The global refractive surgery devices market size was estimated to be USD 211.7 million in 2023 and is expected to reach at USD 480.6 million by 2034 with a CAGR of 7.74% during the forecast period 2024-2034. Increasing elderly population, growing occurrence of refractive errors & various eye conditions such as myopia, hyperopia, astigmatism, presbyopia, & dry eyes, rising demand for technologically advanced minimally invasive procedures such as LASIK, PRK, & the relatively recent small-incision lenticule extraction (SMILE), heightened screen usage worldwide, increasing approvals by regulatory authorities, and growing introduction of state-of-the-art refractive surgical devices are some of the leading factors fuelling the market growth.
Growing introduction of state-of-the-art refractive surgical devices is predicted to boost the market growth during the forecast period. By eliminating the need for spectacles or contact lenses, refractive surgery increases an individual's level of freedom. Refractive surgery makes it easier to correct vision and cure a variety of eye conditions that may otherwise be fatal. Therefore, companies in the industry are concentrating on introducing novel tools for refractive surgical treatments. For instance, in August 2023, Johnson & Johnson Vision is set to unveil the ELITA Platform at the 41st European Society of Cataract and Refractive Surgeons (ESCRS) congress. The company characterizes the ELITA Platform as an advanced solution for laser vision correction.
By product, lasers was the highest revenue-grossing segment in the global refractive surgery devices market in 2023 owing to the growing trend in the utilization of laser surgeries for vision correction, rising advancements in technology, increasing demand for LASIK & other laser refractive surgeries, including PRK & LASEK, and increased introduction of innovative devices. For instance, in May 2023, ZEISS Medical Technology is presenting innovative advancements in surgical workflows, including ATLAS 500, CT LUCIA 621P Monofocal IOL, SMILE, and VISULAS Yag Laser, at the annual conference of the American Society of Cataract and Refractive Surgery (ASCRS) in San Diego, CA. Additionally, microkeratome is predicted to grow at the fastest CAGR during the forecast period owing to the rising elderly population, and increasing occurrence of eye diseases. Efforts are being made to enhance flap cutting and reduce uneven astigmatism through technological modifications in the blade angle approach, blade's oscillation frequency, and the material of the blade.
By application, myopia was the highest revenue-grossing segment in the global refractive surgery devices market in 2023 owing to the increasing prevalence of myopia, heightened risks of vision impairment, and rise in the approval of novel platforms. For instance, in January 2024, The Teneo Excimer Laser Platform (Bausch + Lomb Corporation) has received approval from the FDA for laser-assisted in situ keratomileusis (LASIK), a surgical procedure for correcting myopia and myopic astigmatism (nearsightedness). Additionally, astigmatism is predicted to grow at the fastest CAGR during the forecast period owing to increasing technological advancements and growing prevalence of astigmatism disorder.
By end-user, hospitals was the highest revenue-grossing segment in the global refractive surgery devices market in 2023 owing to surge in refractive surgeries, enhanced healthcare facilities, rising number of hospitals, improvements in the existing eye care infrastructure, and the adoption of ophthalmic refractive surgical devices in these settings due to their extended shelf life. For instance, in June 2023, Eye-Q has unveiled an Advanced Customised LASIK machine at its Rewari eye-care facility, transforming laser vision correction and eliminating the necessity for patients to journey to Gurugram. The hospital's objective is to elevate the quality of life for individuals, particularly those in the age group of 18-35, by providing top-notch eye-care treatments. Additionally, ambulatory surgical centers is predicted to grow at the fastest CAGR during the forecast period owing to the increasing favorability of ambulatory surgical centers is attributed to the convenience, proximity, & cost-effectiveness they offer to patients and insurance providers. Patients might discover that ambulatory surgical centers offer greater convenience compared to hospital outpatient departments, including the option to schedule surgeries more promptly.
North America region is anticipated for the highest revenue share during the forecast period owing to the widespread occurrence of refractive errors, the existence of favorable reimbursement policies, rise in the adoption of advanced technologies for developing surgical products, and increasing introduction of inventive devices. For instance, in May 2023, Harrow debuted the FDA-approved IHEEZO at the San Diego, California, annual conference of the American Society of Cataract and Refractive Surgery (ASCRS) in 2023. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of myopia, heightened usage of phones & computers, growing demand for ophthalmic devices, and upsurge in the introduction of cutting-edge medical devices. For instance, in June 2023, ZEISS, a prominent global leader in optics and optoelectronic technology, is pleased to introduce its state-of-the-art medical devices, VISUMAX 800 and Quatera 700, in Bangladesh.
Growing introduction of state-of-the-art refractive surgical devices is predicted to boost the market growth during the forecast period. By eliminating the need for spectacles or contact lenses, refractive surgery increases an individual's level of freedom. Refractive surgery makes it easier to correct vision and cure a variety of eye conditions that may otherwise be fatal. Therefore, companies in the industry are concentrating on introducing novel tools for refractive surgical treatments. For instance, in August 2023, Johnson & Johnson Vision is set to unveil the ELITA Platform at the 41st European Society of Cataract and Refractive Surgeons (ESCRS) congress. The company characterizes the ELITA Platform as an advanced solution for laser vision correction.
