by 
Laser vision correction is a procedure that uses lasers to correct refractive error in vision. It helps reduce dependency on spectacles or contact lenses by reshaping the cornea using excimer lasers. There are mainly two types of laser eye surgeries – LASIK (laser-assisted in situ keratomileusis) and LASEK (laser epithelial keratomileusis), which have proven to be very effective in treating myopia, hyperopia, and astigmatism. More than 3 million Lasik procedures are performed worldwide every year.
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 Dynamics:
The growing demand for non-invasive surgeries and the increasing need for eye correction are the key drivers expected to boost the growth of the global laser vision correction market over the forecast period. Since laser eye surgeries are non-invasive in nature, they eliminate the need for pills, eyeglasses or contacts post procedure. Additionally, the rising youth population seeking beauty enhancement and increasing GDP in developing countries is also expected to contribute to the market growth. Another major driver is the rising disposable income in developing countries which is enabling more people to opt for laser eye surgeries.
Segment Analysis
The laser vision correction market is dominated by the laser-assisted in situ keratomeleusis (LASIK) segment, which holds around 95% of the market share. LASIK is preferred over other procedures such as photorefractive keratectomy (PRK), laser epithelial keratomileusis (LASEK) and conductive keratoplasty (CK) due to advantages such as minimal pain, faster visual recovery time and negligible post-surgery side effects.
PEST Analysis
Political: The market is regulated by various government bodies that monitor the procedures and ensure patient safety. Favorable healthcare reforms in several countries support market growth.
Economic: Rising disposable incomes and growing demand for non-invasive cosmetic procedures are driving the market. However, high costs of procedures may restrain market growth to some extent.
Social: Growing acceptance of laser vision correction owing to increasing focus on aesthetics. Rising social media influence has made younger people more self-conscious about their looks.
Technological: Advancements in laser technology have made procedures safer, more precise and quick. Newer technologies such as femtosecond lasers and bladeless LASIK are being adopted.
Key Takeaways
The global laser vision correction market is expected to witness high growth supported by rising patient demand for non-invasive vision correction procedures, technological advancements, growing awareness about laser eye surgery benefits and safety. 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.
Regional analysis
North America accounts for the largest share of the global laser vision correction market, supported by developed healthcare infrastructure, high spending on healthcare and greater acceptance of laser vision correction procedures in the region. The Asia Pacific market is anticipated to grow at the fastest rate during the forecast period driven by healthcare development in emerging economies, increasing disposable incomes and growing medical tourism.
Key players
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. Johnson & Johnson leads the global market with its vast portfolio and established brand presence. Alcon is another key player with sizable market share driven by its extensive product offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
