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.
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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.
Grand View Research has segmented the global refractive surgery devices market on the basis of on product, application, end-use, and region:
Refractive Surgery Devices Product Outlook (Revenue, USD Million, 2018 - 2030)
Lasers
Microkeratome
Aberrometers
Others
Refractive Surgery Devices Application Outlook (Revenue, USD Million, 2018 - 2030)
Myopia
Hyperopia
Astigmatism
Presbyopia
Dry Eyes
Refractive Surgery Devices End-use Outlook (Revenue, USD Million, 2018 - 2030)
Hospitals
Ambulatory Surgery Centers
Ophthalmology Clinics
Refractive Surgery Devices Region Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Denmark
Sweden
Norway
Asia Pacific
Japan
China
India
Australia
South Korea
Thailand
Latin America
Brazil
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
List of Key Players in the Refractive Surgery Devices Market
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
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