Growth Opportunities and Trends in the Refractive Surgery Devices And Equipment Market: Key Insights for 2025-2034
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How Will the CAGR of the Refractive Surgery Devices And Equipment Market Influence Its Overall Growth by 2034?
The market size for refractive surgery devices and equipment has seen significant growth in the past few years. A growth projection reveals an increase from $1.02 billion in 2024 to $1.12 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.7%. This surge during the historical period is due to various factors such as the need for vision correction, advancements in technology, patient safety and satisfaction, and an aging population.
In the coming years, the market size for refractive surgery devices and equipment is predicted to experience significant expansion. With a compound annual growth rate (CAGR) of 6.2%, it is projected to reach $1.42 billion by 2029. This spike in the forecasting period is credited to personalized refractive surgery, the rise in emerging markets, control of myopia, and technological advancements. Noteworthy trends anticipated within the forecast period encompass femtosecond laser-mediated cataract surgery, smile surgery, improved post-surgery monitoring, and the utilization of artificial intelligence (AI) in the planning of surgeries.
Which Factors Are Enhancing the Growth of the Refractive Surgery Devices And Equipment Market?
The proliferation of the refractive surgery devices and equipment market is largely influenced by the global surge in the elderly population plagued with eye conditions. The principal reason for vision loss among individuals aged 65 and above is age-related macular degeneration. Numerous older individuals suffering from refractive errors are in urgent need of surgical treatment to rectify visual defects. The escalating number of senior citizens throughout the year amplifies the requirement for refractive surgeries. For instance, there is a steady rise in the older population in the USA, and by 2030, over 65-year-olds will comprise 70 million of Americans. Roughly one in three elderly individuals suffer from ocular issues, boosting the growth of the refractive surgery devices and equipment market.
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Who Are the Leading Companies Pioneering Change in the Refractive Surgery Devices And Equipment Market?
Major companies operating in the refractive surgery devices and equipment market include Alcon, Johnson & Johnson, Carl Zeiss AG, Valeant Pharmaceuticals, Ziemer Ophthalmic Systems AG, Nidek Co. Ltd., STAAR Surgical Company, Avedro Inc., Lensar Inc., iVIS Technologies, SCHWIND eye-tech-solutions GmbH & Co. KG, Lumenis Ltd., Ellex Medical Lasers Limited., Visx, Refractec LLC, Topcon Corporation, HOYA Corporation, Glaukos Corporation, IRIDEX Corporation, Aaren-Scientific Inc., Lenstec Inc., Oculentis B.V., Ophtec B.V., Rayner Intraocular Lenses Limited, The HumanOptics AG, PhysIOL, Essilor International, NIDEK Co.Ltd., Quantel Medical SAS, Tracey Technologies, Abbott Medical Optics Inc., Oertli Instrumente AG, Topcon Corporation, Ophtec USA Inc., VisionCare Ophthalmic Technologies Inc., Visioneering Technologies Inc., Z-LASER Optoelektronik GmbH
What New Trends Are Reshaping the Refractive Surgery Devices And Equipment Market and Its Opportunities?
Many businesses in the refractive surgery devices and equipment market are now prioritising technological advancements in refractive surgery. The application of cutting-edge technology to correct refractive errors offers a broader treatment range and reduces costs related to time and labour. Novel corneal refractive surgical procedures, including the femtosecond corneal surgery technique, pseudophakia intraocular lenses, intraocular rings and segments, and corneal stiffening practices such as collagen crosslinking, could make a notable impact on the market. The intrastromal femtosecond laser-assisted lenticular corneal excision (Flex-Smile) method, for example, is highly effective for myopia cases of up to 10 dioptres with astigmatism up to 3. Furthermore, advanced femtosecond laser surgical tools boast unique features such as total surgical control down to the micron level in diameter, depth, and edge angle, as well as rapid flap creation.
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How Are Key Segments Defining the Competitive Landscape of the Refractive Surgery Devices And Equipment Market?
The refractive surgery devices and equipment market covered in this report is segmented –
1) By Product Type: Microkeratome, Excimer Lasers, Femtosecond Lasers, YAG Lasers
2) By Application: Astigmatism, Near-sightedness, Farsightedness
3) By End User: Hospitals, Ambulatory Surgical Centres, Opthalmology Clinics
Subsegments:
1) By Microkeratome: Disposable Blades, Automated Microkeratome Systems
2) By Excimer Lasers: LASIK Excimer Lasers, PRK Excimer Lasers
3) By Femtosecond Lasers: Femtosecond LASIK Lasers, Femtosecond Cataract Lasers
4) By YAG Lasers: Posterior Capsulotomy YAG Lasers, Peripheral Iridotomy YAG Lasers
Which Regions Are Leading the Charge in Refractive Surgery Devices And Equipment Market Development?
North America was the largest region in the global refractive surgery devices (or) equipment market in 2023. Asia-Pacific was the second-largest region in the refractive surgery devices (or) equipment market. The regions covered in the refractive surgery devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Is the Definition of the Refractive Surgery Devices And Equipment Market Impacting Future Growth?
Refractive surgery devices and equipment are used in refractive error surgeries, a procedure for correcting or improving vision affected by a refractive error such as near-sightedness (myopia), farsightedness (hyperopia), presbyopia, or astigmatism.
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