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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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