Lasik Surgery Revenue in Sight

A Look at LASIK LASIK surgery is a procedure that permanently changes the shape of the cornea, the clear covering of the front of the eye. Each year, approximately 700,000 Americans have this outpatient procedure, typically performed by ophthalmologists. The numbers peaked around 2001. The popularity of LASIK has waned with the recession, but analysts predict renewed modest growth as the economy recovers.

A Look at LASIK LASIK surgery can treat nearsightedness, farsightedness, and astigmatism. It can’t reverse the age-related loss of close-up focusing power, and most LASIK patients will still need reading glasses once they reach their 40s or 50s. More than 90% of people who have LASIK achieve somewhere between 20/20 and 20/40 vision without eyeglasses or contact lenses. Many patients require a second surgery in order to attain the desired results, especially to clear up vision during reading or driving at night.

Patients that See The typical age range of LASIK patients is 20 to 50 years old, though clients with stable vision (usually older than 30) benefit the most. Despite benefitting the most, the 30-to-45-year-old demographic has been the most reluctant to spend money on LASIK procedures. The 18-to-24-year-olds and over 45-year-olds have not allowed the recession to impact their buying decisions when it comes to LASIK.

Patients that See The average household income of patients has also declined and more patients are seeking financial assistance (20% to 25% compared to 10% in 2000). Patients with astigmatism are a valuable patient pool, as these patients often struggle to find lenses that are affordable and successfully improve vision.

Visible Trends Wavefront-optimized LASIK accounts for both the natural curvature of the eye and the unique characteristics of the eye, while introducing fewer problems. Pilot studies are underway to adapt LASIK to correct for age-related vision problems (presbyopia). This could keep baby boomers as part of a viable client base.

Visible Trends The average cost of conventional LASIK is $2,000–$5,000 for both eyes. The cost for the newer Wavefront technology is about $3,000–$6,000 for both eyes. LASIK surgery prices were about the same this year, and slightly less than 09. During the recession, consumers were sticking with their glasses and contacts. However, this trend may soon reverse.

Marketing The American Academy of Ophthalmology advises caution in using patient testimonials, since results vary due to so many factors. Over 20 years, LASIK costs nearly $7,000 less than updating contact lenses and glasses and about $10,000 less than using disposable contact lenses. LASIK surgery is currently only approved for adults age 18 and older, according to the FDA. LASIK surgery is popular among all segments of the population. The majority of patients enjoy 20/20 vision or better after laser vision correction. This high success rate is a great feature to advertise.

Future Outlook LASIK surgery prices were about the same 2010 or less than 2009. During the recession, consumers were sticking with their glasses and contacts. However, this trend may soon reverse. While the total number of procedures in 2010 were down, it did not decline at the drastic rate of 2009. So the economy-induced decline is leveling off. By now, everyone knows someone who has had LASIK surgery, and the public is aware of common complications from LASIK. Any advertising that can alleviate the concerns would be effective. It would help to point out that the incidence of side effects is decreasing, and the rate of severe complications is low.

Advertising Strategies A cost-comparison of LASIK surgery, contact lenses, and eyeglasses reveals that LASIK is the most budget-friendly option. Advertising this can reduce the sticker shock many people get when they think about the high up-front cost of the treatment. Advertisements should comply with the FDA’s new marketing rules. Rather than belaboring the risks of surgery, ads should encourage patients to schedule a free consultation to discuss the benefits and risks they face personally, based on their vision and medical history.

Advertising Strategies Instead of testimonials, ads that focus on the hassle and expense of glasses and contacts will prove to be just as effective. For instance, highlight the convenience of going on vacation without having to worry about bringing an arsenal of vision supplies. Practices can also target professionals who burn the midnight oil and late-night partiers—both can suffer from dry lenses after so many hours of extended wear, not to mention the temptation to sleep in them. Leveraging social media can help LASIK providers get the word out. Encourage patients to “Like” or follow the practice’s site, and offer special perks for patients who send referrals.

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