Publishing: May 2021 | Report Code: LS11376 | Available Format: PDF
Ophthalmic Lasers Market Overview
In the near future, the global ophthalmic lasers market size is projected to grow substantially, owing to the rising prevalence of different ophthalmic disorders and increasing demand for ophthalmic lasers to treat these disorders. The different applications of ophthalmic lasers are cataract removal, age-related macular degeneration treatment, glaucoma, diabetic retinopathy, and refractive error corrections. Among these, the refractive error corrections application is predicted to account for a considerable revenue share of the market in the coming years, which is due to the rising number of eye surgeries.
The different products utilized for performing ophthalmic surgeries include excimer, selective laser trabeculoplasty, femtosecond, diode, and neodymium yttrium aluminum garnet. The femtosecond lasers held the largest ophthalmic lasers market share in the past, which is attributed to the growing prevalence of refractive errors among the young and aging population. Moreover, the diode lasers category is also projected to grow at a considerable pace in the coming years as these lasers are utilized for treating extensive range of ocular disorders, cost-effective, and provide surgical accuracy. Due to these factors, these lasers are being used in different ophthalmic procedures such as laser iridotomy, cataract surgery, retinal photocoagulation, and laser trabeculoplasty.
Eye clinics, hospitals, and ambulatory surgical centers are the major end users of ophthalmic lasers. Out of these, the hospitals category accounted for the major share of the ophthalmic lasers market in the past, which is ascribed to the growing introduction of innovative techniques in hospitals and the increasing number of hospitals. The eye clinics category is projected to register substantial growth in the coming years as these facilities provide Lasik eye surgery at an affordable rate. In addition to this, the rising preference of people for eye clinics instead of other medical facilities in both developed and developing countries is projected to drive the growth of the category.
When geography is taken into consideration, North America dominated the ophthalmic lasers market in the past, which is ascribed to the developed healthcare reimbursement structure in the region, surging prevalence of chronic eye diseases, and increasing aging population in the region. The Asia-Pacific region is expected to grow at the fastest pace in the near future because of the increasing medical tourism, increasing awareness regarding technologically innovative laser treatments, and surging healthcare expenditure.
Ophthalmic Lasers Market Dynamics
Some of the major factors contributing to the ophthalmic lasers market growth are the rising prevalence of eye diseases, increasing awareness regarding technologically advanced laser operations, and surging aging population. As per the World Health Organization, about 2.2 billion people around the world are suffering from blindness or vision impairment. Furthermore, people who are aged 50 years or above are more likely to suffer from moderate or sever vision impairment. Some of the major causes of vision impairment are un-operated cataract, chronic eye diseases, and uncorrected refractive errors. In order to control visual impairment, the governments are taking several initiatives, which is further expected to drive the market.
Ophthalmic Lasers Market Competitive Landscape
The major players in the global ophthalmic lasers market are engaging in acquisitions of other players in order to increase their share in the market. For instance, in February 2017, Carl Zeiss Meditec Inc. acquired 52% shares of Insight Photonic Solutions Inc. The aim of the acquisition was to develop a new akinetic swept source laser for ophthalmology and the associated Optical Coherence Tomography. Some other key players in the market are Topcon Corporation, Novartis AG, Ellex Medical Lasers Ltd., IRIDEX Corporation, QUANTEL SA, NIDEK Co. Ltd., Abbott Laboratories, Lumenis Ltd., and Ziemer Ophthalmic Systems AG.
OPHTHALMIC LASERS MARKET SEGMENTATION
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