The Refractive Surgery Devices And Equipment Industry Will Reach $1.18 Billion By 2022
The global refractive surgery devices and equipment market was valued at about $0.9 billion in 2018 and is expected to grow to around $1.18 billion at a growth rate of around 7% through 2022.
A significant driving factor for the growth of refractive surgery devices and equipment market is an increase in the geriatric population worldwide with eye disorders. Age related macular degeneration is the major cause of loss of vision over the age of 65 years. There are many elderly people with refractive errors and requires immediate surgical care to cure visual impairment. The rising elderly population throughout the year increases the demand for refractive surgeries.
The refractive surgery devices (or) equipment market consists of sales of refractive surgery devices. The refractive surgery devices are used to improve or correct the refractive errors such as nearsightedness (myopia), farsightedness (hyperopia), presbyopia or astigmatism. These devices include excimer lasers, YAG Lasers, microkeratomes and femtosecond lasers.
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North America is expected to be the largest region in the refractive surgery devices and equipment market in 2022, followed by Europe and Asia Pacific respectively.
However, refractive surgery devices and equipment market is being restrained due to lack of use of surgical equipment to treat refractive errors, in the developing nations. Also, backwardness, poverty and lack of knowledge makes the patients unaware about the procedures of the surgery.
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The focus areas for many companies in the refractive surgery devices and equipment market has shifted towards increasing technological advancements in the field of refractive surgery. Advanced technologies used for correcting refractive errors expand the scale of the treatment, reduce the time and labor costs. The new corneal refractive surgical techniques such as femtosecond corneal surgery technique, pseudophakic intraocular lenses, intraocular rings and segments, and corneal stiffening techniques such as collagen crosslinking may impact the market significantly.
The medical devices market, of which the refractive surgery devices and equipment market is a segment, includes sales of medical equipment or devices and related services by entities (organizations, sole traders and partnerships) that manufacture medical devices which are used in the diagnosis, treatment and monitoring of medical conditions.
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The refractive surgery devices and equipment market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider medical devices market and compares it with other markets.