Refractive Surgery Devices Market (By Application: Myopia, Hyperopia, Astigmatism, Presbyopia, Dry Eyes; By Product: Lasers, Microkeratome, Aberrometers, Others; By End-use: Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20212030

The global Refractive Surgery Devices market size is expected to be worth around US$ 300.8 Mn by 2030, according to a new report by Vision Research Reports.

The global Refractive Surgery Devices market size was valued at US$ 180.2 Mn in 2020 and is anticipated to grow at a CAGR of 10.7% during forecast period 2021 to 2030.

Growth Factors

 As a result of the COVID-19 pandemic, consumers have started spending more time on digital devices. The trend of working from home has contributed to an increase in eyestrain, dry eye, and myopia. Furthermore, the growth of the geriatric population has increased the demand for refractive surgery devices. According to the National Institute on Aging (NIA), the geriatric population would be about 72 million individuals by 2030.

Refractive surgery allows a person to be more independent by eliminating the need for spectacles or. Consumers have managed their personal spending and emphasized health and wellbeing during the pandemic, which has increased the demand for refractive surgery devices. Whereas the market for refractive surgery devices is being hindered in developing countries due to a shortage of surgical equipment to address refractive defects.

Report Highlights

Myopia held the largest share of 30.1% in 2020 and is expected to grow at a moderate rate during the forecast period. The prevalence of myopia is increasing globally at a high rate, with a significant increase in the risks of vision impairment. As per the WHO, countries in which the prevalence of myopia has been estimated and measured as low in the past (e.g. India) will have major increases by 2050. Hyperopia held a significant share in 2020 as it is a frequent refractive disease that affects both children and adults. The frequently used method for medically correcting hyperopia is excimer laser surgery (193 nm).

The astigmatism segment is expected to grow at the fastest rate of 10.4% during the forecast period. The astigmatism segment is anticipated to boom in the market due to the advancements in technology and the increased rate of astigmatism disorder. According to the American Optometric Association, almost everyone has some degree of astigmatism, which can be corrected by most forms of refractive surgery. This is expected to boost the segment growth during the forecast period. 

The lasers segment held the largest revenue share of 44.9% in 2020 owing to the increased usage of laser surgeries for vision correction and technological advancements. The segment will expand at the fastest CAGR from 2021 to 2028.LASIK and other laser refractive surgeries, including PRK and LASEK, are in high demand. This is due to decreasing adoption of eyeglasses or contact lenses for vision correction over refractive surgery due to the high success rate. The Refractive Surgery Council (RSC) strongly started 2021 with a nearly 30%increase in laser vision correction procedures yearly. 

The microkeratome segment is expected to expand at a healthy CAGR over the forecast period. The fast expansion of the geriatric population and the rise in the frequency of eye diseases are expected to drive the segment. Furthermore, technological modifications to the blade angle approach, blade's oscillation frequency, and the blade's material have been attempted to improve flap cutting and decrease uneven astigmatism, which is a significant factor fueling the segment growth.

The hospitals segment held the largest share of nearly 47.0% in 2020. The procurement of ophthalmic refractive surgical devices in these settings due to their longer shelf life is expected to contribute to the segment growth. Increased refractive surgeries, improved healthcare facilities, and favorable reimbursement policies are some of the factors expected to propel the growth of the hospitals segment at a profitable rate over the projected period. Furthermore, the growing number of hospitals in emerging countries and the improvement of existing eye care infrastructure are expanding the market.

Ambulatory surgical centers are anticipated to grow at the fastest rate during the forecast period. The rising popularity of ambulatory surgical centers is due to convenience, closeness, and reduced costs for patients and insurance. Patients may find that ambulatory surgical centers provide more convenience than hospital OPDs, such as the ability to schedule surgery more quickly. This is expected to boost the segment growth.

North America held the largest share of over 30.0%. High incidence of refractive errors, the presence of significant market players, and the availability of effective reimbursement policies are expected to contribute to the regional market growth. According to the WHO statistics, the number of people aged 65 years and above in the country is expected to reach 78 million by 2035, which will have a positive impact on product demand. Moreover, the implementation of advanced technologies for the development of surgical products is expected to augment the market growth in the region.

Key Players

• Johnson & Johnson Services, Inc.

• Carl Zeiss Meditec AG

• Alcon

• Bausch & Lomb Incorporated

• Quantel Medical

• TOPCON CORPORATION

• Essilor

• NIDEK CO., LTD.

• SCHWIND eye-tech-solutions 

Market Segmentation

• Application Outlook

  • Myopia

  • Hyperopia

  • Astigmatism

  • Presbyopia

  • Dry Eyes

• Product Outlook

  • Lasers

  • Microkeratome

  • Aberrometers

  • Others

• End-use Outlook 

  • Hospitals

  • Ambulatory Surgery Centers

  • Ophthalmology Clinics

• Regional Outlook 

  • North America

    • U.S.

    • Canada

  •  Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE

The Refractive Surgery Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Refractive Surgery Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Refractive Surgery Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Refractive Surgery Devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Refractive Surgery Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Refractive Surgery Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Refractive Surgery Devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Refractive Surgery Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Refractive Surgery Devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Refractive Surgery Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Refractive Surgery Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Refractive Surgery Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Refractive Surgery Devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Refractive Surgery Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Refractive Surgery Devices market. These factors have benefited the growth of the global market for Refractive Surgery Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Refractive Surgery Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Refractive Surgery Devices are as follows:

• History Year: 2017-2020

• Base Year: 2021

• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.