Market Scope: Lens-Based Procedures Will Push Retail Refractive Surgery Market to $12 Billion

Market Scope forecasts that the global refractive surgery industry will generate $12 billion in total retail revenue in 2027—up from $8.9 billion in 2022—for a compound growth rate of 6.2 percent. The health care research company expects revenue at the manufacturer level to grow from $1.7 billion in 2022 to $2.3 billion in 2027, for a compound growth rate of 6.5 percent. Lens-based refractive procedures and lenticular extraction per-procedure fees are the main drivers of refractive market growth.

Market Scope estimates that all refractive procedures bounced back strongly in 2021 as the market recovered from the pandemic, and estimates that laser-based procedure volumes were flat or declined in most regions from 2021 to 2022. From 2023 forward, Market Scope expects modest growth but more aggressive growth in lens-based refractive procedures. Refractive lens exchange procedures and phakic IOLs have experienced rapid growth in the past 5 years, and Market Scope looks for this growth to outpace laser-based procedures—mainly driven by advancements in lens technologies and increased surgeon adoption of phakic IOLs in most regions.

Market Scope looks at the latest trends in the refractive segment in its new “2022 Refractive Surgery Market Report.”

Pharmacological approaches to presbyopia correction have the potential to disrupt the refractive market and provide a viable solution to a growing untapped market. Refractive surgeons have indicated the drops could serve as a bridge to presbyopia-correcting surgical procedures. Market Scope surveys suggest that around 59 percent of US ophthalmologists currently offer Vuity drops. With this first topical drop now FDA-approved and several others in phase 3, the large and underserved presbyopia market could see major growth in the next 5 years.

Many presbyopes throughout the world lack access to ophthalmic care. Further, many people within the presbyopic population who have access to care do not have the discretionary income for cash pay treatments. The “2022 Refractive Surgery Market Report” analyzes 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).

Market Scope’s “2022 Refractive Surgery Market Report” was published in October.