The Global Refractive Surgery Devices Market size is expected to reach $331.5 billion by 2027, rising at a market growth of 9.4% CAGR during the forecast period. Refractive surgery is also known as vision correction surgery or laser surgery, which helps in correcting eyesight problems. The Refractive surgery technique is used to give structural changes to the eyes and to improve the refractive status of the patient’s eye. The best treatment needed for chronic eye disorders is the surgeries involved in ophthalmology practice. These surgeries assist in the correction of vision and treatment of other ocular disorders, which can further lead to blindness. The kind of surgery devices to be used depends on the kind of eye disorder the patient is suffering from.
The demand for refractive surgeries is anticipated to increase, attributed to the rise in the number of aging population and excessive use of digital devices, which has increased the screen time of the world population due to the COVID-19 pandemic. As per the study by JAMA Ophthalmology, during the pandemic, a major eye problem recorded among the youngsters is myopia, due to the increased screen time. Also, by WHO, Myopia is the major issue, which is rising constantly and it is anticipated that more than half of the population will get affected by this chronic eye disease in the upcoming years. In addition, the high possibilities of developing refractive errors are among the geriatric population and will be needed immediate treatment to correct this eye problem.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic, has a negative impact on the various industries, leading to the decline in the productivity of the businesses. During this pandemic, customers started spending their time more on digital devices, which is therefore responsible to have a great effect on the eyes. The organizations started to continue their business through the online platform, also a new trend of working from home emerged, which has increased the cases of dry eye, myopia, and eyestrain. In addition, the increase in the geriatric population has driven the demand for refractive surgery equipment.
The COVID-19 pandemic led to restrictive controlling measures including remote working, social distancing, and hindrance in commercial activities. In contrast, the refractive surgery devices market is anticipated to increase in the upcoming years. This is due to the organization's rearrangement in their operations and is getting better from the impact of COVID-19. The refractive surgery equipment market includes sales of refractive surgery devices. As there is a rise in the number of patients suffering from eye problems, the demand for surgical devices is boosting, and therefore, it is expected to augment the growth of the refractive surgery devices market.
Market Growth Factors:
Rising number of advanced technologies offering lucrative opportunities
The demand for the latest technologies is increasing with the evolving time. In the healthcare sector also, there is need for advanced technologies to make improvements in treatment and surgeries. For correction of refractive errors in the eyes, doctors use refractive surgery. This increment in the advanced technologies helps in increasing the efficiency of the devices by reducing the risks of error. All these factors are accountable to push the growth of the refractive surgery devices market.
Achievements of LASIK surgeries helping in expanding the market
The objective of refractive surgery is to improve or correct the patient's refractive error of the eye. The commonly performed refractive surgery is the Laser-Assisted in Situ Keratomileusis (LASIK). It is performed to treat astigmatism, hyperopia, and myopia. The LASIK surgery reduces or eliminates the use of contact lenses or glasses by allowing the light to directly focus on the retina. This is attained by reshaping the cornea of the eye.
Market Restraining Factor:
Lack of training among the doctors to operate the advanced technologies
Operating advanced refractive surgery devices in the healthcare sector require skilled eye specialist. The highly technical operations of these surgeries create challenges for any regular doctor to operate these devices and thus, need special training for it. However, the shortage of ophthalmologists decreases the number of testings, mainly in the developing regions, and hence, hampering the demand for refractive surgery devices in the market.
Application Outlook
Based on Application, the market is segmented into Astigmatism, Myopia, Hyperopia, Presbyopia, and Dry eyes. Myopia acquired the maximum revenue share in 2020 and is expected to witness a gradual growth rate over the forecast years. Myopia is increasing worldwide at an extreme level along with a substantial rise in the chances of vision impairment. As stated by WHO, nations experiencing the occurrence of myopia or slowly increase in the number of cases are expected to significantly increase during the forecast period.
Product Outlook
Based on Product, the market is segmented into Lasers, Microkeratome, Aberrometers and Other Products. The lasers segment obtained the maximum revenue share in 2020 due to the upsurge in the utilization of laser surgeries for correcting vision and improvements in technologies. The laser segment is anticipated to display the fastest growth rate over the forecast period. The demand for laser refractive surgeries like LASIK, LASEK, and PRK is excessively increasing. This surge is due to the significant decline in the adoption of contact lenses or eyeglasses and the high success rate of refractive surgery.
End Use Outlook
Based on End Use, the market is segmented into Ophthalmology Clinics, Hospitals and Ambulatory surgery centers. Ambulatory surgical centers segment is expected to witness the fastest growth rate over the forecast years. The surgical centers are getting popular among the population as they are convenient to reach and have low charges for patients and insurance. Also, these centers are more convenient in scheduling dates for surgery than hospital OPDs. Though, it is anticipated that this factor is expected to propel the growth of the segment.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific is projected to display the maximum growth rate over the forecast years. As reported by World Health Organization, there is a large number of cases of myopia in economically strong nations. The demand for refractive surgery equipment is surged by the evolving environmental conditions and lifestyles like an aging population, maximum utilization of computers & phones, and air pollution. Various western organizations are taking advantage of the growing need for ophthalmic equipment in Asia.
