New technologies will aid demand and help laser surgeries gain wider public acceptance
New York, NY (PRWEB) July 31, 2014
Over the past five years, the Eye Surgery Clinics industry has benefited from the estimated 151 million individuals that have required some form of vision correction, according to the American Academy of Ophthalmology (AAO). According to a Consumer Reports National Research Center survey of individuals that have received laser vision correction surgery, a large share of consumers have reported that an integral factor in receiving the elective medical procedure was to eliminate the use of glasses and contact lenses. According to IBISWorld Industry Analyst Sarah Turk, “due to the elective nature of corrective eye surgery, most costs are not covered by insurance companies, which has constrained consumer demand for industry services.” Nevertheless, many health insurance providers have been able to negotiate discounts with LASIK providers (surgery that corrects vision for patients that are nearsighted, farsighted or have astigmatism), which has enabled some eye surgery clinics to appeal to budget-conscious consumers over the period.
“Additionally, some eye surgery clinics have been able to develop a niche market among patients by using innovative technologies and employing highly skilled ophthalmologists,” says Turk. In 2013 (latest data available), the average price for laser vision correction was $2,073 per eye, according to All About Vision, representing a slight increase from 2009. This trend can be attributed to more patients receiving high-cost, customized LASIK options, such as waterfront-guided LASIK, which creates a 3D image of the patient's eye to amend eye ailments related to higher-order aberrations, such as contrast sensitivity, night vision and glare. Over the five years to 2014, industry revenue is anticipated to grow, driven by growing consumer demand for vision correction surgery in line with the high success rates of industry services. Profit has slightly contracted due to many eye surgery clinics slashing their LASIK pricing in response to strong price-based competition.
In the five years to 2019, industry revenue is forecast to grow. Over the next five years, the advent of new technologies, particularly to address lower-order and high-order aberrations, including nearsightedness, farsightedness, astigmatism and eye irregularities unrelated to refractive errors, will bolster industry revenue.
For more information, visit IBISWorld’s Eye Surgery Clinics in the US industry report page.
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IBISWorld industry Report Key Topics
The Eye Surgery Clinics industry includes clinics that primarily provide vision correction surgery, also known as refractive and laser eye surgery, using laser equipment.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios
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