Laser Vision Correction Market is projected to Propelled by Rising Prevalence of Myopia

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Laser vision correction procedures involves various laser eye surgery techniques that help correct refractive errors, including myopia (nearsightedness), hyperopia (farsightedness), and astigmatism. These procedures are performed using laser technology to reshape the cornea and improve vision. The procedures have advantages such as fast recovery time, no contact lenses or glasses needed post-surgery, and permanent results. The rising need for eye correction among aging population globally is fuelling the demand for laser vision correction procedures.

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 key trends:
The prevalence of myopia has increased significantly over the past few decades. According to a study conducted by WHO, nearly half of the world’s population is expected to be nearsighted by 2050. Myopia progression is strongly correlated with increased use of digital devices such as smartphones, tablets, laptops for extended durations. The rising cases of myopia, especially among young adults and children, is a major factor driving growth of the laser vision correction market. Studies suggest that laser eye surgery can slow down myopia progression in children when combined with other treatments such as orthokeratology and atropine eye drops. This is expected to increase uptake of laser vision correction procedures worldwide over the forecast period.

SWOT Analysis                                                                                     
Strength: Laser vision correction procedures provide fast and long-lasting vision improvement. They are less invasive compared to other traditional vision correction methods.
Weakness: The high cost of laser vision correction procedures makes it unaffordable for many. Post-surgery side effects like dry eyes may occur in some cases.
Opportunity: Rising disposable incomes and increasing awareness about laser eye surgery are driving the market growth. Expanding medical tourism for low-cost laser vision correction in developing nations also offers opportunities.
Threats: Availability of alternative vision correction methods like spectacles, contact lenses pose competition. Stringent regulations for new devices and procedures act as a challenge.

Key Takeaways
The global laser vision correction market is expected to witness high growth over the forecast period of 2023-2030. 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.

North America currently dominates the laser vision correction market owing to the high adoption of new technologies and favorable reimbursement policies. However, Asia Pacific is expected to grow at the fastest pace due to rising medical tourism, growing eye disorders, and increasing awareness about laser vision correction procedures 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 companies are focusing on newer product launches and geographical expansion to strengthen their market position.

*Note:

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

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.