Personalized LASIK Surgery Market Size

Personalized LASIK Surgery Market Analysis

The Personalized LASIK Surgery Market is expected to grow at a CAGR of 5.9% over the forecast period.

The COVID-19 pandemic has impacted the market significantly. Initially, the government's implemented lockdowns led to a drop in footfall in clinics and hospitals for eye care and the cancellation or postponement of many procedures. For instance, according to a research study published in the Indian Journal of Ophthalmology, in December 2021, the clinics were supposed to perform 7,500 cataract procedures which were reduced to just 2,500 due to the pandemic. Further, the pandemic is expected to have a long-term impact on the market owing to long on-screen hours, leading to a rising burden of ophthalmic diseases. For instance, as per a research study published in January 2021 in JAMA Ophthalmology, in school-based photo screenings conducted in China, children between the age of 6 and 8 years who were kept at home during the COVID-19 pandemic suffered significant myopic changes. Therefore, the initial decline in ophthalmic procedures is expected to cover up with ease in restriction and decline in COVID-19 cases. Further, the long-term impact of COVID-19 is likely to add to the market's growth over the forecast period.

Factors such as the rising burden of ophthalmic diseases and technological advancement in LASIK procedures are expected to drive market growth. For instance, according to the October 2022 update of the WHO, globally, at least 2.2 billion people have a near or distant vision impairment, of which, in at least 1 billion or almost half of these cases, vision impairment could have been prevented or has yet to be addressed. Additionally, as per an article published by the American Academy of Ophthalmology in February 2022, ophthalmologists suggest refractive surgeries such as LASIK for treating vision impairment. Several advantages associated with personalized LASIK surgery are anticipated to augment the market growth studied. For instance, an article published by NVISION Eye Centers in August 2021 stated that one of the most advantageous features of the customized LASIK is that it uses wavefront technology, which allows the eye surgeon to customize where the lasers remove tissue from the cornea, taking the cornea shape and irregularities into account, while traditional LASIK lacks this feature and does not measure specific corneal aberrations. Hence, the adoption of LASIK procedures is expected to increase, thereby fueling growth in the market.

Furthermore, the strategic activities of the major market players are expected to drive the studied market. For instance, in December 2021, Adagia Partners, a pan-European mid-market private equity firm, acquired Schwind eye-tech Solutions GmbH. The company covers essential all-laser procedures of modern refractive surgery from a single source, such as the touch-free TransPRK/SmartSurfACE surface treatment, intrastromal Femto-LASIK, and new-gen minimally-invasive SCHWIND SmartSight lenticle extraction. Such activities are expected to drive market growth over the forecast period. 

Thus, the abovementioned factors are impacting the market growth of the personalized LASIK surgery market. However, ambiguous regulatory frameworks and insufficient reimbursement policies will hinder market growth over the forecast period.