Laser Vision Correction Market Analysis | Coherent Market Insights

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Laser Vision Correction Market Analysis
(2020-2027)

• The LASIK surgery procedure is carried out for
  treatment of patients suffering from myopia.
  Factors such as the increasing demand for
  minimally invasive therapies and the rising
  prevalence of refractive disorders are expected
  to boost demand for Laser Vision Correction
  procedures during the forecast period.
  Commercialization of approved LASIK surgery
  systems is expected to fuel market growth during
  the forecast period.
• Moreover, key players in the market are focusing
  on investments in research and development of
  custom LASIK technology. They are actively
  investing in acquiring license for
  commercialization of advanced wavefront guided
  LASIK technology for treatment.

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• For instance, in June 2013, Bausch Lomb
  Incorporated received the Health Canada Medical
  Device License (MDL) for VICTUS Femtosecond Laser
  Platform that is used in creation of a corneal
  flap in patients undergoing LASIK surgery.

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Global Laser Vision Correction Market - Impact of
Coronavirus (Covid-19) Pandemic

• The laser vision correction market study is a
  well-researched report encompassing a detailed
  analysis of this industry with respect to certain
  parameters such as the product capacity as well
  as the overall market remuneration. According to
  the World Health Organization Coronavirus Disease
  (COVID-19) Dashboard (WHO) report, the
  manifestation of the coronavirus disease
  (COVID-19) has resulted in more than 7 million
  infected individuals worldwide as of June 2020.
• Due to the lockdown, several countries such as
  Italy, Spain, U.K., the U.S., India, and others
  are facing problems regarding the transportation
  of laser vision correction devices from one place
  to another. Upcoming LASIK surgeries are delayed
  due to nationwide lockdowns as LASIK surgeries
  are classified as cosmetic procedures in many
  countries.

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• The WHO has encouraged ophthalmic centers to take
  safety and responsible measures in order to
  reduce the spread of coronavirus. For instance,
  limiting the number of people in one area at a
  time, modifying workstation arrangements, and
  minimizing the cross flow of people between
  shifts to reduce potential exposure, along with
  enhanced cleaning and sanitization of facilities.
• The Laser Vision Correction Market is estimated
  to be valued at US 5,201.3 million in 2020 and
  is expected to exhibit a CAGR of 7.9 during the
  forecast period (2020-2027).

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Figure 1 Global Laser Vision Correction Market
Share () Analysis, By Type, 2020
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Increasing number of product launches and
approvals are expected to drive the growth of the
laser vision correction market.

• Laser vision correction is an effective method to
  correct the vision and is used for the treatment
  of various refractive disorders such as myopia,
  hyperopia, astigmatism, and others.
• Market players are focused on product launches,
  obtaining approvals for laser vision correction
  devices, and enhancing their offerings in
  potential markets. For instance, in November
  2015, Alcon, a division of Novartis, introduced
  Contoura Vision, the first personalized LASIK
  procedure, at the American Academy of
  Ophthalmologys (AAO) annual meeting in Las
  Vegas, U.S

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• Contoura Vision is a topography-guided LASIK
  treatment developed to help surgeons or
  healthcare professionals perform personalized
  laser procedures on patients with nearsightedness
  and astigmatism based on the corneal topography
  of each eye.
• Furthermore, Bausch Health is also making
  available for donation of ARTELAC Splash eye
  drops for local hospitals (Spain). Moreover, in
  October 2018, Alcon introduced the advanced
  WaveLight Refractive Suite that can be used with
  Contoura Vision to guide surgeons and
  professionals in detection of abnormality or
  imperfection in eyes.

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Laser Vision Correction Market- Restraints

• However, LASIK surgery devices are highly
  computerized devices which can experience faults,
  inconsistencies, technical glitches, and other
  problems. Due to these technical problems, the
  U.S. FDA has often recalled LASIK surgery devices
  which is expected to hamper the laser vision
  correction market growth during the forecast
  period.
• For instance, in March 2018, the U.S. FDA
  recalled the FEMTO LDV(TM) Z8 Femtosecond
  Surgical Laser, a product by SIE AG, due to a
  customer complaint received on November 16, 2017
  about a complication with a cataract procedure.

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Laser Vision Correction Market Regional Analysis

• The market in North America accounted for the
  largest share in the Laser Vision Correction
  Market in 2019 owing to the increasing incidence
  of refractive disorders, coupled with high demand
  for laser treatment. For instance, according to
  the American Academy of Ophthalmology, in 2016,
  around 23 of the U.S. population above the age
  of 40 years suffered from myopia.
• Furthermore, in January 2019, according to the
  Glaucoma Research Foundation, over 3 million
  people in the U.S. have been diagnosed with
  glaucoma. The National Eye Institute projects
  that this number will increase by 58 and reach
  4.2 million by 2030.

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• Furthermore, the market in Asia Pacific is
  expected to witness the fastest growth during the
  forecast period. The increasing demand for new
  treatment methods in countries such as India and
  China is expected to drive the market growth. For
  instance, in 2016, Contoura Vision received the
  U.S. FDA approval for a commercial launch, which
  is also available in India in various centers,
  and several Indian surgeons now have extensive
  experience with this technology.

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Figure 2 Global Laser Vision Correction Market
Value (US Mn) Y-o-Y Growth (), 2017-2027
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Laser Vision Correction Market- Competitive
Landscape

• Key players operating in the laser vision
  correction market are Johnson Johnson., Alcon
  Laboratories, Inc., Nidek co., Ltd., Bausch
  Health Companies Inc., Carl Zeiss Meditec AG,
  Ziemer Group AG, Schwind Eye-tech-solutions, and
  Coherent Inc.

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