Vision Correction Market
The growing vision crisis needs a solution for greater – Myopia correction (physician limited), Hyperopia (no treatment options available), Astigmatism (limited product options), & Presbyopia (no treatment procedures).
- Clearly defined unmet clinical need
- Existing solutions have major clinical deficiencies
- Epidemic in young people in developed countries caused by extensive screen use
- For surgeons, existing surgical procedures are not easy procedures to perform
- For patients, all current surgical options permanently affect or remove ocular tissue – inability to return to pre-surgery!
The global vision correction market size is $20B (eyeglasses, contact lenses, LASIK, and refractive implants with surgical device sales revenue in excess of $2B. Worldwide there are over 1 billion affected patients.
The effects are evident in Europe with a growing prevalence of myopic patients.
In comparison, the same prevalent trend is seen in the US with a higher incidence in China.
Rapidly Expanding Myopia Market of 3+ Diopters in 10- to 18-year -olds from 1980 to 2019
75% of 10- to 18-year-olds in China require high refractive error (>3 diopter) vision correction. This growing trend is consistent in Europe and the United States. Smartphone and tablet usage is taking a toll on the vision of the younger generation.
The Unmet Need in Vision Correction
In general, global myopic patient population is growing >30% annually.
In China, the myopic patient population is growing 75% annually with over 65 million current myopic patients with
4+ million patients annually who seek surgical refractive procedures not being treated due to clinical, product, or physician issues.