Laser Vision Correction Market is Gaining Traction with Advancing Technology
Laser Vision Correction Market is Gaining Traction with Advancing Technology
Blog Article
The laser vision correction market is in trends by advancing technologies for improved precision and accuracy. Laser vision correction uses lasers to reshape the cornea and reduce a person's dependence on eyeglasses or contact lenses. Laser eye surgery procedures like photorefractive keratectomy (PRK), laser-assisted in situ keratomileusis (LASIK) and newer procedures like femtosecond lasers result in reduced discomfort and recovery time. The non-invasive nature and quick results have boosted the adoption of laser vision correction worldwide.
The Global Laser Vision Correction Market is estimated to be valued at US$ 7.57 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Market Key Trends
The rising popularity of femtosecond lasers is one of the Laser Vision Correction Market Demand. Femtosecond lasers enable precisionLaser Vision Correction is Gaining Traction with Advancing Technology
The laser vision correction market is in trends by advancing technologies for improved precision and accuracy. Laser vision correction uses lasers to reshape the cornea and reduce a person's dependence on eyeglasses or contact lenses. Laser eye surgery procedures like photorefractive keratectomy (PRK), laser-assisted in situ keratomileusis (LASIK) and newer procedures like femtosecond lasers result in reduced discomfort and recovery time. The non-invasive nature and quick results have boosted the adoption of laser vision correction worldwide.
Key Takeaways
Key players operating in the laser vision correction market are Johnson and 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. Growing disposable income and awareness about eye care are fueling the demand for laser vision correction procedures globally. Companies are expanding their geographic presence with collaborations and acquisitions to tap opportunities in emerging markets.
Market Key Trends
The rising popularity of femtosecond lasers is one of the key trends in the laser vision correction market. Femtosecond lasers enable precision slicing of tissues and create intrastromal lenticules allowing surgeons to reshape the cornea more accurately. Femtosecond laser techniques like small incision lenticule extraction (SMILE) provide improved outcomes and faster recovery times compared to traditional methods. With ongoing R&D efforts, femtosecond lasers are expected to transform the laser vision correction market landscape over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high costs in establishing the eye care facilities and getting the required regulatory approvals. Bargaining power of buyers: Individual consumers have low bargaining power while corporate buyers have moderate bargaining power owing to their large demand. Bargaining power of suppliers: Suppliers of laser systems have moderate bargaining power due to the technological expertise required. Threat of new substitutes: Alternatives like spectacles, contact lenses provide some competition but their effectiveness is relatively lower. Competitive rivalry: The market is dominated by key players and characterized by high competition between them on the basis of product pricing and innovation.
Geographical Regions
North America accounts for the largest market share in the laser vision correction market in terms of value. This is attributed to factors such as growing acceptance of laser procedures, advanced healthcare infrastructure in the region. The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to increasing initiatives by market players, rising medical tourism and growing awareness about corrective vision surgeries in countries like China, India and Japan.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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