US LASIK Surgery Market Analysis

US LASIK Surgery Market Executive Summary

US LASIK Surgery Market was valued at $1,482.60 Mn in 2023 and is predicted to grow at a CAGR of 3.21% from 2023 to 2030, to $1,849.59 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 US, the prevalence of eye diseases varies significantly among different racial and ethnic groups. Among non-Hispanic whites, cataracts (42.2%), age-related macular degeneration (28.1%), and diabetic retinopathy (4.7%) are most common. African Americans face high rates of cataracts (41.7%), diabetic retinopathy (12.2%), and glaucoma (11.3%). Hispanics exhibit the highest prevalence of cataracts at 48.0%. Vision impairment in the US is associated with a two-fold greater risk of developing chronic diseases and a 29% higher risk of all-cause mortality for those with poor visual acuity. Market is therefore driven by significant factors like high prevalence, technological advancements, and increased awareness. However, high costs, concerns about safety, 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

High Prevalence: In the US, over 41% of adults aged 12 and older rely on corrective lenses for distance vision, highlighting a substantial potential patient base for LASIK surgery. This widespread need creates significant demand for vision correction options.

Technological Advancements: Ongoing innovations in LASIK technology enhance precision, reduce recovery times, and lower complication risks, making the procedure more appealing. Techniques such as blade-free LASIK and wavefront-guided LASIK allow for personalized treatment tailored to individual patient needs.

Increased Awareness: Public awareness of LASIK surgery is rising due to targeted marketing campaigns from eye care providers. These educational initiatives help address common concerns and attract potential patients who may have previously overlooked LASIK.

Market Restraints

High Cost of Surgery: Price of LASIK surgery in the US ranges from $2,000 to $4,000 per eye, which can pose a significant financial barrier for many patients, even among those with disposable income.

Concerns about Safety: Although LASIK has a strong safety record, potential side effects such as dry eyes and temporary vision fluctuations can lead to patient hesitancy, raising concerns about long-term outcomes.

Competition from Alternative: Availability of alternative vision correction options, such as contact lenses and implantable lenses (ICLs), poses competition to LASIK. Patients may prefer these alternatives due to lower upfront costs, apprehension about surgery, or a desire for non-surgical solutions.

Regulatory Landscape and Reimbursement Scenario

US has a robust regulatory framework for LASIK surgery, governed by key bodies such as the Food and Drug Administration (FDA), which ensures the safety and efficacy of medical devices used in the procedure, and the Centers for Medicare & Medicaid Services (CMS), which sets standards for healthcare providers, although LASIK is not covered by these programs. State medical licensing boards also play a crucial role in overseeing ophthalmologists, ensuring they meet qualifications and adhere to ethical practices. Key regulations include strict pre-operative evaluations, the use of FDA-approved equipment, mandatory informed consent, and adherence to established professional guidelines.

Regarding reimbursement, LASIK surgery is generally considered an elective procedure with limited insurance coverage. Traditional health insurance plans typically do not cover LASIK, and while some vision insurance plans may offer partial benefits or discounts, they rarely cover the full cost. As a result, most patients in the U.S. pay out-of-pocket for LASIK surgery, with costs varying based on the surgeon's expertise and technology used. Some clinics also offer financing options to help manage these expenses.

Competitive Landscape

Key Players

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

• Schwind eye-tech-solutions
• Abbott
• Technolas Perfect Vision GMBH
• Johnson and Johnson Private Ltd
• Zeimer Ophthalmic System AG
• Alcon Inc.
• Laser Sight Technologies, Inc
• Bausch + Lomb Incorporate
• Carl ZEISS AG
• Nidek Co, Ltd