Global Refractive Surgery Devices Market Overview
Refractive error, such as astigmatism, presbyopia, nearsightedness (myopia) or farsightedness (hyperopia), can be treated by refractive surgery for correcting or improving the vision. Several surgical techniques exist for adjusting or correcting the eye's focusing ability by reshaping the clear, round dome at the front of the eye or the cornea. Other methods involve implanting a lens inside the eye. The most widely performed type of refractive surgery where a laser is used to reshape the cornea is LASIK (laser-assisted in situ keratomileusis). Refractive surgery is an option for those who want to decrease their dependence on glasses or contact lenses, or have an appropriate refractive error. Out of all the refractive errors, myopia is the most frequent refractive error in the worldwide population. This indication varies across populations of different regions and ethnicities. The most common modes today to reshape the curvature of the cornea apply excimer lasers.
Market Size & Forecast
With the rise in increased awareness in the treatment options and increase in patient population suffering from refractive errors, the refractive surgery devices market is anticipated to record a significant CAGR over the forecast period. Many multi-national companies are concentrating towards new product advances in refractive surgery devices.
Myopia is the most widely recognized refractive error in the worldwide populace. It is assessed that 1.45 billion individuals had myopia in 2010 and it is expected that this number will keep on increasing as the total populace grows. Advancement in refractive surgery treatment have rendered patient with a number of alternatives to eliminate and reduce their dependency on contact lenses and glasses and take corrective measures for refractive errors. A large population is affected by refractive errors globally, irrespective of sex, age and ethnic group. Visual impairment from uncorrected refractive errors can have rapid and long-term outcomes in adults and children, for example, loss of employment and educational opportunities, loss of financial gain for people, families and social orders, and disabled personal satisfaction which are anticipated to create pleasant conditions for the market growth.
On the basis of regional platform, global refractive surgery devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America holds the largest market in refractive surgery device market followed by Europe owing to its basic nature of established healthcare infrastructure that embraces advanced technology and works towards further advancements through R&D activities.
In Asia Pacific, China dominates the refractive surgery devices market. With the changing lifestyles, the growing youth population with the want to decrease dependence on glasses and lenses in the developing or developed countries are expected to increase the market growth over the forecast period.
Our-in depth analysis of the global refractive surgery devices market includes the following segments:
By Product Type
By Application Type
By End-User Type
Global refractive surgery devices market is further classified on the basis of region as follows:
Growth Drivers & Challenges
With the rapid increase in procedure volumes since past few years, there is an upsurge in adaptation of laser devices in healthcare facilities for refractive surgery. In past few years the technological advancements in LASIK surgery performed as a significant driver for refractive surgery devices market. Progress in refractive surgical treatment have provided patients with a number of options to lower or eliminate their dependency on glasses and contact lenses and take corrective measures for refractive errors that aids in rapid development of the devices market. The rising youth populace desiring to decrease dependability on glasses and contact lenses, the refractive surgery devices market is expected to grow at an exponential pace over the forecast period. The rise in awareness in the treatment options and increasing incidences of refractive errors is further anticipated to help the market growth. Further myopia being the most widely recognized refractive error in the worldwide populace is predicted to increase the demand for refractive surgical devices over the forecast period.
However, a limited group of qualified refractive surgeons and unpredictable policies may act as barriers for the refractive surgery devices market growth.
Scope & Context
Overview of the Parent Market
The Global Refractive Surgery Devices Market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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