Spain LASIK Surgery Market Analysis

Spain LASIK Surgery Market Executive Summary

Spain LASIK Surgery Market was valued at $68.13 Mn in 2023 and is predicted to grow at a CAGR of 4.21% from 2023 to 2030, to $90.93 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 Spain, the prevalence of eye diseases mirrors trends seen in other regions, with cataracts being the most common condition. Age-related macular degeneration (AMD) and diabetic retinopathy also significantly impact the population, particularly among the elderly and those with diabetes. The incidence of vision impairment and blindness is on the rise globally due to an aging population, and this trend is expected to continue. Additionally, primary open-angle glaucoma (POAG) is projected to increase, especially in areas with significant demographic shifts. Vision impairment is linked to a roughly two-fold greater risk of mortality, which may be influenced by associated factors like poor diet, lack of physical activity, low social engagement, and reduced access to healthcare. The market is therefore driven by significant factors like the rising prevalence, growing disposable income, and increasing awareness. However, the high cost of surgery, limited public insurance coverage, and competition from alternatives 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: Spain has a notable portion of its population with vision issues, particularly myopia, affecting over 28% of adults. This large patient base drives demand for corrective procedures like LASIK surgery.

Growing Disposable Income: Recovering Spanish economy has increased disposable income for many citizens. With more financial resources, individuals are more inclined to consider elective procedures such as LASIK to enhance their quality of life.

Increasing Awareness: Enhanced marketing campaigns by eye care providers and medical facilities have raised public awareness of LASIK surgery. This education about the benefits of LASIK attracts potential patients, contributing to market growth.

Market Restraints

High Cost of Surgery: LASIK surgery can be expensive in Spain relative to the average national income, posing a financial barrier for many citizens and limiting accessibility to the procedure.

Limited Public Insurance Coverage: As an elective procedure, LASIK is generally not covered by the Spanish National Health System (SNS), adding to the financial burden for patients. Coverage exceptions are rare and not well-documented.

Competition from Alternative: Alternatives like contact lenses and spectacles provide effective vision correction at lower upfront costs, offering non-surgical solutions that compete with LASIK surgery.

Regulatory Landscape and Reimbursement Scenario

Spain's regulatory framework for LASIK surgery is governed by the Spanish Agency for Medicines and Medical Devices (AEMPS), which ensures the safety and efficacy of medical devices used in the procedure. The Spanish General Council of Official Colleges of Physicians (CGCOM) oversees the qualifications and ethical standards of ophthalmologists, while the Ministry of Health, Consumption, and Social Welfare sets national healthcare policies, including guidelines for pre-operative assessments, informed consent, and postoperative care. These regulations ensure high standards of patient safety and care.

LASIK surgery is generally considered an elective procedure in Spain, with limited public insurance coverage through the Spanish National Health System (SNS), except in rare cases with severe vision impairment. Most patients pay out of pocket, although some private health insurance plans may offer partial coverage. Costs vary based on the surgeon’s experience, technology used, and facility, but financing options are available at some clinics to make the procedure more affordable.

Competitive Landscape

Key Players

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

• Castanera Institute of Ophthalmology
• Teknon Hospital
• Abbott Laboratories
• Johnson & Johnson Services Inc.
• Carl Zeiss AG
• Bausch Health Companies Inc.
• Nidek Co. Ltd
• Zeimer Ophthalmic System AG
• Alcon Inc.
• Laser Sight Technologies, Inc