The global Laser Vision Correction Market is estimated to be valued at US$ 6.5 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Laser vision correction is a non-invasive procedure to correct refractive errors of the eyes including myopia, hyperopia, and astigmatism. Lasers are used to reshape the cornea to enable clear vision without the use of contact lenses or eyeglasses. Some of the major advantages of laser vision correction are that it provides freedom from glasses and contacts, improves quality of life, and allows clear vision even while swimming or sleeping. The increasing popularity of non-invasive procedures for vision correction along with advancements in laser technology are driving growth of the market.
Market key trends:
One of the key trends in the laser vision correction market is the rising use of femtosecond lasers. Femtosecond lasers offer superior precision and control compared to traditional technologies and have thus become the gold standard for laser eye surgery. Another major trend is the increasing adoption of new techniques such as PresbyLASIK and SMILE which allow for vision correction at all ages. Technological advancements are also enabling market players to develop newer and more effective procedures which is expected to positively impact the market over the forecast period.
Porter’s Analysis
Threat of new entrants: High costs associated with R&D, regulatory approvals and production technology make new entry difficult.
Bargaining power of buyers: Buyers have low bargaining power due to limited choice and dependence on technology.
Bargaining power of suppliers: Specialized production equipment and materials limit number of suppliers thus increasing their power.
Threat of new substitutes: Alternatives in vision correction surgeries are present but technological advancements increase demand for laser vision correction.
Competitive rivalry: Major players compete on brand value, technology, quality, and after-sales service leading to continuous innovations.
Key Takeaways
Global Laser Vision Correction Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing preference for non-invasive surgeries.
North America dominates the market due to advanced healthcare infrastructure and high awareness. Asia Pacific is expected to fastest growing market owing to improving healthcare infrastructure and rising medical tourism in countries like India and China.
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., Carl Zeiss Meditec AG (A subsidiary of Carl Zeiss AG), Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp. Major players compete on brand value, technology, quality, and after-sales service leading to continuous innovations.
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