According to a Market Scope report, the impact of COVID-19 shutdowns initially reduced the number of refractive surgical procedures dramatically, but demand has since recovered rapidly, with the introduction of protective masks providing new market drivers.
With the introduction of topical drops to correct presbyopia, Market Scope believes that the refractive market may expand by over $300 million annually if just 1% of the serviceable presbyopia market is is captured with pharmacological approaches.
Market Scope’s analysis of the latest trends in the refractive segment can be found in its new “2021 Refractive Surgery Market Report.”
From 2021 to 2026, global demand for refractive surgery (laser vision correction, presbyopia-correcting surgery, refractive lens exchange, and phakic IOL implantation) is expected to increase at a compound annual rate of 6.6%, with annual volume rising from nearly 4 million to over 6 million procedures.
Laser vision correction procedure volume has stayed largely flat since 2007, with the exception of a dip in 2008 and 2009 due to economic conditions and financial fallout in major regions, and a drop in 2020 internationally due to COVID-19.
Phakic IOLs and lenticule extraction methods were cited as the driving force behind this strong growth.
According to the report, the global refractive surgery business will generate $12 billion in total retail revenue in 2026, up from $8.5 billion in 2021, representing a 7.1% compound annual growth rate.
Revenue at the manufacturer level is expected to rise from $1.6 billion in 2021 to $2.3 billion in 2026, representing a compound growth rate of 7.7%.
The highest-grossing refractive markets are the United States, China, and South Korea, with Market Scope predicting that China will take the first spot by 2024.
Market Scope estimates several countries’ revenue growth to outpace the overall refractive market’s CAGR of 7.7%—including Vietnam, Hong Kong, Malaysia, and Saudi Arabia.
The firm expects 22 countries to have markets exceeding $10 million in manufacturer revenue in 2021, with the total growing to 26 countries by 2026.
The presbyopic market has historically been difficult to penetrate with current technology; but, the barrier for adoption will be significantly reduced with topical drops versus surgical approaches.
In October, the FDA approved Allergan's Vuity (pilocarpine HCl ophthalmic solution) 1.25% for the treatment of presbyopia in adults. For the time being, Vuity is the only company in the market, but competitors are on the way, with numerous businesses producing presbyopia drops in Phase III and Phase II clinical trials.
As additional presbyopia treatments, particularly pharmaceutical techniques, become available, it is important to understand the population that can benefit from these products.
Many presbyopes around the world do not have access to eye care. Furthermore, many presbyopic patients who have access to care may not have the financial means to pay for cash-pay treatments.
The total available market (all presbyopes), total addressable market (presbyopes with access to ophthalmic care), and total serviceable market (presbyopes with access to ophthalmic care able to afford cash pay treatments) are all presented in the new research.
The serviceable market's 415.6 million people are disproportionately concentrated in wealthier countries. Western Europe accounts for over 28% of the serviceable market, while the United States accounts for 24%. According to Market Scope, the serviceable market will grow by 28.1 million people by 2026.