Laser Vision Correction: Introduction
- Laser vision correction is an alternative to eyeglasses and contact lenses, which can help to see correctly, naturally
- Laser vision correction surgeries comprise reshaping the cornea, the clear front part of the eye, so that light focuses on the retina at the back of the eye. Laser vision correction surgeries include Laser Assisted In-Situ Keratomileusis (LASIK), Photo Refractive Keratectomy (PRK), and Small Incision Lenticule Extraction (SMILE).
- These type of surgeries are highly effective in correction of vision and treatment of hyperopia and myopia
Key Drivers of Global Laser Vision Correction Market
- Increase in incidence of vision issues, such as myopia, hyperopia, and astigmatism, is projected to boost the global laser vision correction market. According to the World Health Organization (in 2019), globally, around 2.2 billion people suffer from vision impairment or blindness, out of which 1 billion have a vision impairment that could have been prevented or has yet to be addressed. According to The International Myopia Institute, currently 30% of the world population suffers from myopia and by 2050, almost 50% would be myopic.
- Highly successful procedure that helps reduce a patient’s dependence on glasses or contact lenses is likely to further drive the laser vision correction market
- Laser vision correction surgery is a minimally invasive type of surgery. Increasing preference for minimally invasive surgical procedures is likely to fuel the market. Furthermore, increase in availability of new diagnostic tools, new devices launches from major manufacturers, and technological advancements are also likely to propel the global laser vision correction market.
Laser Assisted In-Situ Keratomileusis (LASIK) to be highly lucrative segment
- In terms of procedure type, the global laser vision correction market can be segregated into Laser Assisted In-Situ Keratomileusis (LASIK), Photo Refractive Keratectomy (PRK), Small Incision Lenticule Extraction (SMILE), and others
- The Laser Assisted In-Situ Keratomileusis (LASIK) segment accounted for a prominent share of the global laser vision correction market in 2019. Laser Assisted In-Situ Keratomileusis (LASIK) provides better safety, rapid healing, and improved vision. These factors are likely to drive the segment.
Femtosecond laser segment to expand significantly
- In terms of product type, the global laser vision correction market can be bifurcated into femtosecond laser and excimer laser
- The femtosecond laser segment accounted for a prominent share of the global laser vision correction market in 2019. Increase in use of femtosecond laser in LASIK eye surgery and high accuracy of femtosecond laser, as compared to excimer laser, are expected to drive the segment.
Myopia segment to expand considerably
- In terms of application, the global laser vision correction market can be segmented into myopia, hyperopia, presbyopia, astigmatism, cataract, and others
- The myopia segment accounted for a significant share of the global laser vision correction market in 2019. Increase in number of patients with myopia is expected to drive the segment.
Ambulatory Surgical Centers to be highly lucrative segment
- Based on end-user, the global laser vision correction market can be classified into LASIK eye centers, hospitals, ambulatory surgical centers, and others
- Ambulatory surgical centers was a highly lucrative segment of the market, in terms of revenue, in 2019. The trend is likely to continue during the forecast period. Ambulatory surgical centers offer shorter hospital stay, well-equipped devices, and lower risk of acquiring hospital-acquired infections (HAIs), which in turn are likely to fuel the demand for laser vision correction in ambulatory surgical centers.
North America to Dominate Global Laser Vision Correction Market
- In terms of region, the global laser vision correction market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global laser vision correction market in 2019. The trend is projected to continue during the forecast period. The region’s dominance can be attributed to an increase in people with vision impairment, presence of major players, and well-established healthcare system in the region.
- The laser vision correction market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to an increase in adoption of new products and a rise in number of laser vision correction procedures carried out in emerging countries such as India and China
Key Players Operating in Global Laser Vision Correction Market
The global laser vision correction market was highly fragmented in 2019. Key players operating in the global market are:
- Alcon (Novartis AG)
- Bausch & Lomb Pvt Ltd.
- ZEISS International
- Johnson & Johnson
- NIDEK CO., LTD
- SCHWIND eye-tech-solutions
- Ziemer Ophthalmic Systems
Global Laser Vision Correction Market: Research Scope
- Laser Vision Correction Market, by Procedure Type
- Laser Assisted In-Situ Keratomileusis (LASIK),
- Photo Refractive Keratectomy (PRK),
- Small Incision Lenticule Extraction (SMILE)
- Laser Vision Correction Market, by Product Type
- Excimer Laser
- Femtosecond Laser
- Laser Vision Correction Market, by Application
Global Laser Vision Correction Market, by End-users
- Lasik Eye Centers
- Ambulatory Surgical Centers
Global Laser Vision Correction Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.