Malaysia LASIK Surgery Market Report 2023 to 2030

Malaysia LASIK Surgery Market Analysis

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Malaysia LASIK Surgery Market was valued at $5.68 Mn in 2023 and is predicted to grow at a CAGR of 5.41% from 2023 to 2030, to $8.21 Mn by 2030. The key drivers of this industry include the rising prevalence of vision problems, growing economy and disposable income, and medical tourism. The industry is primarily dominated by Johnson & Johnson Vision, Zeimer Ophthalmic System AG, Abbott, and Carl ZEISS AG, among others.

ID: IN10MYPH574 CATEGORY: Pharmaceuticals GEOGRAPHY: Malaysia AUTHOR: Sarita Yadav

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Malaysia LASIK Surgery Market Executive Summary

Malaysia LASIK Surgery Market was valued at $5.68 Mn in 2023 and is predicted to grow at a CAGR of 5.41% from 2023 to 2030, to $8.21 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 Malaysia, the prevalence of visual impairment was 2.7%, with higher rates in rural areas (2.9%) compared to urban areas (2.5%). Common eye diseases among urban patients included cataracts (32.9%), glaucoma (23.4%), refractive errors (10.8%), and diabetic retinopathy (9.7%), with 9.6% of patients experiencing visual impairment and 0.9% being blind. The prevalence of glaucoma among Malays aged 40 and above was 3.4%. The market is therefore driven by significant factors like the rising prevalence of vision problems, growing economy and disposable income, and medical tourism. However, the high cost of surgery, limited access in rural areas, and lack of public insurance coverage 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.

Malaysia LASIK Surgery Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Rising Prevalence of Vision Problems: Over 33% of adults in urban Malaysia suffer from myopia, creating a significant demand for corrective procedures like LASIK surgery to address this widespread issue.

Growing Economy and Disposable Income: Malaysia's steady economic growth is increasing disposable incomes, enabling more individuals to consider elective procedures such as LASIK that enhance their quality of life.

Medical Tourism: Malaysia's emergence as a medical tourism destination is boosting demand for LASIK surgery among international patients, further driving the overall market for the procedure.

Market Restraints

High Cost of Surgery: The cost of LASIK surgery in Malaysia can be prohibitively high compared to regional averages, creating a barrier to access for many individuals seeking the procedure.

Limited Access in Rural Areas: The concentration of trained ophthalmologists and well-equipped LASIK facilities in major cities like Kuala Lumpur restricts access for residents in rural areas, making it difficult for them to obtain the service.

Lack of Public Insurance Coverage: LASIK surgery is generally classified as an elective procedure and is not covered by national health insurance schemes, which places an additional financial burden on patients considering the surgery.

Regulatory Landscape and Reimbursement Scenario

Malaysia has a comprehensive regulatory framework for LASIK surgery, overseen by key bodies such as the Medical Device Authority (MDA), which ensures the safety and efficacy of medical devices, and the Malaysian Medical Council (MMC), which regulates the qualifications and ethical standards of ophthalmologists. The Ministry of Health (MOH) sets national healthcare policies, including guidelines for pre-operative assessments, informed consent, and post-operative care protocols, all aimed at ensuring safe and ethical LASIK practices.

LASIK surgery is typically regarded as an elective procedure in Malaysia, with reimbursement options varying significantly. Some private health insurance plans offer partial coverage, but patients need to review their policies carefully. Limited coverage might be available under certain MOH schemes for specific groups, such as civil servants, though details can be hard to find. As a result, most patients often pay out of pocket for LASIK surgery, with costs influenced by the surgeon's expertise, technology used, and facility, while financing options may be available to ease the financial burden.

Competitive Landscape

Key Players

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

ExcelView Eye Specialist Center
ISEC Assoc
Optimax
Ikonik Eye Specialist Centre
Johnson and Johnson Private Ltd
Carl ZEISS AG
Nidek Co, Ltd
Zeimer Ophthalmic System AG
Abbott

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Malaysia LASIK Surgery Market Segmentation

By Type

Wavefront Optimized
Wavefront-Guided
Topography Guided
All Laser

By Vision Error

Myopia
Hyperopia
Astigmatism
Others

By Product

Excimer Laser
Femtosecond Laser

By End-User

Hospitals
Eye Care Clinic
LASIK Centers
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.