DUBLIN--(BUSINESS WIRE)--The "Refractive Surgery Devices And Equipment Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global refractive surgery devices and equipment market was valued at about $0.9 billion in 2018 and is expected to grow to $1.18 billion at a CAGR of 7.0% through 2022.
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.
North America is expected to be the largest region in the refractive surgery devices and equipment maket in 2022, followed by Europe and Asia Pacific respectively.
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.
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.
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 lasers used for the refractive surgeries are appointed and checked by FDA before being practically used for the surgeries. While in Europe, EU Medical Devices Directives (MDD) closely monitors the devices used for refractive surgeries.
For the companies intending to manufacture medical devices must obtain a CE mark from regulatory authorities. The unannounced audits to be carried out by the regulatory notified bodies at least once every third year, and more often for higher-risk devices may improve the standards of the devices, however, it would also add to the already existing stringent policies.
Major players in the market are Alcon, J & J, Zeiss, Bausch and Lomb (Valeant), Ziemer Ophthalmic
- iVIS Technologies
- SCHWIND eye-tech-solutions GmbH & Co. KG
- Lumenis Ltd.
- Ellex Medical Lasers Limited.
- Topcon corporation
- Ellex Medical Lasers Limited.
- HOYA Corporation
- Glaukos Corporation
- Aaren-Scientific Inc
- OPHTEC BV
- Rayner Intraocular Lenses Limited
- The HumanOptics AG
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