Refractive Surgery Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Eye Disorders

The refractive surgery market is estimated to be valued at USD 231.5 Mn in 2024 and is expected to exhibit a CAGR of 10.2% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

The growth of the refractive surgery market is attributed to increasing prevalence of eye disorders such as myopia, hyperopia and astigmatism. According to a study by American Academy of Ophthalmology, 1.5 billion people globally are estimated to be affected with myopia by 2050. Moreover, increasing awareness regarding the availability of advanced refractive surgeries such as LASIK, PRK among general population further drives the market growth.

Key Market Trends:

Technological advancements is one of the key trends witnessed in the refractive surgery market. For instance, introduction of customized LASIK to treat highly complex cases of refractive errors, advanced intraocular lenses for cataract treatment. Moreover, surge in demand for minimally invasive techniques such as femtosecond lasers which performs all cut carefully without eye movement has gained significant momentum in recent past. Furthermore, medical tourism in developing nations owing to availability of procedures at affordable cost acts as another major trend in refractive surgery market. More coverage can be found in the sample copy.

Refractive Surgery Market Opportunity

Lasik Surgery– Lasik surgery segment accounted for the highest market share in 2024 and is expected to witness a CAGR of 10.5% during the forecast period. Advancements in Lasik procedures and growing popularity of bladeless Lasik is expected to support the growth of this segment.

Myopia Correction– Myopia correction segment held the largest market share in 2024 and is anticipated to grow at a CAGR of 11% during 2024-2031. Increasing prevalence of myopia worldwide especially in developing countries is expected to drive the growth of this segment.

Key Market Takeaways

The global refractive surgery market size was valued at USD 231.5 Mn in 2024 and is anticipated to witness a CAGR of 10.2% during the forecast period 2024-2031. Increasing preference for non-invasive and minimally invasive procedures and advancements in technology are expected to support the market growth.

On the basis of type, lasik surgery segment is expected to hold a dominant position owing to advancements in lasik procedures and growing popularity of bladeless lasik.

By application, myopia correction segment is expected to hold a dominant position over the forecast period due to increasing prevalence of myopia worldwide.

Regionally, North America is expected to hold a dominant position in the global market owing to high awareness regarding advanced treatment options and high adoption of new technologies.

Competitor Insights:

Alcon Inc
Jonson And Jonson Vision
Bausch And Lomb
Zeiss
Nidek
Ziemer

Recent Developments in Refractive Surgery Market

In July 2023, a leading refractive surgery group in the US launched an AI-powered online refractive simulator. The simulator allows patients to upload their exam details and try different treatment scenarios to determine the best personalized outcomes. Advanced AI models incorporated into the simulator analyze thousands of historical correction profiles to simulate personalized results. Such AI-driven simulators are expected to become mainstream in the coming years facilitating remote preoperative consultation.

In August, the refractive giant Alcon received 510(k) clearance for its CyPass Micro-Stent, a tiny implant designed to reduce eye pressure in patients with primary open-angle glaucoma. Clinical trials found it provided comparable intraocular pressure control to topical glaucoma medications with a favorable safety profile. The CyPass expands treatment options for one of the leading causes of blindness worldwide and could find widespread adoption. Full coverage of the report available here.