India LASIK Surgery Market Analysis

India LASIK Surgery Market Executive Summary

India LASIK Surgery Market was valued at $64.20 Mn in 2023 and is predicted to grow at a CAGR of 8.21% from 2023 to 2030, to $111.53 Mn by 2030.

LASIK, or laser-assisted in situ keratomileusis, is a popular refractive surgery that reshapes the cornea to correct vision problems like nearsightedness, 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.

Eye diseases in India are a significant public health concern, affecting Mn. The prevalence of eye injury is 3.75%, impacting approximately 37.37 Mn people and leading to blindness or impaired vision. Dry eye disease symptoms affect 6.8% of the urban population. Among older adults, 33.8% of males and 40% of females suffer from vision impairment, with Meghalaya showing the highest prevalence (59.5% for males and 68.8% for females). In a South Indian population, the 6-year incidence of monocular blindness is 3.2%, with increasing age, smokeless tobacco use, and no cataract surgery history being significant risk factors. Stroke and hypertension are notable risk factors for vision impairment among older adults, with visual impairment, low vision, and blindness rates in Aligarh at 13.0%, 7.8%, and 5.3%, respectively.

The market is therefore driven by significant factors like the rising prevalence of vision problems, increasing insurance coverage, and technological advancements. However, high out-of-pocket costs, lack of awareness in rural areas, and uneven distribution of qualified professionals 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 of Vision Problems: India has a high prevalence of vision problems, particularly myopia (nearsightedness). A study published in the Indian Journal of Ophthalmology found that nearly 30% of urban Indians suffer from myopia. This large patient pool creates a significant demand for corrective procedures like LASIK surgery.

Increasing Insurance Coverage: 2019 IRDAI regulation mandated basic health insurance plans to cover LASIK surgery under certain conditions. This regulation has made LASIK more accessible for a segment of the population who might not have been able to afford it otherwise, thus drive the market.

Technological Advancements: India is witnessing advancements in LASIK technology. These advancements offer greater precision, faster recovery times, and improved patient outcomes, making LASIK a more attractive option.

Market Restraints

High Out-of-Pocket Costs: Even with some insurance coverage, LASIK surgery can still be expensive, especially for those with limited health insurance plans or no coverage at all. This can be a significant barrier for many patients.

Lack of Awareness in Rural Areas: While awareness is increasing, there may still be a lack of knowledge about LASIK surgery, particularly in rural and remote areas. This can limit access to the procedure for those who could benefit from it.

Uneven Distribution of Qualified Professionals: Availability of qualified ophthalmologists skilled in performing LASIK surgery may not be evenly distributed across the country. This can limit access for those living in remote areas.

Regulatory Landscape and Reimbursement Scenario

The regulatory landscape for LASIK surgery in India involves multiple oversight bodies to ensure safety, efficacy, and ethical practice. The Drugs Controller General of India (DCGI) regulates all medical devices, including lasers and diagnostic equipment used in LASIK surgery, ensuring they meet stringent safety and efficacy standards. The Medical Council of India (MCI), now replaced by the National Medical Commission (NMC), oversees the qualifications and ethical practices of medical professionals, including ophthalmologists performing LASIK surgery. The Directorate General of Health Services (DGHS) sets national health policies and guidelines, covering aspects like pre-operative assessments, laser equipment standards, informed consent procedures, and post-operative care protocols. Compliance with these regulations is crucial for LASIK surgeons and facilities to maintain safe and ethical practices.

The reimbursement landscape for LASIK surgery in India has seen positive changes, especially since the Insurance Regulatory and Development Authority of India (IRDAI) issued a regulation in 2019 mandating that basic health insurance plans must cover LASIK surgery under specific conditions. Despite this progress, coverage typically applies only if the patient's refractive error meets a certain threshold, often around 7.5 diopters or higher, and there may be waiting periods before coverage kicks in. Additionally, specific coverage details, such as exclusions and limitations, vary across individual health insurance policies.

Competitive Landscape

Key Players

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

• Sankara Nethralaya
• EyeMantra Hospital
• Johnson and Johnson Private Ltd
• Shroff Eye Hospital
• Maxivision Eye Hospitals
• Zeimer Ophthalmic System AG
• Abbott
• Nethradhama Superspeciality Eye Hospital
• Laser Sight Technologies, Inc
• Carl ZEISS AG