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Ophthalmic Lasers Market Overview
The global ophthalmic lasers market is expected to witness considerable growth during the forecast period owing to rising demand of ophthalmic lasers for the treatment of various diseases, such as glaucoma, age related macular degeneration (AMD), cataract and diabetic retinopathy. The players in the ophthalmic lasers market offer products such as; femtosecond lasers, excimer lasers, nd: yag lasers, diode lasers, SLT lasers and other lasers. Among these, femtosecond lasers are expected to hold the largest share in 2017, due to increasing prevalence of refractive errors in aging and young population.
Ophthalmic laser is a medical device that emits light and works on the concept of stimulated emission of electromagnetic radiation under the principle of optical amplification. The key end user in the ophthalmic lasers market are hospitals, eye clinics, ambulatory surgical centers, and others. Hospitals are forecasted to account for the largest market share in 2017, owing to increasing introduction of advanced techniques in hospitals and growing number of hospitals in developing economies. The demand for these lasers in eye clinics is expected to witness significant growth during the forecast period due to increasing prevalence of ocular diseases, and technological advancements.
Ophthalmic lasers find application in glaucoma, cataract removal, refractive error corrections, diabetic retinopathy, AMD treatment and others. There has been a significant increase in the use of ophthalmic lasers in refractive error correction procedures owing to increasing number of eye surgeries.
Ophthalmic Lasers Market Dynamics
Growth Drivers and Restraints
Increasing prevalence of eye diseases, growing aging population, and rising awareness about the technologically advanced laser operations are the major factors driving the growth of the ophthalmic lasers market. According to the World Health Organization (WHO), people aged 50 years or above are more likely to be affected by moderate and severe vision impairment. Chronic eye diseases, un-operated cataract, and uncorrected refractive errors are the major cause of vision impairment.
Increasing regulatory approvals for ophthalmic laser and government initiatives to control visual impairment are some of the other factors contributing in the growth of the ophthalmic lasers industry. However, stringent safety regulations and risks associated with failure are some of the factors impeding the growth of the industry.
Increasing prevalence of cataract, rising number of hospitals, increasing government initiatives, and rising awareness about the advanced laser technologies in developing countries create ample opportunities for the market players to introduce novel ophthalmic laser therapies. According to International Diabetes Federation (IDB) report in 2016, around 80% of the world’s diabetes retinopathy patients resides in developing countries.
Ophthalmic Lasers Market Insights by Geography
North America is expected to hold the largest share of the ophthalmic lasers market in 2017, followed by the Europe. The growth in the North American ophthalmic lasers market is mainly attributed to the increasing chronic eye diseases, rising aging population, and developed healthcare reimbursement structure in the region. Asia-Pacific is expected to showcase the fastest growth in demand in the ophthalmic lasers market during the forecast period. This growth can be attributed to the increasing healthcare expenditure, growing medical tourism, and rising awareness about technologically advanced laser treatments.
Ophthalmic Lasers Market Competitive Landscape
The key players in the ophthalmic lasers market are acquiring other players to enter in the new market and to introduce new laser systems in ophthalmology. In February 2017, Carl Zeiss Meditech Inc, acquired 52% shares of Insight Photonic Solutions Inc for ophthalmic laser engines. The acquisition was aimed to develop new akinetic swept source laser for ophthalmology and the associated Optical Coherence Tomography (OCT).
Some of the other players in the ophthalmic lasers industry include, Novartis AG, Topcon Corporations, Ellex Medical Lasers Ltd, QUANTEL SA, IRIDEX Corporation, NIDEK CO Ltd., LMENIS LTD, Abbott Laboratories and Ziemer Ophthalmic Systems AG.
OPHTHALMIC LASERS MARKET SEGMENTATION
By End User