Economic conditions have improved in major markets, which continues to help grow the global demand for refractive surgery, along with the popularity of newer technology, such as lenticular extraction and interest in phakic IOLs, according to a Market Scope news release.
Market Scope saw continuing change in 2019 in the refractive procedure mix in China, Japan, and South Korea as refractive lens exchange (RLE) procedures and use of Staar Surgical’s Visian ICL phakic lens showed record growth. Carl Zeiss Meditec also reported a significant market share of procedure volume with its small incision lenticule extraction (SMILE) procedure in Korea and China.
Patients’ need for distance vision has decreased, as use of digital devices has shifted visual demands to more near and intermediate ranges. Contact lens technology has improved the wearability of lenses for many.
However, growing levels of myopia globally have led to a series of products aimed at early intervention in children. These therapeutics and devices do not eliminate myopia but aim to slow progression and reduce the rise of high myopia later in life.
Global demand for refractive surgical procedures (laser refractive surgery, presbyopia-correcting surgery, RLE, and phakic IOL implantation) is expected to grow at a compound annual rate of 4.0 percent from 2019 to 2024, with annual surgical volume increasing from 4.7 million to 5.7 million procedures. Demand for refractive surgery has continued to grow in several major markets in 2019, including China, India, Latin America, and countries in Market Scope’s Other Wealthy Nations category.
The presbyopia market continues to be the holy grail of market opportunity in ophthalmology. The large unmet need of willing and able patients has yet to find a surgical solution that fits the lifestyle and high expectations of this group. A new avenue appears in the not-too-distant future—one in which patients can gain temporary relief from presbyopia with pupil-modifying eye drops. This represents a low-cost and low-risk option for patients that physicians seem excited to be able to offer.
Market Scope expects total refractive manufacturer-level revenue to grow at a compound rate of 4.9 percent through 2024, fueled by an increase in the price of femtosecond lasers enabled for lenticular extraction, new presbyopia surgical correction options, and growth in RLE and phakic IOLs. Surgeons will be driven to replace older femtosecond and excimer lasers, as new lasers enter established markets and gain additional functionality.
Key manufacturers in the refractive market include Alcon, Carl Zeiss Meditec, Johnson & Johnson Vision, and Ziemer. Market Scope forecasts that the global refractive surgical industry will generate $9.8 billion in total patient fees in 2024—up from $8.2 billion in 2019—for a compound growth rate of 3.7 percent. We expect revenue at the manufacturer level to grow from $1.3 billion in 2019 to $1.7 billion in 2024.
Market Scope’s “2019 Refractive Surgery Market Report: A Global Analysis for 2018 to 2024” was published in December. For more information, please visit market-scope.com or contact Matthew Douty at matthew@market-scope.com.
