Canada LASIK Surgery Market Analysis

Canada LASIK Surgery Market Executive Summary

Canada LASIK Surgery Market was valued at $282.40 Mn in 2023 and is predicted to grow at a CAGR of 5.21% from 2023 to 2030, to $402.96 Mn by 2030.

LASIK, or laser-assisted in situ keratomileusis, is a popular refractive surgery that reshapes the cornea to correct vision problems like near sightedness, farsightedness, and astigmatism, significantly reducing dependence on eyeglasses or contact lenses. Before surgery, an ophthalmologist performs a comprehensive eye exam to determine candidacy. The outpatient procedure, lasting about 15-30 minutes per eye, involves creating a thin corneal flap with a microkeratome or femtosecond laser, reshaping the underlying corneal tissue with an excimer laser, and repositioning the flap without stitches. Post-surgery, patients may experience temporary discomfort and blurred vision, with risks including dry eyes, glare, halos, infection, and rare vision under or overcorrections.

In Canada, cataracts are the leading cause of vision impairment, affecting 2.5 Mn people, with over 50% of those aged 80 and older impacted. Other significant eye diseases include glaucoma (600,000 affected), age-related macular degeneration (1 Mn), and diabetic retinopathy (500,000 among diabetics). While eye diseases don't directly cause mortality, vision loss increases the risk of death and significantly affects quality of life. LASIK surgery is widely performed, with over 1Mn procedures annually and a high satisfaction rate of over 90%, although potential complications include dry eye and glare, which are less common with advanced technology and experienced surgeons. Market is therefore driven by significant factors like high prevalence, growing disposable income, and increasing marketing. However, high cost of surgery, limited public insurance coverage, and concerns about side effects restrict the growth and potential of the market.

A prominent player in this field is Johnson & Johnson Vision, Zeimer which announced a collaboration with Schwind eye-tech-solutions to develop a new femtosecond laser platform for various ophthalmic applications, including LASIK surgery on June 2023. Other contributors include Abbott, and Carl ZEISS AG among others.

Market Dynamics

Market Growth Drivers

Rising Prevalence: Canada has a significant population with vision problems. A study published in the Canadian Journal of Ophthalmology found that over 26% of Canadians aged 15-49 experience myopia (near sightedness). This substantial patient pool creates a demand for corrective procedures like LASIK surgery.

Growing Disposable Income: Canadian economy experiences steady growth, leading to an increase in disposable income for many citizens. With more financial resources, individuals are more likely to consider elective procedures like LASIK that improve their quality of life.

Increasing Marketing: There's a growing public awareness of LASIK surgery in Canada, driven by marketing campaigns from eye care providers and medical facilities. Educational campaigns can address concerns and attract potential patients who might not have considered LASIK before.

Market Restraints

High Cost of Surgery: LASIK surgery can be expensive in Canada, ranging from $2,000 to $4,000 per eye. This cost can be a significant barrier for many Canadians, even with disposable income.

Limited Public Insurance Coverage:  LASIK surgery is generally considered an elective procedure and not routinely covered by provincial/territorial health insurance plans in Canada. This adds to the financial burden for patients considering the procedure.  While uncommon, some private health insurance plans may offer partial coverage.

Concerns about Side Effects: While LASIK surgery has a good safety record, there are still potential side effects like dry eyes, temporary vision fluctuations, and rarely, more serious complications.  This can lead some patients to hesitate due to concerns about long-term consequences.

Regulatory Landscape and Reimbursement Scenario
 

Canada has a comprehensive regulatory framework for LASIK surgery, overseen by several key bodies. Health Canada is responsible for regulating medical devices, ensuring that lasers and diagnostic equipment meet safety and efficacy standards before use. The College of Physicians and Surgeons of Canada, along with provincial counterparts, sets medical practice standards, including for ophthalmology, while the Canadian Ophthalmological Society provides practice guidelines to promote high standards of care. Key regulations include strict pre-operative assessments, mandatory use of approved devices, informed consent procedures, and standardized post-operative care protocols.

LASIK surgery in Canada is typically considered an elective procedure and is generally not covered by provincial health insurance plans. Some private health insurance policies may offer limited coverage for LASIK, but this is rare and varies by plan. Consequently, most patients pay out-of-pocket for the procedure, with costs influenced by the surgeon's experience and the technology used. Many LASIK clinics also offer financing options to help patients manage expenses associated with the surgery.

Competitive Landscape

Key Players

Here are some of the major key players in the Canada LASIK Surgery

• Toronto Eye Clinic
• Abbott
• Technolas Perfect Vision GMBH
• Johnson and Johnson Private Ltd
• Zeimer Ophthalmic System AG
• TLC Laser Eye Centres
• Laser Sight Technologies, Inc
• Bausch + Lomb Incorporate
• Carl ZEISS AG
• Nidek Co, Ltd