With LASIK surgeries increasingly gaining a repute of being an advanced and highly effective treatment for vision related disorders, primarily myopia, hyperopia, astigmatism, and presbyopia, the global Personalized LASIK Surgery Market is demonstrating high growth in its size and valuation. In 2015, the market stood at US$1.6 bn in revenues. Increasing at a CAGR of 5.60% between 2016 and 2024, the market’s opportunity is anticipated to reach US$2.6 bn by the end of 2024. The rise in the prevalence of ocular disorders and diseases, increasing risk of infection caused by the continual usage of contact lens, and the emergence of novel ophthalmic technologies are likely to boost this market substantially over the forthcoming years.
On the geographical front, the worldwide market for personalized LASIK surgery has been segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. In 2015, with a share of 45%, North America acquired the leading position in the global market. The persistent rise in the geriatric population, increasing cases of myopia, and the surging level of awareness among people about the treatment of myopia through laser technique have been driving the market for personalized LASIK surgery in North America since the last few years. Analysts project this regional market to retain its position in the near future, thanks to the advent of new technologies, rise in the prevalence of ocular disorders and diseases, and the augmenting usage of LASIK surgeries in the corrective treatments for vision by ophthalmologists in North America.
Europe is the second-most prominent market for personalized LASIK surgery across the world and is expected to continue like this over the next few years. The increasing prevalence of myopia and presbyopia in European citizens, growing demand for minimally invasive surgeries, and the availability of favorable reimbursement policies are anticipated to propel the Europe personalized LASIK surgery market in the years to come.
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Among others, Asia Pacific is expected to exhibit a considerable rise in its market for personalized LASIK surgery in the near future. The growing base of the geriatric population, increasing incidence of myopia and presbyopia, and surging investments from market participants to set up a robust distribution channel can be attributed for this progress in the Asia Pacific market for personalized LASIK surgery. The upswing in the medical tourism and the availability of low cost treatment are also projected to stimulate the Asia Pacific market for LASIK surgery over the coming years.
Hospitals, ophthalmic clinics, and ambulatory surgical centers are the main end users of personalized LASIK surgeries across the world. The hospital segment contributed a higher revenue in the global market for personalized LASIK surgeries in 2015 and is expected to remain doing so throughout the next few years. The escalating investments by some of the key market players for the development of effective distribution network with hospitals and the creation of novel surgical platforms, in a bid to meet the needs and demands of patients are likely to increase the contribution of the hospital segment in the overall revenue generated in this market over the years to come.
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