Philippines LASIK Surgery Market Report 2023 to 2030

Philippines LASIK Surgery Market Analysis

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Philippines LASIK Surgery Market was valued at $7.77 Mn in 2023 and is predicted to grow at a CAGR of 5.71% from 2023 to 2030, to $11.46 Mn by 2030. The key drivers of this industry include Market is therefore driven by significant factors like the rising prevalence of vision problems, growing economy, and expanding ophthalmology market. The industry is primarily dominated by Johnson & Johnson Vision, Zeimer Ophthalmic System AG, Abbott, and Carl ZEISS AG, among others.

ID: IN10PHPH574 CATEGORY: Pharmaceuticals GEOGRAPHY: Phillipines AUTHOR: Sarita Yadav

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Philippines LASIK Surgery Market Executive Summary

Philippines LASIK Surgery Market was valued at $7.77 Mn in 2023 and is predicted to grow at a CAGR of 5.71% from 2023 to 2030, to $11.46 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.

Philippines faces significant eye health challenges, with a high prevalence of myopia affecting an estimated 2.6Bn people globally as of 2020, including 312 Mn individuals under 19. Additionally, glaucoma impacts 76 Mn people aged 40 to 80 worldwide, while diabetic retinopathy and age-related macular degeneration affect 146 Mn and 196 Mn people, respectively. Market is therefore driven by significant factors like the rising prevalence of vision problems, growing economy, and expanding ophthalmology market. However, the high cost of surgery, lack of public insurance coverage, and cultural considerations restrict the growth and potential of the market.

Philippines LASIK Surgery Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Rising Prevalence of Vision Problems: Philippines has a significant population with vision problems. A study published in the Philippine Journal of Ophthalmology found that over 30% of adults in urban areas suffer from myopia (near sightedness), creating substantial demand for corrective procedures like LASIK surgery.

Growing Economy: The steady growth of the Philippine economy has led to an increase in disposable income for many Filipinos. With more financial resources at their disposal, individuals are more likely to consider elective procedures like LASIK to improve their quality of life.

Expanding Ophthalmology Market: The overall ophthalmology market in the Philippines is projected for growth, indicating a growing focus on eye care in general. This trend indirectly benefits the LASIK surgery market as well.

Market Restraints

High Cost of Surgery: Despite economic growth, LASIK surgery remains expensive in the Philippines compared to the average national income. This high cost can be a significant barrier for many Filipinos, limiting access to the procedure for a broader population.

Lack of Public Insurance Coverage: LASIK surgery is typically considered an elective procedure and is not covered by PhilHealth, the national health insurance program in the Philippines. This lack of coverage adds to the financial burden for patients considering the procedure.

Cultural Considerations: In the Philippines, there may be a cultural hesitancy towards elective eye surgery. Addressing these cultural concerns through building trust with qualified ophthalmologists and providing comprehensive patient education can help mitigate this barrier.

Regulatory Landscape and Reimbursement Scenario

The Philippines has a robust regulatory framework governing LASIK surgery, involving key agencies such as the Food and Drug Administration (FDA), which oversees the safety and efficacy of medical devices used in procedures, including LASIK. The Professional Regulation Commission (PRC) licenses ophthalmologists to ensure they meet necessary educational and ethical standards, while the Department of Health (DOH) establishes national policies and guidelines related to ophthalmic procedures. Key regulations include strict pre-operative assessments, the use of FDA-approved equipment, mandatory informed consent procedures, and standardized post-operative care protocols.

In terms of reimbursement, LASIK surgery is generally viewed as an elective procedure in the Philippines. While some private health insurance plans may offer limited coverage for LASIK, patients often find this coverage insufficient compared to other medical services. PhilHealth, the national insurance program, typically does not cover LASIK surgery, reinforcing the reliance on out-of-pocket payments. As a result, most patients end up paying for the procedure entirely on their own, although some clinics may provide financing options to help manage costs.

Competitive Landscape

Key Players

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

Asian Eye Institute
Shinagawa
The Lasik Surgery Clinic
QC Eye Center
Roque Eye Clinic – Taguig
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

Philippines 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.