Global personalized LASIK surgery market is expected to reach USD 3.69 billion by 2022, according to a new report by Grand View Research, Inc. Introduction of technologically advanced and minimally invasive surgical procedures for vision correction is a key driver of the personalized LASIK surgery market.
Advancements in instruments used for personalized procedures and the ability of the technology to reduce risks involved are anticipated to increase the adoption rate of personalized LASIK surgery. For instance, the iDesign platform by AMO scans the patient’s eye more than 25 times and develops a unique blueprint. Moreover, 98% of patients who have undergone personalized LASIK surgery have not witnessed any post-surgery side effects
Gradually growing prevalence of refractive disorders such as myopia, hyperopia, and astigmatism, and rising number of R&D initiatives are expected to enhance the market growth. For instance, Carl Zeiss is evaluating its novel flapless SMILE platform for the treatment of spherical myopia in the U.S and is likely to initiate trials for severe astigmatism.
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Further key findings from the study suggest:
- Topography guided LASIK surgery is identified as the fastest growing segment. The segment is anticipated to grow at a CAGR of 12.9% over the forecast period. Introduction of new topography based programs such as the CATz program in 2013 and high price associated with it are some primary factors boosting the growth of the market.
- North America held over 45.0% of the market share in 2014.The customized LASIK surgery is gaining preference in North America majorly owing to advantages associated with personalized LASIK surgery such as less side effects and shorter procedure duration.
- Europe was also one of the largest regional markets in 2015. Rising demand for customized LASIK surgery and huge investments in R&D programs are some growth drivers.
- The Asia Pacific market is anticipated to witness profitable growth and capture over 18.0% share of the global industry by 2022. Increasing awareness levels, growing number of eye care centers providing customized LASIK surgeries, rising disposable income levels, and high unmet clinical needs are some regional growth factors.
- Key players of the market include Alcon Laboratories, Inc., Abbott Medical Optics (AMO), Bausch & Lomb, Carl Zeiss, Inc., and Nidek, Inc.
- The industry was led by Abbott Medical Optics (AMO) with a market share of over 25% in 2014. Extensive product range, wide geographical presence, and the introduction of novel iDesign technology are some factors attributing to its large share.