LASIK Eye Surgery Devices Market: Introduction
- LASIK, which stands for laser in-situ keratomileusis, is a popular surgery that can correct vision in people who have myopia, hyperopia, and astigmatism
- It is one of the vision correction surgeries that work by reshaping cornea, the clear front part of your eye, so that light focuses on the retina in the back of eye
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Key Drivers of Global LASIK Eye Surgery Devices Market
- Increase in incidence of vision problems such as myopia, hyperopia, and astigmatism are projected to boost the growth of the global LASIK eye surgery devices market. According to the World Health Organization (in 2019), globally, around 2.2 billion people have a 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’s population is suffering from myopia and around 50% will be myopic by 2050.
- Additionally, it is a highly successful procedure and helps to reduce a patient’s dependence on glasses or contact lenses. These factors are anticipated to drive the global LASIK eye surgery devices market.
- LASIK eye surgery is a minimally invasive. Increase in preference for minimally invasive surgical procedures is expected to boost the growth of the market. Furthermore, surge in new diagnostic tools, new device launch by major manufacturers, and technological advancements are expected to fuel the growth of the global LASIK eye surgery devices market.
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Femtosecond Laser Segment to Witness Significant Growth
- In terms of product type, the global LASIK eye surgery devices market can be bifurcated into femtosecond laser and excimer laser
- The femtosecond laser segment accounted for the largest share of the global LASIK eye surgery devices market in 2019. Increase in use of femtosecond laser in LASIK eye surgery and high accuracy of the laser compared to excimer laser are likely to drive the segment.
Ambulatory Surgical Centers to be Most Promising Segment
- Based on end-user, the global LASIK eye surgery devices market can be classified into LASIK eye centers, hospitals, ambulatory surgical centers, and others
- Ambulatory surgical centers was the largest market segment in terms of revenue in 2019 and the trend is projected to continue during the forecast period. Ambulatory surgical centers provide benefits such as shorter hospital stay and lower risk of acquiring hospital-acquired infections (HAIs). Such factors are helps to increase the growth of this segment.
North America to Dominate Global LASIK Eye Surgery Devices Market
- In terms of region, the global LASIK eye surgery devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global LASIK eye surgery devices market in 2019 and the trend is anticipated to continue during the forecast period. The region’s dominance can be attributed to increase in people with vision impairment, presence of major players, and well-established health care system.
- The LASIK eye surgery devices market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to increase in adoption of new products and rise in demand for LASIK eye surgery devices in emerging countries such as India and China
Key Players Operating in Global LASIK Eye Surgery Devices Market
The global LASIK eye surgery devices 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 LASIK Eye Surgery Devices Market: Research Scope
LASIK Eye Surgery Devices Market, by Product Type
- Excimer Laser
- Femtosecond Laser
Global LASIK Eye Surgery Devices Market, by End-user
- LASIK Eye Centers
- Ambulatory Surgical Centers
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.