The Global Refractive Surgery Devices Market is Forecast to Exceed $800m in 2017

Wednesday 29 February 2012, Amsterdam

The report provides market landscape, competitive landscape and market trends information on the refractive surgery devices market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market’s dynamics. The report also reviews the competitive landscape and technology offerings.

The Global Refractive Surgery Devices Market is Forecast to Exceed $800m in 2017

See figure: Refractive Surgery Devices Market, Global, Revenue ($m), 2010–2017

The global market for refractive surgery devices was valued at $666.5m in 2010, and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 3% to reach $805.2m in 2017. The market is expected to be driven by an increasing patient population suffering from refractive errors and an increased awareness of the disease and treatment options. Refractive errors affect one third of people who are 40 or older in the US and Western Europe. In 2010, the prevalence of refractive errors in the US was 26% according to the World Health Organization (WHO). The prevalence of myopia is as high as 70-90% in some Asian countries, and females are at higher risk of developing refractive errors compared to men.

Abbott Medical Optics is the Dominant Player in the Global Refractive Surgery Devices Market

In 2010, Abbott Medical Optics (AMO) was the leader in the global refractive surgery devices market with a share of 26%. AMO’s market dominance can be attributed to its significant presence in the ophthalmic lasers market. AMO offers a broad range of Excimer and Femtosecond laser platforms. Other key players in the market with significant presence include Alcon, Bausch and Lomb, and Carl Zeiss.

Emerging Economies such as India and China to Drive Growth in the Refractive Surgery Devices Market

Emerging economies such as India and China are expected to drive the growth in the refractive surgery devices market. The refractive surgery devices markets in India and China were valued at $25.8m and $45.4m respectively in 2010 and are forecast to grow at a CAGR of 5% to reach $37.7m and $65m respectively in 2017. The market is expected to be driven by significant patient population and growing affordability. In India, the age group of 60 years and above amounted to about 7.2% of the total population (about 76.6 million people) in 2010, and projections indicate that this number will reach 9% by 2016. Aging is associated with functional impairments such as low vision, loss of mobility and hearing impairments. Studies conducted by Volunteer Optometric Services to Humanity (VOSH) titled ‘The Impact of Uncorrected Refractive Error on Global Health’ published in 2007 reported that blindness due to refractive error was reported to be 0.36% in India and 0.59% in China in people aged over 50 years.

Femtosecond Lasers to be the Fastest Growing Category in the Refractive Surgery Devices Market

Femtosecond lasers are forecast to be the fastest-growing category in the refractive surgery devices market. The global market for femtosecond lasers was valued at $123.1m in 2010, and is forecast to grow at a CAGR of 6% to reach about $188m in 2017. In the US, 750,000 refractive surgeries were performed in 2011, and out of these more than 50% of the procedures were performed using femtosecond lasers.

The growing popularity of femtosecond lasers in refractive surgery devices market can be attributed to their precision in corneal flap creation during refractive surgery. Femtosecond Laser in Situ Keratomileusis (LASIK) procedures have numerous advantages over conventional LASIK surgery, such as:

· The accuracy of flap thickness is significantly greater, due to the absence of direct contact by the microkeratome.
· Femtosecond laser cuts are smoother than microkeratome cuts.
· The interior of the cornea is exposed for less time and is in direct contact with fewer instruments, improving sterility.