By product, lasers was the highest revenue-grossing segment in the global refractive surgery devices market in 2023 owing to the growing trend in the utilization of laser surgeries for vision correction, rising advancements in technology, increasing demand for LASIK & other laser refractive surgeries, including PRK & LASEK, and increased introduction of innovative devices. For instance, in May 2023, ZEISS Medical Technology is presenting innovative advancements in surgical workflows, including ATLAS 500, CT LUCIA 621P Monofocal IOL, SMILE, and VISULAS Yag Laser, at the annual conference of the American Society of Cataract and Refractive Surgery (ASCRS) in San Diego, CA. Additionally, microkeratome is predicted to grow at the fastest CAGR during the forecast period owing to the rising elderly population, and increasing occurrence of eye diseases. Efforts are being made to enhance flap cutting and reduce uneven astigmatism through technological modifications in the blade angle approach, blade's oscillation frequency, and the material of the blade.
By application, myopia was the highest revenue-grossing segment in the global refractive surgery devices market in 2023 owing to the increasing prevalence of myopia, heightened risks of vision impairment, and rise in the approval of novel platforms. For instance, in January 2024, The Teneo Excimer Laser Platform (Bausch + Lomb Corporation) has received approval from the FDA for laser-assisted in situ keratomileusis (LASIK), a surgical procedure for correcting myopia and myopic astigmatism (nearsightedness). Additionally, astigmatism is predicted to grow at the fastest CAGR during the forecast period owing to increasing technological advancements and growing prevalence of astigmatism disorder.
By end-user, hospitals was the highest revenue-grossing segment in the global refractive surgery devices market in 2023 owing to surge in refractive surgeries, enhanced healthcare facilities, rising number of hospitals, improvements in the existing eye care infrastructure, and the adoption of ophthalmic refractive surgical devices in these settings due to their extended shelf life. For instance, in June 2023, Eye-Q has unveiled an Advanced Customised LASIK machine at its Rewari eye-care facility, transforming laser vision correction and eliminating the necessity for patients to journey to Gurugram. The hospital's objective is to elevate the quality of life for individuals, particularly those in the age group of 18-35, by providing top-notch eye-care treatments. Additionally, ambulatory surgical centers is predicted to grow at the fastest CAGR during the forecast period owing to the increasing favorability of ambulatory surgical centers is attributed to the convenience, proximity, & cost-effectiveness they offer to patients and insurance providers. Patients might discover that ambulatory surgical centers offer greater convenience compared to hospital outpatient departments, including the option to schedule surgeries more promptly.
North America region is anticipated for the highest revenue share during the forecast period owing to the widespread occurrence of refractive errors, the existence of favorable reimbursement policies, rise in the adoption of advanced technologies for developing surgical products, and increasing introduction of inventive devices. For instance, in May 2023, Harrow debuted the FDA-approved IHEEZO at the San Diego, California, annual conference of the American Society of Cataract and Refractive Surgery (ASCRS) in 2023. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of myopia, heightened usage of phones & computers, growing demand for ophthalmic devices, and upsurge in the introduction of cutting-edge medical devices. For instance, in June 2023, ZEISS, a prominent global leader in optics and optoelectronic technology, is pleased to introduce its state-of-the-art medical devices, VISUMAX 800 and Quatera 700, in Bangladesh.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
Study Coverage
- Market Forecast by Type, Material, Product, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement.
Segmentation: Refractive Surgery Devices Market Report 2023 - 2034
Refractive Surgery Devices Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Mn)
- Microkeratome
- Aberrometers
- Lasers
- Others
Refractive Surgery Devices Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Mn)
- Astigmatism
- Presbyopia
- Hyperopia
- Dry Eyes
- Myopia
Refractive Surgery Devices Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Mn)
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Hospitals
Refractive Surgery Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Mn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Refractive Surgery Devices Market: Product Estimates & Trend Analysis
8. Refractive Surgery Devices Market: Application Estimates & Trend Analysis
9. Refractive Surgery Devices Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Refractive Surgery Devices Market
12. Europe Refractive Surgery Devices Market
13. Asia Pacific Refractive Surgery Devices Market
14. Latin America Refractive Surgery Devices Market
15. MEA Refractive Surgery Devices Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Alcon
- Carl Zeiss Meditec AG
- Quantel Medical
- Bausch & Lomb Incorporated
- Essilor
- NIDEK CO. Ltd.
- Johnson & Johnson Services Inc.
- SCHWIND eye-tech-solutions
- TOPCON CORPORATION
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 211.7 Million |
| Forecasted Market Value ( USD | $ 480.6 Million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
