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Refractive Surgery Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Refractive Surgery Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021
  • 175 pages
  • ID: 6067918
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the refractive surgery devices (or) equipment market are Boston Scientific, Cook Medical, C.R. Bard, DirexGroup, and Dornier MedTech.

The global refractive surgery devices and equipment market is expected to grow from $0.79 billion in 2020 to $0.91 billion in 2021 at a compound annual growth rate (CAGR) of 15.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.22 billion in 2025 at a CAGR of 7.6%.

The refractive surgery devices (or) equipment market consists of sales of refractive surgery devices.The refractive surgery devices are used to improve or correct the refractive errors such as nearsightedness (myopia), farsightedness (hyperopia), presbyopia or astigmatism.

These devices include excimer lasers, YAG Lasers, microkeratomes and femtosecond lasers.

In the USA, FDA (Foods and Drugs Administration) regulates the sale of medical devices and monitors the safety of all regulated medical devices. FDA regulates the sales of medical devices for the refractive surgery.

The focus areas for many companies in the refractive surgery devices and equipment market has shifted towards increasing technological advancements in the field of refractive surgery.Advanced technologies used for correcting refractive errors expand the scale of the treatment, reduce the time and labor costs.

The new corneal refractive surgical techniques such as femtosecond corneal surgery technique, pseudophakic intraocular lenses, intraocular rings and segments, and corneal stiffening techniques such as collagen crosslinking may impact the market significantly.For instance, the intrastromal femtosecond laser assisted lenticular corneal excision (Flex-Smile) technique has been found to be very effective for myopic cases of up to 10 diopters with astigmatism up to 3.

Also, the advanced femtosecond laser surgical instruments have many unique features such as complete surgical control down to the micron in terms of diameter, depth and edge angle, fast flap creation.

A significant driving factor for the growth of Refractive surgery devices and equipment market is an increase in the geriatric population worldwide with eye disorders.Age related macular degeneration is the major cause of loss of vision over the age of 65 years.

There are many elderly people with refractive errors and requires immediate surgical care to cure visual impairment.The rising elderly population throughout the year increases the demand for refractive surgeries.

For example, the elderly population in USA is steadily growing and by 2030, 70 million Americans will be over 65 years of age. Approximately one in three older people have optic disorders which is boosting the refractive surgery devices and equipment market.

Refractive surgery devices and equipment market is being restrained due to lack of use of surgical equipment to treat refractive errors, in the developing nations.Also, backwardness, poverty and lack of knowledge makes the patients unaware about the procedures of the surgery.

For example, according to WHO the visual impairment in Rwanda, an African country is 5.3% and more than 80% of the eye cases were refractive errors which were considered treatable but due to lack of ophthalmic surgical devices there is no cure. People in the developing countries witness more cases related to blindness than developed countries.

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