Cardinal Matrix - Refractive Surgery Devices Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Johnson & Johnson and Novartis AG are the forerunners in the Refractive Surgery Devices Market. Companies such as Carl Zeiss Meditec AG, and Topcon Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carl Zeiss Meditec AG, Topcon Corporation, Novartis AG, Glaukos Corporation, Johnson & Johnson, Essilorluxottica SA, Bausch Health Companies, Inc., SCHWIND Eye-Tech-Solutions GmbH, NIDEK CO., LTD., and Quantel Medical (Lumibird Group).
Recent Strategies Deployed in Refractive Surgery Devices Market
Partnerships, Collaborations and Agreements:
- Jun-2021: Glaukos Corporation received regulatory approval by the Therapeutic Goods Administration (TGA) of Australia for PRESERFLO MicroShunt. PRESERFLO MicroShunt aimed to decrease intraocular pressure (IOP) in eyes of patients with primary open-angle glaucoma where IOP is expected to remain uncontrollable along with being the maximum tolerated medical therapy and/or where glaucoma progression warrants surgery.
- Jun-2021: Bausch + Lomb signed an agreement with Lochan, a company in the Information Technology Services Industry. Together, the companies aimed to develop the next generation of Bausch + Lomb's eyeTELLIGENCE clinical decision support software. By utilizing the prevailing cloud-based infrastructure of eyeTELLIGENCE, this software is expected to be developed to enable surgeons to effortlessly combine all factors of the cataract, retinal and refractive surgery procedures to optimize their total practice efficiency.
- May-2021: Glaukos Corporation signed a new development and commercialization license agreement with Santen Pharmaceutical Co. In this agreement, Glaukos got the exclusive commercialization rights for the MicroShunt in Australia, the United States, Mexico, New Zealand, Brazil, Canada, and the rest of Latin America. This new agreement also gave Glaukos full control on all the development activities for the MicroShunt in these same areas that include all clinical development & regulatory affairs activities in the US following a transition period.
- Mar-2021: Topcon signed an agreement with Iridex, provider of an array of established laser procedures. Under this agreement, Iridex is expected to join Topcon’s comprehensive distribution network across the Asia Pacific and key EMEA regions, which is expected to assist Iridex to considerably expand the market penetration of its marquee non-incisional glaucoma therapy. In addition, Iridex is expected to also acquire the Pascal line from Topcon to integrate its MicroPulse technology and the Pascal laser platform.
- Apr-2021: Glaukos Corporation signed an amended licensing agreement with Intratus, a privately held, clinical-stage life sciences company. Under this agreement, Glaukos got the global exclusive license to develop research, commercialize and manufacture Intratus’ patented, non-invasive drug delivery platform for application in the treatment of presbyopia.
Acquisitions and Mergers:
- Jul-2021: Topcon completed the acquisition of Italian ophthalmic device maker VISIA Imaging. This acquisition aimed to improve Topcon’s development and manufacturing offering of anterior segment devices & software that is expected to support the company’s portfolio of posterior segment imaging devices, which consist of fundus cameras and optical coherence tomography.
- Mar-2021: EssilorLuxottica acquired Walman, provider of optical products. This acquisition aimed to enable EssilorLuxottica's customers to leverage prevailing and future opportunities to grow the market. In addition, Walman has a network of 35 facilities in the U.S., which include prescription lens-finishing labs & hubs for optical instruments and other vision care products. Under this acquisition, Walman is expected to continue to serve the market in the name of the Walman brand.
Product Launches and Product Expansions:
- Jul-2021: Johnson & Johnson Vision launched the VERITAS Vision System, next-generation phacoemulsification (phaco) system. This system is developed to look after three important areas: surgeon efficiency, patient safety, and comfort.
- Mar-2021: NIDEK unveiled RT-6100 CB for Windows, optional control software for the RT-6100 Intelligent Refractor, and the TS-610 Tabletop Refraction System. This software adapts to the specific requirements of patients and operators. In addition, the software enables refractions, which fulfill social distancing requirements.
- May-2020: Bausch + Lomb introduced the company’s first presbyopia-correcting intraocular lens (IOL), LuxSmart, and its monofocal version, LuxGood. Both the product includes a hydrophobic material and showcases the release of the latest platform for Bausch + Lomb, making a part of a whole range of innovative IOLs, they also feature preloaded delivery systems and Pure Refractive Optics (PRO) Technology.
Scope of the Study
Market Segments Covered in the Report:
By Application
- Astigmatism
- Myopia
- Hyperopia
- Presbyopia, and
- Dry eyes
By Product
- Lasers
- Microkeratome
- Aberrometers and
- Other Products
By End Use
- Government
- Energy
- Defense
- Agriculture & Forestry
- Media & Entertainment
- Civil Engineering & Archaeology
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Carl Zeiss Meditec AG
- Topcon Corporation
- Novartis AG
- Glaukos Corporation
- Johnson & Johnson
- EssilorLuxottica SA
- Bausch Health Companies, Inc.
- SCHWIND Eye-Tech-Solutions GmbH
- NIDEK CO., LTD.
- Quantel Medical (Lumibird Group)
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- Exhaustive coverage
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Table of Contents
Companies Mentioned
- Carl Zeiss Meditec AG
- Topcon Corporation
- Novartis AG
- Glaukos Corporation
- Johnson & Johnson
- EssilorLuxottica SA
- Bausch Health Companies, Inc.
- SCHWIND Eye-Tech-Solutions GmbH
- NIDEK CO., LTD.
- Quantel Medical (Lumibird Group)
Methodology
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