May 27, 2024

Laser Vision Correction Market High Growth Opportunities, Emerging Trends, Industry Review, Forecast Till 2031

Laser vision correction is a refractive surgery procedure that uses an excimer laser or femtosecond laser to reshape the cornea and reduce dependency on glasses or contact lenses for distance vision, reading glasses, or both. It offers permanent visual correction for myopia, hyperopia, and astigmatism. Laser vision correction procedures such as LASIK (laser-assisted in-situ keratomileusis) and PRK (photorefractive keratectomy) apply laser light to reshape the cornea to correct refractive errors. Advances in laser technologies have made these procedures highly precise and effective for treating a wide range of vision problems. The procedures are typically completed in less than 30 minutes for each eye, allowing patients to regain clear vision almost immediately. They provide lasting vision correction with minimal discomfort and healing time compared to contact lenses or eyeglasses.

The global Laser Vision Correction Market is estimated to be valued at US$ 1832.7 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/laser-vision-correction-market-3996

Market key trends:

One of the key trends in the laser vision correction market is the growing adoption of newer generation “femtosecond lasers” for LASIK procedures. Femtosecond lasers provide more precision and safety as they utilize ultrashort laser pulses to cut corneal tissue with microscopic precision. They reduce discomfort and risk of complications compared to traditional LASIK techniques. Many leading ophthalmic clinics are now offering LASIK treatments using next-gen femtosecond laser systems like ZEMAX, WaveLight EX500 and VisuMax. Their higher precision is boosting patient confidence in undergoing laser eye surgery. This growing popularity of femtosecond laser-based LASIK is positively impacting the overall laser vision correction market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the laser vision correction market requires significant capital investment and expertise.
Bargaining power of buyers: The bargaining power of buyers is high as there are several established players offering similar laser vision correction procedures and technologies. Buyers can negotiate on price and quality of services.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute components and technologies supplied by different manufacturers across the globe.
Threat of new substitutes: The threat of new substitutes is moderate as contact lenses, spectacles continue to offer alternatives for vision correction.
Competitive rivalry: The competitive rivalry in the laser vision correction market is high among existing players.

Key Takeaways

The global laser vision correction market is expected to witness high growth over the forecast period.
Regional analysis: North America is expected to hold the largest share in the global laser vision correction market. The high prevalence of eye disorders such as myopia, hyperopia, and astigmatism is boosting the market growth in the region. Moreover, the growing awareness about advanced laser vision correction procedures and rising availability of reimbursement are also supporting the market growth.

Key players: Key players operating in the laser vision correction market are Increin, Alcon, Abbott, Carl Zeiss Meditec AG, Bausch & Lomb Incorporated. Increin offers advanced laser systems such as EX500 Excimer Laser System, WaveLight® Refractive, WaveLight® Cataract, and WaveLight®, REFRAXION for vision correction.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it