The appeal of LASIK surgery is obvious: improved vision, no daily hassle with contacts, and peace of mind that you aren’t forgetting your glasses somewhere.
LASIK is one of the most popular and successful elective surgeries available. Providers must understand market trends to capitalize on the industry and grow their practice strategically. This report explores the LASIK surgery market forecast and trends for 2023 and how providers can incentivize the ever-growing patient pool to choose their practice for care.
A Fast-Growing Market
The LASIK eye surgery market has grown significantly in the last few years, and that trajectory is expected to continue. Industry research predicts the LASIK market will reach an estimated $2,238.7 million while growing at a CAGR of 4.02% from the present to the year 2028.
The COVID-19 pandemic slowed down elective surgeries, including LASIK. But with healthcare systems returning to typical surgery rates, LASIK surgery has risen in popularity. With the demand for the procedure increasing, providers must understand LASIK surgery market forecasts and trends to compete in the industry.
This article breaks down LASIK market trends for 2023 and beyond to empower providers to sustain and expand their practices and clinics.
LASIK Eye Surgery Market by Type
The three LASIK procedures we list below are the most popular options for patients requesting laser eye surgery. By understanding what patients want –– and why –– providers can promote their services accordingly, increasing appointments and patient loads.
- Topography-Guided LASIK Surgery: Topography-Guided LASIK specifically treats myopia and astigmatism. This LASIK procedure customizes treatment to the unique surface shape of the patient’s eye.
- Wavefront-Optimized LASIK Surgery: Wavefront-Optimized LASIK attempts to correct vision issues while maintaining the natural shape of the patient’s cornea. This laser eye procedure is explicitly designed to reduce spherical aberrations.
- Wavefront-Guided LASIK Surgery: Wavefront-Guided LASIK, also called custom LASIK, is currently the most advanced laser eye technology. Wavefront-Guided surgery creates a three-dimensional image of the eye, measuring light entering the cornea and how it travels to the retina. The precise surgery aims to correct higher-order aberrations such as myopia, hyperopia, and astigmatism.
All three of the above LASIK surgeries are widely performed across the U.S. However, the most popular and innovative procedure is the Wavefront-Guided LASIK. It held the largest market share in 2021, and it’s expected to remain the largest in 2023.
LASIK Eye Surgery Market by Application
Based on the end-user, the LASIK surgery market is segmented into three group types:
- LASIK Centers
- Eye Care Clinics
Among these three, eye care clinics are the fastest-growing market for LASIK surgery in 2023, and the trend is predicted to continue. Eye care facilities provide accessible care to a diverse demographic of patients. Standard treatment procedures in these clinics attract many individuals seeking eye care. Accessibility combined with innovative ophthalmic equipment within these clinics ranks them as the top application within the LASIK market.
Market Drivers for LASIK Surgery
Several factors drive the LASIK market growth, a few of which we’ll observe below:
Growing Demand for Laser Eye Surgeries
This is the bottom line: people want LASIK. Whether for convenience, to end the battle with contacts and glasses, or even due to foggy glasses resulting from wearing a mask, patients bring an endless list of motivations to the LASIK consultation room.
As we’ve explored, the LASIK industry is growing at an astronomical pace. Procedures jumped up 32 percent year-over-year from 2020 to 2021. That trend continues upward into 2023.
The American Refractive Surgery Council notes that prioritization of personal goals and multiple surgical options grows the demand for LASIK eye surgery here in the U.S.
Rising Prevalence of Target Disease
It’s not only convenience and access that contribute to LASIK market growth. According to the WHO, half the world’s population might be nearsighted by 2050. An increase in myopia –– among other aberrations remedied by LASIK –– drives the growth of the LASIK market. Higher rates of poor vision translate to more patients seeking LASIK surgery.
LASIK technology and equipment innovations make the procedure appealing to a large audience. Where providers once used blades to perform surgery, they now use lasers. Treatment times are shorter, as is the typical recovery period. Even determining LASIK candidacy is more efficient and accurate than ever.
Consider how smartphone technology has improved the user experience, accessibility, and demand in the mobile phone market. Advancements in LASIK technology have affected the laser eye surgery industry similarly. New technologies have revolutionized the way LASIK is approached by both patients and providers, making the surgery less intimidating, safer, and more effective –– all of which contribute to a growing market.
Market Restraints and High Costs Associated with LASIK
The LASIK market has the potential to grow exponentially as need, demand, and innovation continue. But like any market, the LASIK industry is restrained by a few factors, the primary being the cost of treatment.
Patients can expect to pay between $1,000 and $2,000 per eye –– and sometimes more. And because LASIK is an elective, it’s rarely, if ever, covered by health insurance policies. Individuals wanting LASIK must then find a way to cover the costs associated with the surgery.
LASIK providers can offer patient financing to combat the financial obstacles to seeking and receiving LASIK. By partnering with a proven financing firm, LASIK providers can make their services more affordable, thereby increasing their appointments, consultations, and scheduled surgeries.
Barriers to care –– which negatively affect market trends –– can be significantly reduced with the introduction of patient financing. LASIK providers would be advised to offer alternative payment options, like patient financing, to capitalize on the growing LASIK market.
LASIK eye surgery is more popular, more accessible, and more successful than ever. Individuals want LASIK, and it’s up to providers to understand this growing market to shape business practices for efficient and sustainable growth.