Laser-assisted in situ keratomileusis, commonly referred to as LASIK, is a laser eye surgery or laser vision-correction. It is a type of refractive surgery performed by an ophthalmologist for the correction of mainly three disorders: short-sightedness (myopia), far-sightedness (hyperopia), and astigmatism. Personalized LASIK, also known as custom LASIK, is a precise and more specific procedure that facilitates a surgeon to focus on quality as well as quantity of vision. Unlike the conventional LASIK procedure, custom LASIK involves utilization of advanced wavefront technology, wherein the unique characteristics of an eye can be evaluated.
In customized LASIK procedure, the refractive errors are evaluated by the difference of 0.01D instead of 0.25D in routine eyeglass prescription, making it 25 times more precise. The measurements are collected from hundreds of individual reference points on the front surface of an eye, facilitating detailed mapping of “high-order aberrations”, which accordingly programs the laser to provide flawless vision correction.
The number of laser vision correction surgeries, a category including LASIK and the PRK procedure, has dropped more than 50% from 2007 to 2016. The reasons vary case to case, right from post-surgical complications to economic barriers. In the U.S., the average cost of LASIK is between US$ 1500 and US$ 3000 per eye, depending on the type of procedure, parts of the country, and surgeon.
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Abbott’s iDesign Advanced WaveScan Studio produces high resolution scan of an eye surface, taking more than 1200 micro readings in three seconds. The technology is USFDA-approved and provides a clearer blueprint of an eye. The WaveScan CustomVue System is also trending in the market. It is a diagnostic device that detects the wavefront aberrations on eye surface using Hartmann-Shack wavefront sensor. The major FDA-approved wavefront guided systems include WaveScan System CustomVue LASIK (Abbott Medical Optics), iDesign Advanced CustomVue LASIK System (Abbott Medical Optics), and Technolas 217z Zyoptix System for Personalized Vision Correction (Bausch + Lomb).
PRK (photorefractive keratectomy) uses an excimer laser in the same way as LASIK surgery, and patients' vision correction results are similar. PRK recovery takes a little longer than LASIK process. However, PRK is more commonly performed and offers many advantages over LASIK for some patients.
Geographically, customized LASIK surgery is gaining preference in North America and holds the largest share in the market. Rising demand for custom LASIK surgery makes Europe one of the largest markets. Topography guided LASIK surgery is identified as the fastest growing segment globally. The LASIK surgery market in Asia Pacific is expected to witness strong growth due to factors such as increasing awareness level and rising income capacities.
Major players in the LASIK surgery market are Alcon Laboratories, Inc., Abbott Medical Optics, Inc., Carl Zeiss, Inc., Bausch + Lomb, and Nidek, Inc. Abbott Medical Optics holds the largest market share. Key players in the global personalized LASIK surgery market are following business strategies such as partnerships, mergers & acquisitions, associations, joint ventures, collaborations, and strategic alliances to establish market position, increase market share, drive profit margins, gain competitive advantage over business rivals, increase market penetration, and expand their business globally.
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