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Laser vision correction has emerged as a popular option for treating refractive errors like myopia, hyperopia and astigmatism. These medical procedures employ laser technology to reshape the cornea and improve eyesight by reducing dependency on glasses or contact lenses. The growing preference for minimally invasive procedures along with rapid technological advancements in laser equipment are driving widespread adoption of laser vision correction worldwide.
Medical lasers employed in laser vision correction precisely reshape the cornea through procedures like LASIK, LASEK and PRK to improve visual acuity. This allows for natural vision without reliance on corrective lenses. The non-invasive nature and quick recovery time associated with these procedures have made laser vision correction a desirable option for billions plagued with refractive errors. Furthermore, innovations in laser technology have enabled treatment of complex cases in recent years.
The global laser vision correction market is estimated to be valued at US$ 1832.7 million in 2023 and is expected to exhibit a CAGR of 5.50% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends shaping the laser vision correction market is the ongoing advancements in femtosecond lasers. The latest femtosecond lasers offer faster procedure times, higher level of precision and improved safety profiles. manufacturers are investing heavily in R&D to develop new generation femtosecond lasers with advanced capabilities. This is expanding the applicant pool for laser vision correction. Another notable trend is the increasing availability of new bladeless LASIK procedures which involve even less disruption to corneal tissue. This has further raised confidence in these surgeries and fueled demand across the globe.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the market requires significant capital investment and adequate technological expertise. However, the growth opportunities attract new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the buyers have multiple providers to choose from and the product/service is a highly customized one based on individual needs.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as the industry players hold negotiating power being major players and technology providers in the market.
Threat of new substitutes: The threat of new substitutes is low as the laser vision correction provides a minimally invasive treatment option compared to alternatives like contact lenses and spectacles.
Competitive rivalry: The competitive rivalry is very high amongst existing players to gain market share and competitive advantage through differentiated offerings, new technologies, and strategic partnerships & collaborations.
Key Takeaways
The global laser vision correction market is expected to witness high growth over the forecast period. The global laser vision correction market is estimated to be valued at US$ 1832.7 million in 2023 and is expected to exhibit a CAGR of 5.50% over the forecast period 2023-2030.
North America region currently dominates the market attributable to increasing focus on research & development activities by key players and growing adoption of laser eye surgeries for vision correction. This is owing to growing geriatric population suffering from presbyopia and increasing awareness about laser eye surgeries. Asia Pacific is expected to grow at a high rate during the forecast period led by India, China and Japan due to rising healthcare expenditure and increasing focus of international players in emerging countries.
Key players operating in the laser vision correction market are Johnson & Johnson Private Limited, Alcon Management S. A., NIDEK CO., LTD., Bausch Health Companies Inc., Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp. Players are focusing on new product launches, geographical expansions and mergers & acquisitions to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
