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Market Scope: Refractive Surgery Market Will Reach $12 Billion in 2027

Market Scope: Refractive Surgery Market Will Reach $12 Billion in 2027

January 12, 2023

According to Market Scope’s recent report, the global refractive surgery market will generate $12 billion in total retail revenue in 2027, up from $8.9 billion in 2022, representing a 6.2% compound growth rate. Revenue at the manufacturing level is expected to expand from $1.7 billion in 2022 to $2.3 billion in 2027, witha compound growth rate of 6.5%. The key drivers of refractive market growth are lens-based refractive procedures and lenticular extraction per-procedure costs.

visual graphic showing the global refractive surgery market

Market Scope forecasts that all refractive operations will rebound rapidly in 2021 as the market recovers from the pandemic, but laser-based procedure volumes will remain flat or drop in most regions from 2021 to 2022.

Market Scope anticipates modest growth but more aggressive growth in lens-based refractive surgeries from 2023 ahead. Refractive lens exchange procedures and phakic IOLs have grown rapidly in the last five years, and Market Scope expects this growth to outperform laser-based procedures, owing to breakthroughs in lens technologies and greater surgeon adoption of phakic IOLs in most regions.

graphic showing forecast about lens based refractive procedure

Pharmacological techniques to correcting presbyopia have the potential to disrupt the refractive market and provide a viable solution to a rising untapped market. According to refractive specialists, the drops could serve as a bridge between presbyopia-correcting surgical operations.

According to Market Scope surveys, around 59 % of US ophthalmologists currently offer Vuity drops. With the FDA approval of the first topical drop and numerous more in phase 3, the enormous and underserved presbyopia market might see significant development in the next five years.

Many presbyopes around the world do not have access to ophthalmic care. Furthermore, many presbyopic patients who have access to care do not have the discretionary income to pay for cash pay treatments.

The "2022 Refractive Surgery Market Report" investigates the total available market (all presbyopes), total addressable market (presbyopes with ophthalmic care access), and total serviceable market (presbyopes with access to ophthalmic care able to afford cash pay treatments).