The laser vision correction market involves the use of laser-based procedures to surgically correct vision problems such as short-sightedness, long-sightedness and astigmatism. Laser refractive surgery involves using focused light or laser energy to reshape the cornea in order to improve vision. Procedures such as laser assisted in situ keratomileusis (LASIK) and photorefractive keratectomy (PRK) are commonly performed to correct nearsightedness, farsightedness and astigmatism. The growing prevalence of myopia especially among young adults and children is a major driver for increased adoption of laser vision correction procedures.
The Global laser vision correction market is estimated to be valued at US$ 7.57 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the laser vision correction market are Johnson and Johnson Private Limited, Alcon Management S. A., NIDEK CO., LTD., Bausch Health Companies Inc., Carl Zeiss Meditec AG (A subsidiary of Carl Zeiss AG), Ziemer Ophthalmic Systems AG, SCHWIND eye-tech-solutions, and Coherent Corp. These players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.

The rising prevalence of myopia and other refractive errors globally offers significant Laser Vision Correction Market Demand. Increasing awareness about the advantages of laser refractive surgeries and the availability of various financing options are encouraging more people to opt for these procedures.

The laser vision correction market is witnessing strong growth in Asia Pacific and Latin America. Rising healthcare expenditure, increasing focus of major players on emerging countries and growing medical tourism are driving the adoption of laser vision correction in developing nations.

Market Drivers

The growing prevalence of myopia especially among young adults and children is a major driver for the laser vision correction market. According to estimates, nearly 30% of the world's population suffers from myopia and it is expected to affect nearly 50% of the global population by 2050. The growing adoption of digital devices and lack of outdoor activities are increasing the risk of developing myopia at an early age. This is encouraging more people to opt for laser vision correction procedures. In addition, the increasing awareness about advantages of laser eye surgery such as immediate results, avoidance of contact lenses and glasses and lower risk of complications is boosting the market growth.
PEST Analysis
Political: Regulations regarding the usage of laser technology for vision correction vary in different regions. Some countries have strict rules about the certifications and training required for practitioners.

Economic: Rising disposable incomes and growing focus on healthcare is boosting spending on elective procedures like laser vision correction. However, economic slowdowns can impact demand.

Social: Younger populations are more inclined to correct their vision considering their high smartphone usage. Social media marketing campaigns helps raise awareness. However, some sections still prefer wearing glasses socially.

Technological: Advances in laser technology allows for shorter procedure times, improvements in accuracy and safety. New techniques like bladeless LASIK and use of femtosecond lasers are gaining. However, cost remains a barrier for advanced technologies.

Geographical regions with high market value
North America leads the laser vision correction market due to the high prevalence of refractive errors and the rapid uptake of new technologies. Favourable reimbursement policies and healthcare infrastructure further support market growth here. Asia Pacific is expected to grow the fastest owing to the large population base in countries such as India and China seeking vision correction. Rising awareness about procedures and their growing disposability incomes makes the region lucrative for players.

Fastest growing region
Asia Pacific region is poised to be fastest growing market for laser vision correction. The large untapped population base in the region offers huge growth potential. Factors such as increasing awareness about procedures, growing healthcare infrastructure and rising disposable incomes are driving the market in Asia Pacific. Countries like India, China and Japan will spearhead growth due to their growing economy and population. Players are investing in facility expansion and technologically advanced solutions to cater to the emerging demand.
Get More Insights on- Laser Vision Correction Market
Explore More Related Article On- Biohacking Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)