LASIK market projected to reach $3.51 billion by 2030, driven by technological innovations and rising demand

In January 2024, the FDA approved the Teneo Excimer Laser Platform by Bausch + Lomb Corporation. This new technology for  LASIK vision correction surgery is a breakthrough, improving the precision and safety of the procedures and providing better  visual outcomes for those with myopia and myopic astigmatism. 

LASIK remains the top choice for vision correction due to its quick recovery time and fast results. In the 2022 survey, most  patients saw a big improvement in their vision within just 24 hours. Over 96 per cent of LASIK patients achieved clear vision, while  nearly 99 per cent reached a level of vision good enough to drive without glasses. This high success rate highlights LASIK’s  effectiveness and popularity among people looking to eliminate the hassle of glasses and contact lenses. The growing need for  LASIK is largely due to the increasing number of people with myopia, or nearsightedness, which affected about 30 per cent of the  global population in 2022. As more young people develop myopia, the demand for effective vision correction options has risen. In 2023, 75 per cent of people aged 15 and older were looking for effective vision correction, driven by the desire to live without the  burden of eyewear, especially for those with active lifestyles or demanding jobs. 

In March 2024, a new and improved laser vision correction method called Contoura LASIK (T-CAT) was introduced. This  advanced treatment uses a detailed map of the eye’s surface to pinpoint and correct imperfections, resulting in more precise  corrections and better vision for patients. 

In March 2023, Johnson & Johnson Vision got approval for a new laser system called the ELITA Femtosecond Laser. This laser  helps to accurately correct nearsightedness and astigmatism using a new method called the SILK (Smooth Incision Lenticule  Keratomileusis) Procedure. Studies have shown that this laser makes the procedure safer and more effective by reducing risks  like scratches on the eye and unwanted changes in vision. 

These technological advancements are driving growth and improving patient outcomes in the LASIK market. Leading  companies like Abbott, Johnson & Johnson, Carl Zeiss Ag, Nidek Co., Ltd, Alcon Inc., Bausch & Lomb, and Schwind eye-tech solutions GmbH are at the forefront, developing new technologies and solutions that continue to advance the field. 

According to insights10, the LASIK market, worth $2.34 billion in 2023, is expected to grow at a rate of 5.21 per cent annually,  reaching $3.51 billion by 2030. This growth is driven by ongoing technological advancements and the increasing popularity of  LASIK as a preferred method for vision correction. New technologies in LASIK not only improve vision but also boost patient  confidence and satisfaction, solidifying its position as a leading choice for those seeking to correct their vision. 

However, some challenges could slow down this growth. One major issue is the high cost of LASIK, which makes it too  expensive for some people, especially in lower income groups. Also, many insurance plans don’t cover LASIK because it’s  considered an optional procedure, so patients have to pay the full cost themselves. This can make LASIK unaffordable for  many. 

Additionally, there is competition from other vision correction treatments like PRK, SMILE, and implantable contact lenses.  PRK, or Photorefractive Keratectomy, is becoming popular again because it works well for people with thinner corneas or those who are more prone to eye injuries. It reshapes the cornea without creating a flap, which can be safer for some patients.  SMILE, or Small Incision Lenticule Extraction, is a newer, less invasive procedure that makes a smaller cut in the cornea,  preserving more of its structure and reducing the risk of dry eye. Implantable contact lenses are a reversible option for people  with severe near sightedness or who aren’t good candidates for LASIK. These alternatives offer their own benefits and are  gaining popularity, giving patients more choices and potentially reducing the demand for LASIK. 

Geographic differences also pose a challenge, as high-quality LASIK services are less available in rural or developing areas  due to a shortage of qualified doctors and advanced technology. In some places, people aren’t as aware of LASIK’s benefits, 

which can slow its adoption. Additionally, concerns about complications, discomfort after surgery, high costs, and uncertain  outcomes can make people hesitant to choose LASIK. 

As per the  insights10 report, the Asia-Pacific region is expected to lead the growth of the LASIK market because of rising incomes, increasing awareness of  LASIK’s benefits, and better healthcare facilities. The growing middle class in this region can afford elective procedures like  LASIK and is learning more about its advantages. Furthermore, the global aging population, expected to reach 16 per cent by 2050,  will drive demand for LASIK as a solution for age-related vision problems. This demographic shift, combined with  advancements in LASIK technology, presents significant opportunities for market growth in the coming years. 

The integration of telemedicine into LASIK services is transforming patient care by making it more accessible and satisfactory.  Remote consultations for pre-surgery evaluations and post-surgery follow-ups allow patients in underserved and remote areas  to receive expert care without needing to travel extensively. This not only offers convenience but also allows for more  personalized and efficient care through digital platforms, improving patient engagement and streamlining processes. 

The FDA (U.S. Food and Drug Administration) and EMA (European Medicines Agency) play a key role in ensuring the safety  and effectiveness of LASIK procedures. These regulatory agencies carefully evaluate LASIK devices and techniques through  thorough clinical trials and ongoing monitoring after the procedures are available to the public. By enforcing strict standards,  they protect patient interests and build public trust in LASIK technology. Their collaboration with industry stakeholders and healthcare providers drives innovation while maintaining high-quality benchmarks in the field.