Refractive Surgery Devices Market: Current Scenarios and Opportunities

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 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.

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.

Related Press Release@ Refractive Surgery Devices Market Report

Refractive Surgery Devices Market Report Highlights

• 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