LOS ANGELES, Feb. 07, 2020 (GLOBE NEWSWIRE) -- The global lasik eye surgery devices market is expected to grow at a CAGR of around 4.4% during forecast period 2019 to 2026 and reach the market value of over US$ 2,161.8 Mn by 2026.

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The rapidly increasing cases of vision errors across the globe are primarily driving the market growth. According to the 2015 estimates of the World Health Organization (WHO), around 285 million people globally have vision impairment and the report has also mentioned that myopia has affected 1.89 billion people across the globe. The technological advancements in terms of new devices and minimally invasive surgical procedures are supporting the market value. For instance, NIDEK Co., Ltd. has launched NAVEX Quest M2 NIDEK Advanced Vision Excimer Laser System in April 2017. The new system offers highly reliable and accurate data for clinical diagnostics. The new product development strategy helps in increasing the company's portfolio. In addition to these, the favorable government support to improve healthcare infrastructure as well as to spread awareness among people about the advance procedures to correct vision defects is further propelling the market value.

In 2018, North America held the major share of the global market for Lasik eye surgery devices. The advance healthcare infrastructure and favorable government support are primarily supporting market growth. For instance, a 2020 house bill supported by The Idaho Bureau of Occupational Licensing gives a right to optometrists to perform laser eye surgery. According to Idaho News reports, optometrists would have to pass an examination by the National Board of Examiners in Optometry to perform laser procedure. Later they are required to perform at least five procedures under the supervision of an ophthalmologist.

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Asia Pacific is expected to register a maximum CAGR over the forecast period. The region is primarily gaining growth due to the growing purchasing power of residents. The major economies of the region like China and India are particularly supporting the accelerating growth over the estimated period from 2019 to 2026. Additionally, in 2019, researchers from Canada and China have developed a new highly-targeted laser device to close blood vessels within human tissues. The researchers have mentioned that the device can be used to treat any part of the human body where light can be reached and need precise treatment such as nerves or blood vessels in the eye, brain, skin or other vital parts.

Some of the leading competitors are Alcon, BAUSCH + LOMB, Carl Zeiss, Johnson & Johnson, Laser sight Technologies, NIDEK, SCHWIND eye-tech-solutions, TECHNOLAS Perfect Vision, and Ziemer Ophthalmic Systems. Lasik Eye Surgery Devices companies have announced mergers and acquisitions to expand their position in the Lasik eye surgery devices industry. For instance, Johnson & Johnson has acquired Abbott's vision care business unit (AMO) in 2016. Major players are also moving into new regions or advanced technologies.

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Some of the key observations regarding lasik eye surgery devices industry include:

  • Zeiss medical technology has introduced a new technology for eye care and high-resolution imaging at the European society of cataract and refractive surgery (ESCRS) in September 2019. The new technology is intended to help companies to develop advanced products which will sequentially increase the consumer base of the company.
  • The Journal of Refractive Surgery has published a study where researchers have found that 92% of myopia or myopia complicated by astigmatism treated with Lasik has achieved 20/20 vision.
  • The LASIK Vision Institute, United States has opened a center in Duluth, Georgia in 2018. The center has the topography-guided LASIK technology which was approved by the FDA. 
  • Alcon Laboratories Inc. has introduced The NGENUITY 3D Visualization System in 2016 to aid in retinal surgery visualization. The company has also launched next-generation hydrogen peroxide lens care solution AOSEPT PLUS with HydraGlyde Solution in 2015. 
  • ELT Sight, Inc. has announced the creation of its Scientific Advisory Board in January 2020. The created group of recognized ophthalmic and glaucoma key opinion leaders will collaborate with the company and help in delivering the ExTra ELT device. Moreover, ELT Sight Inc. is a Germany based company involved in effective, safe and longer-term micro-invasive glaucoma surgery with its ExTra excimer laser trabeculostomy (ELT) device.

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