Personalized LASIK Surgery Market size in 2015 was USD 1.5 billion and is predicted to grow to USD 3.7 billion by 2023.
Wavefront guided personalized LASIK surgery market share was approximately 40% in 2015, and represented the largest industry segment. North America was over USD 680 million in 2015, mainly on account of the U.S. personalized LASIK surgery industry. This is attributed to the prevailing healthcare infrastructure, increased awareness and presence of major competitors in the region.
Asia Pacific personalized LASIK surgery market size is predicted to showcase rapid growth rate and capture over 17% of the global share. Increasingly stable economic conditions and improved awareness in the region are responsible for growth. Additionally, rising disposable income, growing number of treatment centers, along with companies focusing on the unmet vision correction needs will accelerate demand.
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Approximately 35% of the overall U.S. population is afflicted with eye disorders including myopia, astigmatism, hyperopia,and presbyopia and have to wear glasses, according to the AAO. The growing incidence of these disorders coupled with increased demand for laser based eye surgeries due to development of rapid, painless, and sensitive techniques and equipmentis the main driving factor for this industry. An additional important factor is the continuously increasing global geriatric population with increased incidence of cataract and glaucoma.
The added benefits from minimum invasion surgical procedures such as decreased blood loss and hospital stay leading to lower expenses will further fuel personalized LASIK surgery market size. For example, AMO has developed iLASIK platform which comprises IntraLase laser; this functions on the above features and thus is a prominently used technology.
The awareness initiatives undertaken by organizations such as NEI and Blue Cross will promote adoption. High personalized LASIK surgery market price trend, ambiguous regulatory framework along with insufficient reimbursement policies are the major restraining factors for industry growth. Key segments include wavefront optimized, topography guided, and wavefront guided surgeries.
Wavefront based technology entails the computation of the patient’s cornea based on the way light passes across the eyes to fall on the retina. Therapyusingthis method is completely adapted to patient’s eye anatomy. On the other hand, topography procedures quantify the eye surface based on the patient’s eye anatomy.
Abbott’s iDesign helps generate a high resolution scan during LASIK procedures in order to map any irregularities in the eye. Other major systems are Abbott’s CustomVue and WaveScan System, Bausch & Lomb Technolas 217z, etc.
Topography guided segment is predicted to flourish during the forecast timeframe. Quick and pain-free procedure combined with less side effects and regulatory acceptance of important instruments are among the key growth drivers.Major products and systems that have been commercialized include Alcon WaveLight series’ EX500 and Allegretto Wave.
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The major competitors are Carl Zeiss Inc., Abbot Medical Optics, Nidek Inc., Bausch + Lomb, and Alcon Laboratories Inc. These companies are engaged in forming strategic alliances through mergers as well as acquisitions to endure the intense competition. For example, the acquisition of Technolas by Bausch & Lomb in January 2013 thatled to the inclusion of femtosecond lasers to the latter’s product line.
Introduction of Small Incision Lenticule Extraction (SMILE) and Refractive Lenticule Extraction (ReLEx) technologies with the Carl Zeiss’s VisuMax laser will fuel growth. Nidek and Abbot Molecular Optics have launched easy to use and high speed products. AMO introduced the new wavefront method iDesign which provides precise results in high revolution. In 2013, US FDA approved the CATz program developed by Nidek to work along with Nidek’s NAVEX Quest in the therapy of errors of refraction arising due to astigmatism and myopia.
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