Newark, NJ, Oct. 01, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the?global personalized LASIK surgery market is expected to grow from USD 2.39 billion in 2019 to USD 4.87 billion by 2027, at a CAGR of 9.3% during the forecast period 2020-2027.

Certain key factors that are driving the global personalized LASIK surgery market growth include increasing demand for laser eye surgeries, growing prevalence of target diseases, rising geriatric population, rising number of eye care centers that provide personalized LASIK surgeries, increasing awareness regarding efficacy & safety, and technological advancements.?

Personalized LASIK (laser-assisted in situ keratomileuses), also known custom LASIK, adds an additional degree of precision & personalization to the LASIK vision correction surgery by adopting advanced technologies. Refractive impairments like hyperopia (farsightedness), myopia (nearsightedness), presbyopia, and astigmatism can lead to hindrance in daily activities & increase the requirement for glasses. As per the American Academy of Ophthalmology, approximately 35% of the U.S. population wears glasses due to eye disorders. It is estimated that approximately 25% of people worldwide go for laser-based eyesight correction surgeries as an alternative to using glasses & lens throughout their life.

With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the personalized LASIK surgery market. With less disposable income and broken supply chains, the market's growth is expected to slow down.

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Key players operating in the global personalized LASIK surgery market include Abbott Laboratories, Johnson & Johnson, Carl Zeiss Inc., Lasersight Technologies, Inc., Abbot Medical Optics, Nidek Co. Ltd., Bausch + Lomb, Ziemer Group AG., and Alcon Laboratories, among others. To gain a significant market share in the global personalized LASIK surgery market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Lasersight Technologies, Inc. and Carl Zeiss Inc., are some of the biggest players in the global personalized LASIK surgery market. Abbott's iDesign system helps to generate high-resolution scans during LASIK surgeries in order to find irregularities in the eye. Other major systems are Bausch & Lomb Technolas 217z, Abbott's CustomVue & WaveScan System, etc.

Wavefront guided LASIK dominated the market and held the largest market share of 40% in the year 2019

Based on surgery type, the market has been segmented into wavefront optimized LASIK, wavefront guided LASIK, and topography guided LASIK. Wavefront guided LASIK dominated the market, and held the largest market share of 40% in the year 2019. The wavefront based operations include the measurement of the patient's cornea as per the way light travels in the eye and how light falls upon the retina. The LASIK treatment by this procedure is customized according to the patient's eye anatomy. Whereas, topography guided LASIK procedures take the measurement of the patient's eye surface. Some of the wavefront guided systems are WaveScan System, iDesign Advanced CustomVue LASIK System, Technolas 217z Zyoptix offered by Bausch & Lomb and CustomVue System offered by Abbott Medical Optics.

Presbyopia is expected to lead the market during the forecast period with a CAGR of 10.6%

On the basis of indication type, the global market has been divided into presbyopia, hyperopia, myopia, and astigmatism. Presbyopia is expected to lead the market during the forecast period with a CAGR of 10.6%. Presbyopia is the irreversible & gradual loss of the eyes' ability to focus on objects. It happens naturally due to aging. Presbyopia has a higher prevalence in societies where greater proportions of the population survive up to old age. With the aging of the U.S. population, in the coming years, increasing numbers of patients with presbyopia could be required to report to the offices of optometrists. The highest cases of presbyopia are observed in people of ages 40 and above.

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Hospitals dominated the market and valued at USD 1.46 billion in the year 2019

The end-user segment comprises of ambulatory surgical centers, hospitals & clinics, and others. Hospitals dominated the market and valued at USD 1.46 billion in the year 2019. The hospitals segment held the majority share due to its large scale, strong financial capabilities, and a broad range of services.

Regional Segment Analysis of the Personalized LASIK Surgery Market

  • North America (U.S., Canada, Mexico)?
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan India, Rest of APAC)
  • South America (Brazil and Rest of South America)?
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global personalized LASIK surgery market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 47.8% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the existence of key market players in the region, rising awareness levels, and developed healthcare infrastructure. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like the development of medical technology, increasing awareness levels, and improving economic conditions.?

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About the report:?

The global personalized LASIK surgery market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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