Refractive Surgery Devices Market Size, Share & Trends Analysis Report By Application (Myopia, Astigmatism), By Product (Lasers, Aberrometers), By End Use (Hospitals, Ambulatory Surgery Centers)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

The global Refractive Surgery Devices market gathered revenue around USD 170 Million in 2020 and market is set to grow USD 260 Million by the end of 2027 and is estimated to expand at a modest CAGR of 7.0% during the prediction period 2021 to 2027.

Growth Factors:

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.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Refractive Surgery Devices market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Refractive Surgery Devices market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Report Coverage

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Refractive Surgery Devices market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

Regional analysis:

In 2020, North America held the largest share of over 30.2%. High incidence of refractive errors, the presence of significant market players, and the availability of effective reimbursement policies are expected to contribute to the regional market growth. According to the WHO statistics, the number of people aged 65 years and above in the country is expected to reach 78 million by 2035, which will have a positive impact on product demand. Moreover, the implementation of advanced technologies for the development of surgical products is expected to augment the market growth in the region.

Asia Pacific is expected to grow at the highest rate during the forecast period. According to the World Health Organization, the prevalence of myopia will be significantly higher in high-income countries of Asia Pacific. The need for refractive surgery devices is being driven by recent changes in environmental and lifestyle variables such as air pollution, an aging population, and increased use of phones and computers. Several Western companies have capitalized on Asia's rising need for ophthalmic devices. Carl Zeiss Meditec, Ellex, and STAAR Surgical are among the companies that have established a foothold in several regions of Asia and hope to continue expanding throughout the area. Additionally, in December 2019, Dr. Agarwal's Eye Hospital, a leading eye care hospital chain, said that 60 new eye hospitals will be added in India and other South Asian nations over the next two to three years

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

• Company Overview
• Company Market Share/Positioning Analysis
• Product Offerings
• Financial Performance
• Recent Initiatives
• Key Strategies Adopted by Players
• Vendor Landscape
• List of Suppliers
• List of Buyers

Some of the prominent players in the Refractive Surgery Devices Market include:  Johnson & Johnson Services, Inc.; Carl Zeiss Meditec AG; Alcon; Bausch & Lomb Incorporated; Quantel Medical; TOPCON CORPORATION; Essilor; NIDEK CO., LTD.; SCHWIND eye-tech-solutions

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

• By Application

• Myopia
• Hyperopia
• Astigmatism
• Presbyopia
• Dry Eyes
• By Product
• Lasers
• Microkeratome
• Aberrometers
• Others
• By End-use
• Hospitals
• Ambulatory Surgery Centers
• Ophthalmology Clinics

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Highlights of the Report:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
• Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Refractive Surgery Devices market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Refractive Surgery Devices market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Refractive Surgery Devices markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

• Governmental bodies, and organizations creating economic policies
• National and international social welfare institutions
• Company websites, financial reports and SEC filings, broker and investor reports
• Related patent and regulatory databases
• Statistical databases and market reports
• Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

• Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
• In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

• CEOs, VPs, market intelligence managers
• Procuring and national sales managers technical personnel, distributors and resellers
• Research analysts and key opinion leaders from various domains

Key Points Covered in Refractive Surgery Devices market Study:

• Growth of Refractive Surgery Devices in 2021
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Refractive Surgery Devices and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Refractive Surgery Devices Consumption Analysis
•  Refractive Surgery Devices Production Analysis
•  Refractive Surgery Devices and Management