Personalized LASIK Surgery Market is expanding at a CAGR of 5.60% from 2016 to 2024
According to a new research report by Transparency Market Research (TMR), the global market for personalized LASIK surgery is highly consolidated in nature with a limited number of players operating it. The top five participants in this market, namely, Alcon, Abbott Medical Optics, Carl Zeiss, NIDEK, and Bausch & Lomb, accounted for 87% of this market in 2015. The diverse product portfolio, rising geographic penetration, and the robust product pipelines are the key factors behind the monopoly of these players on this market.
The market demonstrates an extremely competitive landscape and the rivalry between the leading players is likely to intensify further in the forthcoming years. As the market consists of a few key participants, a continued price war is expected between them, which consequently, will prompt them to enter into contracts with their end users, strengthening their relations. Mergers and acquisitions are also projected to take place frequently in this market in the near future, states the report.
As per TMR’s estimations, the global market for personalized LASIK, which was worth US$1.6 bn in 2015, is likely to expand at a healthy CAGR of 5.60% during the period from 2016 to 2024 and attain a value of US$2.6 bn by the end of the period of the forecast. Among all the end users, the hospital segment emerged as leading contributor to the global market for personalized LASIK surgeries in 2015 and is anticipated to maintain its position throughout the forecast period.
The report further offers a geographical assessment of the worldwide market for personalized LASIK surgery. It considers Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa as the key geographical segments of this market. As per the study, North America dominated the global market in 2015 with a share of 45%. The continual increase in the geriatric population, rising prevalence of vision related disorders, and the augmenting awareness regarding the treatments of these disorders using laser technique have surfaced as the key factor behind the growth of the North America market for personalized LASIK surgery. Thanks to the emergence of novel technologies, growing prevalence of ocular disorders, and the escalating utilization of LASIK surgeries by ophthalmologists in the corrective treatments for vision disorders, this regional market is anticipated to hold its position throughout the forecast period.
Asia Pacific, on the other hand, is expected to emerge as the most promising regional market for personalized LASIK surgery in the years to come. The rising population of elderly people, increasing cases of myopia and presbyopia, and the significant surge in investments from key market participants for setting up a robust distribution channel are boosting the Asia Pacific market for personalized LASIK surgery. In addition, the availability of low cost treatments for vision disorders and the upturn in the medical tourism are projected to boost this market significantly in the near future, notes the research study.
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According to a TMR analyst, “the demand for personalized LASIK surgeries is directly influenced by the prevalence of various vision defects among people across the world.” The rising incidence of myopia and astigmatism, the most common eye disorders, has created significant growth opportunities for market players and corrective treatment providers. Along with this, the swelling pool of presbyopia patients is also impacting the demand for these surgeries greatly, resulting in a considerable growth of this market.
On the other hand, the rise in the reports of post-surgery complications in eyes and the high cost of advanced ophthalmology systems may limit the uptake of personalized LASIK surgeries to some extent over the coming years. However, the emergence of new ophthalmic technologies are expected to neutralize the effect of these restraints on this market in the years to come, notes the research study.
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