Vietnam LASIK Surgery Market Analysis

Vietnam LASIK Surgery Market Executive Summary

Vietnam LASIK Surgery Market was valued at $17.65 Mn in 2023 and is predicted to grow at a CAGR of 5.44% from 2023 to 2030, to $25.57 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 Vietnam, the most common ocular morbidity among in-patients at a provincial ophthalmic hospital was keratitis (40.1%), followed by glaucoma (29.2%) and iridocyclitis (13.5%). The prevalence of visual impairment in the country is 7.7%, with uncorrected refractive error accounting for 86.08% of cases. Among children, an estimated 16,400 are blind, with 36.4% of these cases due to uncorrected refractive errors. Visual impairment is linked to an increased risk of all-cause mortality, with hazard ratios of 1.29 for visual acuity worse than 6/12, 1.43 for 6/18, and 1.89 for 6/60. Females are more commonly affected than males, particularly in disorders of the eyelid, lacrimal system, and orbit, while younger patients experience more corneal lesions.

The market is therefore driven by significant factors like increasing vision problems, economic growth and higher disposable income, and technological progress. However, high surgery costs, limited availability of trained surgeons and facilities, and cultural hesitancy restrict the growth and potential of the market.

A prominent player in this field is Johnson & Johnson Vision, which Up with Photographer and New York Times Best-Selling Author, Kate T. Parker to Ignite Conversations About the Importance of Eye Health on September 2023 and Zeimer 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 Nidek Co. Ltd, and Carl ZEISS AG among others.

Market Dynamics

Market Growth Drivers

Increasing Vision Problems: Vietnam's urban population has a significant incidence of refractive errors, with over 35% of adults suffering from myopia according to a study in the Vietnamese Medical Journal. This high prevalence of vision issues generates a strong demand for corrective procedures such as LASIK surgery.

Economic Growth and Higher Disposable Income: As Vietnam's economy grows, citizens are experiencing an increase in disposable income. This financial improvement enables more people to afford elective procedures like LASIK, which can enhance their quality of life.

Technological Progress: Advances in ophthalmology, including new and improved LASIK techniques, are driving the popularity of the procedure. Innovations in laser technology and surgical methods offer greater precision, quicker recovery times, and better outcomes, making LASIK an increasingly appealing option.

Market Restraints

High Surgery Costs: The expense of LASIK surgery in Vietnam is prohibitive, especially when compared to the average national income. This high cost can deter many citizens from accessing the procedure, restricting its widespread adoption.

Limited Availability of Trained Surgeons and Facilities: Availability of ophthalmologists trained in advanced LASIK techniques and well-equipped facilities is often limited to major cities. This concentration of resources restricts access for individuals living in rural areas, limiting the overall reach of LASIK surgery.

Cultural Hesitancy: Cultural beliefs in Vietnam may lead to hesitancy towards elective eye surgery. Building trust through qualified ophthalmologists and comprehensive patient education can help overcome these cultural barriers and increase acceptance of LASIK surgery.

Regulatory Landscape and Reimbursement Scenario

Regulatory framework for LASIK surgery in Vietnam involves key bodies such as the Ministry of Health (MOH), which oversees healthcare regulations, including the approval of LASIK technologies and national guidelines for ophthalmic procedures. The General Department of Medical Equipment and Technology (GDME) under the MOH handles the technical evaluation and registration of medical devices used in LASIK, while the Vietnam Medical Association (VMA) sets ethical standards and ensures the competency of ophthalmologists. Key regulations likely include pre-operative assessments, standards for laser equipment and techniques, informed consent procedures, and post-operative care protocols to ensure patient safety and optimal outcomes.

LASIK surgery in Vietnam is generally considered an elective procedure, often requiring patients to pay out-of-pocket. While some private health insurance plans offer coverage for LASIK, this depends on the specific policy details. The cost of LASIK can vary based on factors such as the surgeon's experience, the technology used, and the facility, with some clinics offering financing options. Public health insurance coverage for LASIK is limited and typically not comprehensive, making it important for patients to consult directly with providers for the most current information.

Competitive Landscape

Key Players

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

• International Eye Hospital - DND
• Cao Thang Eye Hosital
• 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