Refractive surgery devices are used to correct a wide range of vision problems, including nearsightedness, farsightedness, and astigmatism. The global refractive surgery devices market was valued at over $195.1 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2032.
NEWARK, Del., May 25, 2022 /PRNewswire/ -- As per the latest report published by Future Market Insights, a leading Market Research firm, the Refractive Surgery Devices Market is valued at US$ 195.1 Mn and is anticipated to reach a valuation of US$ 446.2 Mn by the end of 2032 by growing at a CAGR of 7.7%. Furthermore, the market is expected to offer an absolute dollar opportunity of US$ 235 Mn in the upcoming 10 years.
The Lasers segment generated the most revenue in the Global Refractive Surgery Devices Market in 2021, rising at a CAGR of 8.2%. This can be attributed to technological advancements and the increased usage of laser vision correction procedures. The projected growth rate is much lower than the 9.5% growth rate between 2017 and 2021.
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In addition, the Global Refractive Surgery Devices Market considers myopia to be the leading application category. Between 2022 and 2032, it is predicted to expand at a Compound Annual Growth Rate of 9%. This is due to an increase in the risk of vision impairment due to the global prevalence of myopia. As a result of increased screen usage, myopia has been a prominent issue among children during the pandemic.
Key Takeaways from the Market Study
- The Market is expected to grow at a CAGR of 7.7% which is slightly lower than its historical CAGR of 8.1%.
- By the end of 2032, the global market for Refractive Surgery Devices will reach the valuation of US$ 446.2 Mn.
- Within the period between 2022 and 2032, the market is expected to offer an absolute dollar opportunity of US$ 235 Mn.
- Lasers segment leads among other products type segments by growing at a CAGR of 8.2% while its historical growth was 9.5% during the period between 2017 and 2021.
- The U.S. market for Refractive Surgery Devices constitutes a majority share of nearly 26% in the global market. It is expected to grow at a CAGR of 7.3% during the forecast period.
- Market revenue through Myopia leads among the all the application-based segments. Revenue through this application is expected to grow at a CAGR of 9% during the forecast period.
With the introduction of technologically advanced and minimally invasive techniques in refractive surgical devices, the patients have numerous options for reducing their reliance on contact lenses and spectacles, as well as taking corrective treatments for refractive issues, comments a Future Market Insights analyst.
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The Refractive Surgery Devices Market is driven by the Market players who are expanding their product portfolios by highly investing in the R&D and Product development areas. Government funding, technological breakthroughs, regulatory clearances, mergers and acquisitions, and a diversified product offering have all helped to maintain the environment competitive. The leading companies are expected to gain from new product releases and the expansion of present operations in the untapped international market.
The major market players in the Refractive Surgery Devices Market are
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG
- Johnson & Johnson Services, Inc.
- NIDEK CO. LTD.
- Quantel Medical
- SCHWIND eye-tech-solutions
- TOPCON CORPORATION
The major developments in the Refractive Surgery Devices Market are:
- In February 2022, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that CARVYKTI had been approved by the US Food and Drug Administration (FDA) for treating adults with relapsed or refractory multiple myeloma. This approval demonstrates J&J's ongoing commitment to providing additional therapeutic alternatives.
- In March 2021, Bausch Health companies agreed to sell their stake in Amoun Pharmaceutical Company, an Egypt based human and animal health Product Company, to ADQ for US$ 740 Mn.
Market Segments Covered In Refractive Surgery Devices Market Analysis
By Product Type:
- Other Product Types
- Dry Eyes
- Ambulatory Surgery Centers
- Ophthalmology Clinics
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter's Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Refractive Surgery Devices market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Healthcare domain team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the Healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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