San Francisco, 04 September 2024: The Report Refractive Surgery Devices Market Size, Share & Trends Analysis Report By Application (Myopia, Astigmatism), By Product (Lasers, Aberrometers), By End- use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2024 - 2030

The global refractive surgery devices market size is expected to reach USD 396.7 million by 2030, registering a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. As a result of the COVID-19 pandemic, consumers have started spending more time on digital devices. The trend of working from home has contributed to an increase in eyestrain, dry eye, and myopia. Furthermore, the growth of the geriatric population has increased the demand for refractive surgery devices. According to the National Institute on Aging (NIA), the geriatric population would be about 72 million individuals by 2030.

Refractive surgery allows a person to be more independent by eliminating the need for spectacles or contact lenses. Consumers have managed their personal spending and emphasized health and wellbeing during the pandemic, which has increased the demand for refractive surgery devices. Whereas the market for refractive surgery devices is being hindered in developing countries due to a shortage of surgical equipment to address refractive defects.

Many companies in the refractive surgery devices sector have moved their focus to the development of advanced refractive surgery devices and are conducting various research programs for the same. As per the World Health Organization, the cost of uncorrected refractive error in terms of direct and indirect global productivity loss is estimated to be USD 269 billion. Myopia is the leading cause of distance refractive error, according to current estimations and demographic trends, and will likely remain so in the future. Therefore, a growing unaddressed patient pool with refractive errors is expected to contribute to the demand for refractive surgery, which is expected to propel the overall market growth.

The increasing geriatric population and higher screen time are anticipated to boost the demand for refractive surgeries. JAMA Ophthalmology reports that myopia, worsened by increased screen use during the pandemic, is a growing concern, especially among the youth.

The World Health Organization projects that 52 percent of the global population will be affected by myopia by 2050. Additionally, older adults are more prone to refractive errors and often need immediate surgical intervention for visual impairment. According to the National Institute on Aging (NIA), the senior population is expected to reach 72 million by 2030.

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Refractive surgery enhances independence by reducing reliance on glasses or contact lenses and facilitates the treatment of eye conditions that could lead to blindness. The WHO reports that uncorrected refractive errors cause vision impairment and blindness, affecting around 88.4 million people globally. This growing need for vision correction is anticipated to drive demand for refractive surgeries.

Refractive Surgery Devices Market Report Highlights

• By application, the myopia segment accounted for the largest market share of 26.8% in 2023 and is anticipated to grow at a moderate rate during the forecast period due to an increase in the cases of myopia globally
• Based on product, the lasers segment accounted for the largest market share of 35.1% in 2023 and is expected to garner the fastest CAGR over the forecast period, driven by advancements in laser technology and their critical role in vision correction procedures
• In terms of end use, the ambulatory surgical centers segment shows the fastest CAGR over the forecast period. This rapid growth is driven by the increasing preference for outpatient procedures, cost-effectiveness, and shorter recovery times offered by ASCs.
• The hospitals segment accounted for the largest revenue share of 36.6% in 2023. This dominance is attributed to hospitals' comprehensive facilities, advanced technology, and skilled professionals, enabling them to perform a high volume of refractive surgeries. 

The recent WHO data and the introduction of the "WHO SPECS 2030" initiative are crucial for the growth of the market. The data highlights that globally, only 36% of individuals with vision impairment from refractive errors have access to quality spectacles, indicating a significant unmet need for vision correction. The World Health Assembly's endorsement of a 40-percentage point increase in effective coverage reflects a strong commitment to addressing this gap.

The "WHO SPECS 2030" initiative, set to launch in 2023, aims to enhance global refractive error coverage. WHO’s consultation with stakeholders on this initiative suggests a coordinated effort to improve access to vision correction solutions, including refractive surgeries. This global focus on expanding vision care access will likely drive increased demand for advanced refractive surgery devices, such as lasers and imaging systems, as part of broader efforts to meet the target. Consequently, the initiative is expected to create substantial growth opportunities for the market by promoting innovation and improving patient access to effective treatments.

Global Refractive Surgery Devices Market Report Scope

Numerous collaborations and initiatives are underway to address refractive errors and expand the market. These efforts include government-funded research, advancements in laser technology, and partnerships between industry leaders and academic institutions, all aimed at improving precision, accessibility, and innovation in vision correction. For instance, in July 2022, SCHWIND eye-tech solutions are spearheading innovation in corneal refractive surgery with a groundbreaking research initiative aimed at developing a novel procedure for correcting refractive errors. SCHWIND is investing over USD 1.73 million in this basic research, with approximately 52% funded by the German Federal Ministry of Education and Research (BMBF).

This funding highlights the growing focus on advancing laser technologies in refractive surgery. The project aims to create innovative laser systems to improve precision and effectiveness in vision correction. These advancements could enhance surgical outcomes, reduce recovery times, and broaden treatment options, potentially increasing patient demand for refractive surgeries. The support from a major government body not only validates these technologies but also promotes further research and development, likely leading to wider adoption of advanced laser systems and stimulating growth in the market.

Key Refractive Surgery Devices Companies:

The following are the leading companies in the refractive surgery devices market. These companies collectively hold the largest market share and dictate industry trends.

• Johnson & Johnson Services, Inc.
• Carl Zeiss Meditec AG
• Alcon
• Bausch & Lomb Incorporated
• Quantel Medical
• TOPCON CORPORATION
• Essilor
• NIDEK CO., LTD.
• SCHWIND eye-tech-solutions
• STAAR Surgical Company