New Entrants look to Capitalize on Personalized Lasik Surgery Market even as Established Device Manufacturers Post Strong Growth
What is the primary reason behind the growing demand for personalized Lasik surgery?
The demand for personalized Lasik surgery has greatly risen owing to the increasing incidence of myopia. Myopia is one of the major refractive errors among the population and a growing prevalence of this disorder among primary and middle-school students is a major public health problem. A more severe form of myopia may also lead to blindness. The World Health Organization states that in November 2016, the estimated global incidence of myopia stood at 23% and is likely to rise to 50% by 2050. In the U.S. alone, around 9.6 mn adults suffered from myopia in June 2016, according to the American Academy of Ophthalmology (AAO). This growing worldwide prevalence has raised the demand for the prevention as well as treatment of the condition and this is sure to drive the market for personalized Lasik surgery.
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What does the vendor landscape of the global personalized Lasik surgery market look like?
According to Transparency Market Research, the top five companies in the market – Alcon, Abbott Medical Optics, Carl Zeiss, NIDEK, and Bausch & Lomb – held a massive 87.0% share in 2015. This consolidated market is, as a result, highly competitive and there is a continuous price war between device manufacturers. A common trend observed among the players is rising number of contracts with end users such as ophthalmic clinics and hospitals and providing post-purchase services and long-term warranty.
Since going up against large and established firms and their strong technological platforms is rather difficult, the threat of new entrants in the personalized Lasik surgery market is relatively low. However, backed by venture capital funding firms, these players have also been introducing novel technological platforms, which is slated to improve their chances in this lucrative market.
What efforts are the governments and key players making to raise awareness about personalized Lasik surgery?
There are a number of leading players and government organizations that are working to generate awareness among the public regarding various eye disorders and the importance of regular eye exams and early screening. Massive capital investments are being made by them and this is giving the personalized Lasik surgery market a major boost. For instance, in 2016, Alcon Inc. invested US$2.0 mn in support of “Think about Your Eye”, which is partnered by the American Optometric Association. This national public awareness campaign was aimed at educating people about eye-related disorders.