Singapore LASIK Surgery Market was valued at $4.24 Mn in 2023 and is predicted to grow at a CAGR of 5.81% from 2023 to 2030, to $6.29 Mn by 2030. The key drivers of this industry include the rising affluent population, high prevalence of myopia, and technological advancements. The industry is primarily dominated by Johnson & Johnson Vision, Zeimer Ophthalmic System AG, Abbott, and Carl ZEISS AG, among others.
Singapore LASIK Surgery Market was valued at $4.24 Mn in 2023 and is predicted to grow at a CAGR of 5.81% from 2023 to 2030, to $6.29 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.
In Singapore, major eye diseases such as age-related macular degeneration, diabetic retinopathy, cataracts, glaucoma, and refractive errors pose significant public health challenges, particularly with the aging population. The Singapore Epidemiology of Eye Diseases (SEED) program, which has studied over 25,000 participants, highlights the prevalence and risk factors of these conditions. The Singapore Malay Eye Study found that visual impairment, especially due to diabetic retinopathy and retinal vein occlusion, is associated with higher mortality and cardiovascular disease risk. While the SEED program provides extensive data on these blinding diseases, it does not specifically address the need for LASIK surgery in Singapore.
Market is therefore driven by significant factors like the rising affluent population, the high prevalence of myopia, and technological advancements. However, the high cost of surgery, competition and price sensitivity, and concerns about safety and side effects restrict the growth and potential of the market.
Market Growth Drivers
Rising Affluent Population: Singapore's growing affluent population has increasing disposable income, allowing more individuals to afford elective procedures like LASIK. This financial capability encourages people to invest in their vision health, significantly improving their quality of life.
High Prevalence of Myopia: Over 80% of young adults in Singapore (ages 16-20) are affected by myopia, creating a substantial demand for corrective procedures like LASIK surgery. This high prevalence of near sightedness highlights the urgent need for effective vision correction solutions.
Technological Advancements: Advancements in ophthalmology, particularly in laser technology and surgical techniques, are enhancing the precision, recovery time, and outcomes of LASIK surgery. These improvements make LASIK an increasingly attractive option for vision correction.
Market Restraints
High Cost of Surgery: Despite Singapore's high average income, LASIK surgery remains a significant expense, which can be a barrier for some patients. Those without sufficient private health insurance or Medisave savings may find the cost prohibitive.
Competition and Price Sensitivity: Competitive market for LASIK surgery in Singapore, with numerous providers, can lead to price sensitivity among patients. This competitive environment may affect overall market growth as patients seek the best value for their money.
Concerns About Safety and Side Effects: Some individuals may be hesitant about LASIK surgery due to concerns about potential side effects such as dry eyes, glare, or infection. Proper patient education and counseling by ophthalmologists are essential to address these concerns and build confidence in the procedure.
In Singapore, the regulatory framework for LASIK surgery involves key bodies like the Health Sciences Authority (HSA), which ensures medical devices and equipment meet safety and efficacy standards before use. The Singapore Medical Council (SMC) regulates medical practice, ensuring that ophthalmologists performing LASIK are qualified and adhere to ethical standards. The Ministry of Health (MOH) sets national healthcare policies, including guidelines for ophthalmic procedures. Key regulations for LASIK in Singapore include strict pre-operative assessments, the use of approved equipment, mandatory informed consent procedures, and standardized post-operative care protocols to ensure patient safety and optimal outcomes.
LASIK surgery in Singapore is generally considered an elective procedure, often requiring patients to pay a significant portion out-of-pocket. While some private health insurance plans may offer partial coverage for LASIK, this depends on specific policy details. Medisave, Singapore's national medical savings scheme, provides limited coverage for LASIK, typically under specific circumstances. Patients should consult with healthcare providers to determine eligibility for Medisave usage. Additionally, many LASIK clinics offer financing options to help patients manage the cost of the procedure.
Key Players
Here are some of the major key players in the Singapore LASIK Surgery
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
By Type
By Vision Error
By Product
By End-User
Methodology for Database Creation
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