Technological Advancements to Create Opportunities for Refractive Surgery Devices Market

  • Refractive surgery is also referred to as vision correction surgery and laser surgery, and corrects vision problems. This surgical technique is performed to induce structural changes to the eyes and correct the refractive status of the patient’s eye.
  • Surgeries in ophthalmology practice are the ultimate treatment options in case of chronic stage of eye disorders. These surgeries facilitate vision correction and treatment of other ocular disorders that otherwise would cause blindness. The type of the surgery equipment to be employed depends on the type of the eye disorder.
  • Over the years, ophthalmic surgical processes have undergone revolutionary changes due to which sophisticated surgical devices and instruments have been introduced. Surgical robots, one of the most recent advancements in refractive surgeries, are highly reliable, exhibit high precision, and provide error-free processes.

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Key Drivers and Restraints of Global Refractive Surgery Devices Market

  • The global refractive surgery devices market has witnessed tremendous technological advancements. Refractive surgeries are carried out to treat astigmatism, dry eyes, myopia, hyperopia, etc. The market for refractive surgery devices promises potential growth in the near future with the advent of wavefront guided (WFG) surgery and surface ablation technologies.
  • Wavefront guided technology ensures enhanced clinical outcomes, improved visual acuities, increased predictability, and improved contrast acuity
  • Photorefractive keratectomy (PRK), laser epithelial keratomileusis (LASEK), and EpiLasik are employed in the surface ablation technology
  • These processes are gaining popularity steadily; however, they carry the risk of post-operative sub epithelial haze formation. Advancements in technology allow enhanced performance of the surgery by augmenting patient safety and ensuring minimal trauma to eyes.
  • In contrast, the side effects of surgeries and their high cost may hamper market growth. Wavelight Allegretto Wave Eye-Q (ophthalmic excimer laser, Alcon Laboratories), Nidek EC-5000 Excimer Laser System (Nidek Technologies, Inc.) are some of the products used during refractive surgery.
  • Rise in adoption of minimally invasive surgeries, especially with reference to refractive errors, is expected to boost the global refractive surgery devices market during the forecast period.
  • China is expected to witness maximum demand for refractive surgery during the forecast period

Laser Devices Segment to Witness High Demand

  • Based on product type, the global refractive surgery devices market can be categorized into laser, flaps, Aberrometers, and others
  • Laser device segment is expected to dominate the global refractive surgery devices market during the forecast period
  • Advent of femtosecond lasers in LASIK (laser assisted in situ keratomileusis) and other corneal surgeries provides an array of advantages, such as minimal epithelial trauma, efficiency, safety, predictability, and renders biomechanical wound healing
  • LASIK surgeries account for more than 85% of the total refractive procedures. Another significant technological advancement in this field is the use of excimer lasers, also referred to as cool lasers, as they do not generate heat in the cornea, which results in removal of corneal tissue by adopting photablative decomposition

Astigmatism Application Segment has Significant Growth Potential

  • Based on application, the global refractive surgery devices market can be divided into astigmatism, near-sightedness, dry eyes, myopia, and hyperopia
  • Demand for refractive surgery devices is expected to be high for astigmatism application during forecast period.
  • Major factors influencing the growth of the refractive surgery devices market are increased adoption of these surgeries and rise in the number of people suffering from various refractive disorders, such as myopia, presbyopia and astigmatism

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Asia Pacific to Lead Global Refractive Surgery Devices Market

  • In terms of region, the global refractive surgery devices market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is likely to witness the maximum demand for refractive surgery devices from 2019 to 2027. This market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Rise in investments by key players in emerging markets due to demand for better healthcare facilities is expected to drive the refractive surgery devices market in the region. Moreover, constant rise in geriatric population across the globe are factors likely to propel the growth of the refractive surgery devices market in the region.

Key Manufacturers Operating in Global Market

The global refractive surgery devices market was highly fragmented in 2018. Key manufacturers of refractive surgery devices operating in the global market are:

  • Johnson & Johnson Services, Inc.
  • ZEISS International
  • Novartis AG
  • Nidek Co., Ltd.
  • SCHWIND eye-tech-solutions GmbH & Co. KG
  • Ellex Medical Lasers Limited.
  • Topcon Corporation
  • Essilor
  • Avedro, Inc.
  • Bausch Health Companies Inc.

Global Refractive Surgery Devices Market: Research Scope

Global Refractive Surgery Devices Market, by Product Type

  • Lasers
    • Eximer Lasers
    • Femtosecond Lasers
  • Flaps
  • Aberrometers
  • Others

Global Refractive Surgery Devices Market, by Application

  • Astigmatism
  • Near-sightedness
  • Dry Eyes
  • Myopia
  • Hyperopia

Global Refractive Surgery Devices Market, by End-user

  • Hospitals
  • Ophthalmology Clinics
  • Ambulatory Surgery Centers
  • Others

Global Refractive Surgery Devices Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • 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
  • Europe
  • 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.

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Refractive Surgery Devices Market

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