affected by myopia by
2050. Moreover, awareness about laser vision correction treatments is growing
significantly. This is prompting more people to opt for laser eye surgeries for
refractive error corrections instead of wearing spectacles or contact lenses on
a regular basis. The non-invasive nature and technological advancements in
laser vision correction procedures are supporting their increased adoption
globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing
a laser eye surgery center requires high initial capital investment for
specialized lasers, operating room equipment and trained staff. However,
existing players have well established brand names.
Bargaining power of buyers: The bargaining power of buyers
is high as there are many options available for laser vision correction and
customers can easily switch between providers based on price and quality of
service.
Bargaining power of suppliers: A few global players dominate
the supply of excimer and femtosecond lasers used for laser eye surgeries. This
gives them significant bargaining power over clinics and hospitals.
Threat of new substitutes: Threat from new substitutes is
low as corrective lenses and glasses provide an alternative but laser vision
correction offers a permanent solution without the hassles of using contact
lenses or glasses.
Competitive rivalry: The market is highly competitive with
major players constantly upgrading their laser technology and offering
different treatments.
SWOT Analysis
Strengths: Non-invasive procedure, quick recovery time, permanent results
without dependence on lenses or glasses.
Weaknesses: High costs, risks of complications, not suitable
for all patients.
Opportunities: Growing geriatric population impacted by
presbyopia and myopia. Rising disposable incomes in developing nations.
Key Takeaways
The global Laser Vision Correction Market is expected to witness high growth. The market size is projected to reach US$ 3569.7 Million by 2030 from US$ 1832.7 Million in 2023, growing at a CAGR of 5.50% during 2023-2030.
North America dominates the market currently due to growing prevalence of eye disorders and availability of advanced laser vision correction facilities. Asia Pacific is expected to grow at the fastest pace owing to rising medical tourism and increasing focus of global players on emerging countries in the region.
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., Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp. These players are involved in new product launches, partnerships and expansion strategies to strengthen their market presence.
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