UK LASIK Surgery Market Analysis

UK LASIK Surgery Market Executive Summary

UK LASIK Surgery Market was valued at $91.78 Mn in 2023 and is predicted to grow at a CAGR of 3.21% from 2023 to 2030, to $114.50 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 the UK, the prevalence of glaucoma at 3.1-2.7%, cataract at 8.1-11.4%, and retinal degeneration at 3.4-3.8%. The annual incidence rates were 22, 109, and 35 per 10,000 individuals for glaucoma, cataract, and retinal degeneration, respectively. By 2020, late age-related macular degeneration (AMD) prevalence was estimated at 4.8% among those aged 50 and over, with around 33.5Mn people at risk of cataracts, 25.3 Mn at risk of AMD, and 54.9Mn at risk of diabetic retinopathy. Approximately 248,504 individuals were expected to experience partial sight loss and 32,750 blindness due to cataracts in 2020, while the number of people with wet AMD was projected to reach 458,617, highlighting the growing impact of eye diseases in an aging population. Market is therefore driven by significant factors like rising demand for vision corrections, increasing disposable income, and technological advancements. However, the high cost of surgery, availability of alternative vision correction options, and safety concerns 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 Demand for Vision Correction: A large segment of the UK population suffers from refractive errors such as myopia and hyperopia. Many individuals are seeking permanent solutions instead of relying on glasses or contact lenses. This growing demand for effective vision correction is propelling the LASIK surgery market.

Increasing Disposable Income: UK enjoys a relatively high average disposable income, allowing more people to invest in elective procedures like LASIK. With improved financial capability, individuals are more willing to enhance their quality of life through vision correction. This trend is contributing to the growth of the LASIK market.

Technological Advancements: Innovations in laser technology and surgical techniques are making LASIK safer and more efficient. Enhanced precision and faster recovery times are encouraging hesitant patients to consider the procedure. These advancements are making LASIK increasingly appealing to potential candidates.

Market Restraints

High Cost of Surgery: LASIK surgery can be prohibitively expensive, even in comparison to the average national income. Prices can vary significantly based on the surgeon's expertise and technology used. This financial burden may deter some patients from pursuing the procedure.

Concerns about Safety: Although LASIK is generally considered safe, potential side effects and complications can raise concerns among patients. Issues such as dry eyes or vision changes can cause hesitation about undergoing surgery. Addressing these fears is essential to encourage more individuals to consider LASIK.

Availability of Alternative Vision Correction Options: Glasses and contact lenses remain popular and effective alternatives for vision correction. The continued reliance on these traditional methods can create competition for the LASIK market. Many individuals may opt for these non-invasive options instead of pursuing surgical solutions.

Regulatory Landscape and Reimbursement Scenario

The UK has a robust regulatory framework governing LASIK surgery, primarily overseen by key bodies such as the Medicines and Healthcare products Regulatory Agency (MHRA), which ensures that medical devices meet safety and efficacy standards, and the General Medical Council (GMC), which regulates the qualifications and ethical standards of ophthalmologists. Additionally, the National Institute for Health and Care Excellence (NICE) provides evidence-based guidelines that can influence NHS funding decisions. Key regulations include strict pre-operative assessments, the use of approved devices, mandatory informed consent, and standardized post-operative care protocols.

In terms of reimbursement, LASIK surgery is generally considered elective in the UK and is typically not funded by the NHS, except in exceptional clinical circumstances where vision significantly impacts daily life. Some private health insurance plans may offer coverage for LASIK, but this varies by policy. Most patients end up paying out of pocket for the procedure, with costs dependent on factors such as the surgeon's expertise, technology used, and facility quality. Financing options may be available at some LASIK clinics to assist patients with the costs.

Competitive Landscape

Key Players

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

• Optegra
• Ultralase
• Optimax
• Focus
• Moorfields Eye Hospital
• London Vision Clinic
• Ziemer Group AG
• Carl Zeiss Meditec AG
• Johnson & Johnson
• Nidek Co. Ltd.