Laser Vision Correction Market

Laser Vision Correction Market Is Estimated To Witness High Growth Owing To Rising Demand For Non-Invasive and Time-Efficient Procedures

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The laser vision correction market is estimated to be valued at US$ 6.5 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The laser vision correction market consists of procedures that uses lasers to reshape the cornea in order to improve visual acuity. The most common laser vision correction procedures are LASIK, LASEK, PRK, and refractive lens exchange. These procedures are minimally invasive, provide results faster than other alternatives such as wearing glasses or contact lenses and have high success rates.

Market Dynamics:
The laser vision correction market is expected to witness significant growth over the forecast period owing to rising demand for non-invasive and time-efficient procedures. The number of people seeking laser eye surgery is increasing rapidly due to advantages such as immediate results and freedom from glasses or contact lenses. Additionally, growing popularity of LASIK procedures due to their advanced technology, minimal discomfort and quick recovery time is also expected to support market growth during the forecast period. Furthermore, increasing awareness about laser vision correction treatments among people and technological advancements enabling improved precision and safety of procedures is further expected to propel the market growth over the forecast period.

SWOT Analysis

Strength: Laser vision correction is a minimally invasive procedure with minimal discomfort and downtime for patients. It provides patients with freedom from glasses and contact lenses. The procedures have high success rates for correcting nearsightedness, farsightedness and astigmatism.

Weakness: The procedures are still not options for patients with certain preexisting conditions. The effects of laser vision correction may not be permanent and quality of vision may deteriorate over time.

Opportunity: An increasing number of baby boomers are opting for laser vision correction as they wish to maintain an active lifestyle without relying on glasses or contact lenses. Rising adoption of new technologies such as femtosecond lasers and wavefront-guided treatment provide newer opportunities in the market.

Threats: Strict regulatory approvals and quality certifications significantly increase the entry barriers for new players. Availability of alternative treatment options such as orthokeratology and refractive surgery poses threat to the market.

Key Takeaways

Global Laser Vision Correction Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing awareness about advantages of laser eye surgeries and rising disposable income.

Regional analysis:

North America dominated the global Laser Vision Correction market in 2023, accounting for 35% of global market share. This is attributed to rising incidence of vision impairment conditions as a result of increasing screen time and an aging population. Asia Pacific is expected to exhibit the fastest CAGR over the forecast period due to increasing medical tourism and presence of high-quality eye care facilities.

Key players:

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., Carl Zeiss Meditec AG (A subsidiary of Carl Zeiss AG), Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp.

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