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.
Get an Idea about the Offerings of Our Refractive Surgery Devices Market Report from this Brochure
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
Expanding Operations in Future? To Get the Perfect Launch Ask for a Custom Refractive Surgery Devices Market Report
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
- Avedro, Inc.
- Bausch Health Companies Inc.
Global Refractive Surgery Devices Market: Research Scope
Global Refractive Surgery Devices Market, by Product Type
- Eximer Lasers
- Femtosecond Lasers
Global Refractive Surgery Devices Market, by Application
- Dry Eyes
Global Refractive Surgery Devices Market, by End-user
- Ophthalmology Clinics
- Ambulatory Surgery Centers
Global Refractive Surgery Devices Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.