Refractive Surgery Devices Market Growth Strategies And Forecast Analysis 2028

Posted on 2022-10-04 by researchinsights in Industrial // 0 Comments

Refractive Surgery Devices Industry Overview

The global refractive surgery devices market size was valued at USD 168.2 million in 2020 and is expected to expand at a compound annual growth (CAGR) of 7.7% from 2021 to 2028.

The growing geriatric population and the increased screen time of the global population due to the COVID-19 pandemic are expected to drive the demand for refractive surgeries. According to JAMA Ophthalmology, myopia has been a major issue throughout the pandemic, particularly among youngsters, due to increased screen time. Myopia is on the rise, according to the World Health Organization, 52 percent of the world’s population is expected to be affected by myopia by 2050. Additionally, the geriatric population is more susceptible to developing refractive errors and requires immediate surgical care to cure visual impairment. According to the National Institute on Aging (NIA), the geriatric population is expected to reach 72 million by 2030.

Gather more insights about the market drivers, restrains and growth of the Global Refractive Surgery Devices Market

Moreover, the rising rate of refractive errors and other eye conditions, such as myopia, hyperopia, astigmatism, presbyopia, and dry eyes, is anticipated to widen the base for the market. Refractive surgery gives a person more independence by reducing the need for glasses or contact lenses. Vision correction and treatment of various eye diseases that may otherwise result in blindness are made easier with refractive surgery. According to the WHO, uncorrected refractive errors are the main cause of vision impairment and blindness and there are about 88.4 million people worldwide with unaddressed refractive errors. This is expected to drive the need for refractive surgeries.

The advent of technologically advanced minimally invasive surgeries, such as LASIK, PRK, and the relatively new, small-incision lenticule extraction (SMILE)is presumed to accelerate the demand for refractive surgery devices during the forecast period. The aforementioned surgeries are accompanied by better patient outcomes that include faster recovery rates, improved safety profile, increased acceptance of refractive surgeries, and various government schemes. Ophthalmic surgical procedures have witnessed significant changes throughout the years, with the introduction of advanced surgical techniques and instruments. The da Vinci system, which is the current standard robotic surgical technology utilized in the area of ophthalmology, is extremely dependable, accurate, and error-free. In low-GDP nations, however, issues such as high prices, poor adoption rates, and restricted product reach are likely to impede the market growth. In addition, the side effects associated with surgeries such as temporary visual problems, like glare, and complications that result in loss of vision may hamper the market growth.

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