Refractive Surgery Devices Market Size Worth $290.8 Million By 2028: Grand View Research, Inc.

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Aug 10, 2021, 04:35 ET

SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- The global refractive surgery devices market size is expected to reach USD 290.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.7% from 2021 to 2028. As a result of the COVID-19 pandemic, consumers have started spending more time on digital devices. The trend of working from home has contributed to an increase in eyestrain, dry eye, and myopia. Furthermore, the growth of the geriatric population has increased the demand for refractive surgery devices. According to the National Institute on Aging (NIA), the geriatric population would be about 72 million individuals by 2030.

Key Insights & Findings:

By application, the myopia segment held the largest share of 27.1% in 2020 and is anticipated to grow at a moderate rate during the forecast period due to an increase in the cases of myopia globally
Based on product, the lasers segment dominated the market with a revenue share of 34.9% in 2020 and is expected to grow at the fastest rate during the forecast period as it is a safest and quickest refractive surgery
In terms of end use, ambulatory surgical centers are expected to exhibit the highest growth rate during the forecast period due to the convenience, closeness, and reduced costs for patients and insurer
The hospitals end-use segment held the largest share of nearly 37.0% in 2020 due to the growing number of hospitals in emerging countries and the adoption of refractive surgery devices
In Asia Pacific, the market is expected to register the fastest growth rate of 10.0% over the forecast period due to the rising number of optical disorders in the region

Read 120 page market research report, "Refractive Surgery Devices Market Size, Share & Trends Analysis Report By Application (Myopia, Astigmatism), By Product (Lasers, Aberrometers), By End Use (Hospitals, Ambulatory Surgery Centers), And Segment Forecasts, 2021 - 2028", by Grand View Research

Refractive surgery allows a person to be more independent by eliminating the need for spectacles or contact lenses. Consumers have managed their personal spending and emphasized health and wellbeing during the pandemic, which has increased the demand for refractive surgery devices. Whereas the market for refractive surgery devices is being hindered in developing countries due to a shortage of surgical equipment to address refractive defects.

Many companies in the refractive surgery devices sector have moved their focus to the development of advanced refractive surgery devices and are conducting various research programs for the same. As per the World Health Organization, the cost of uncorrected refractive error in terms of direct and indirect global productivity loss is estimated to be USD 269 billion. Myopia is the leading cause of distance refractive error, according to current estimations and demographic trends, and will likely remain so in the future. Therefore, a growing unaddressed patient pool with refractive errors is expected to contribute to the demand for refractive surgery, which is expected to propel the overall market growth.

Grand View Research has segmented the global refractive surgery devices market based on application, product, end use, and region:

Refractive Surgery Devices Application Outlook (Revenue, USD Million, 2016 - 2028)

Myopia
Hyperopia
Astigmatism
Presbyopia
Dry Eyes

Refractive Surgery Devices Product Outlook (Revenue, USD Million, 2016 - 2028)

Lasers
Microkeratome
Aberrometers
Others

Refractive Surgery Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)

Hospitals
Ambulatory Surgery Centers
Ophthalmology Clinics

Refractive Surgery Devices Regional Outlook (Revenue, USD Million,2016 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

Japan
China
India
Thailand
South Korea

Latin America

Mexico
Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

List of Key Players of Refractive Surgery Devices Market

Johnson & Johnson Services, Inc.
Carl Zeiss Meditec AG
Alcon
Bausch & Lomb Incorporated
Quantel Medical
TOPCON CORPORATION
Essilor
NIDEK CO., LTD.
SCHWIND eye-tech-solutions

Check out more studies on ophthalmic treatment and procedures, conducted by Grand View Research:

Myopia & Presbyopia Treatment Market – The global myopia and presbyopia treatment market size valued at USD 15.5 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2019 to 2026.
Ophthalmic Lasers Market – The global ophthalmic lasers market size was valued at over USD 1.0 billion in 2016 and is projected to witness lucrative growth over the forecast period. Rising prevalence of different types of chronic ophthalmic disorders is driving the growth of the market.
Single Use Ophthalmic Surgical Devices Market – The global single-use ophthalmic surgical devices market size was valued at USD 5.2 billion in 2018 and is projected to expand at a CAGR of 6.5% by 2026.

Browse through Grand View Research's coverage of Global Medical Devices Industry.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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