The global personalized LASIK surgery market is highly consolidated in nature consisting of only few numbers of plays resulting in an intense competition among each other. Top five players in the market named Abbott Medical Optics, Carl Zeiss, NIDEK, Bausch & Lomb, and Alcon held a whooping of 87% of the market, recently. Only focus of these players was to increase research and development which will help them to expand their foothold in other regions. Recently, Johnson & Johnson Vision has launched a new generation of personalized LASIK treatment. The iDESIGN Refractive Studio receives nod from U.S Food and Drug Administration in June. Ongoing war to set prices of the product among these players has made the competition intense. This has propelled the players to go into contract with end users to help the business growth.
What Are The Factors That Augments The Growth Of The Market?
It is noted that the need to look good in this world has helped the market to grow significantly. Need for personalized LASIK surgery for vision correction surgery mostly for aesthetic reasons is having a positive impact on the growth of the market. Sick of spectacles and contact lenses, have propelled users to opt for personalized LASIK surgery. Another factor driving the market is the rising cases of astigmatism and myopia have created lucrative opportunity for players who are ready to provide treatment. Apart from these, surge in presbyopia patients across the world is bolstering the demand for vision correction surgeries. Due to all these factors, the market is likely to expand at CAGR of 5.6 % during the forecast period 2016-2024.
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What Are The Reasons That Are Likely To Deter The Market Growth?
Increasing number of scenarios where the surgeries failed has significantly helped in growing fear among patients who are looking for alternatives is likely to deter the growth of the market. Several Post-surgery complications is acting as a roadblock in the growth of the market. Apart from these high costs required for this surgery is making it look unaffordable for middle class people. This is likely to slow down the pace of the market growth.