Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Ophthalmic Lasers market.
Trusted Business Insights presents an updated and Latest Study on Ophthalmic Lasers Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Ophthalmic Lasers market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global ophthalmic lasers market size was USD 479.0 Million in 2018 and is Projected to Reach USD 722.0 Million by 2026, Exhibiting a CAGR of 5.3% in the Forecast Period.
We have updated Ophthalmic Lasers Market with respect to COVID-19 Impact.
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There is an ever-increasing demand for medical lasers in various applications including aesthetics, dental, veterinary, and surgical procedures. Among surgical procedures application, the largest share of the market was attributed to ophthalmic lasers in 2018. The large unmet need for new treatment options of ocular diseases, with an aim to reduce the economic cost burden globally, has been instrumental in the development and introduction of ophthalmic lasers.
Market players are constantly focusing on R&D to innovate the technologies used in ophthalmic lasers, to improve efficiency and outcomes of the treatment in the patient population. The Selective Laser Trabeculoplasty (SLT) technology is currently one of the most attractive technologies in the ophthalmic lasers market.
“”Efficiency of ophthalmic lasers in the treatment of ocular diseases, combined with the increasing incidence of ocular diseases is driving the growth of the global market””
A large patient pool globally is suffering from ocular diseases including cataract, age-related macular degeneration, glaucoma, and cataract. The efficiency of drugs in the treatment of these ocular diseases is limited, and this has led to increasing demand for devices including ophthalmic lasers for treatment of ocular diseases. According to the World Health Organization (WHO), an estimated 18 million people globally are bilaterally blind due to cataract. Also, there is a large patient pool suffering from refractive errors including myopia, high myopia, and presbyopia.
These factors, combined with the introduction of new ophthalmic lasers based on innovative technologies by market players, are some of the major factors driving the ophthalmic lasers market growth in 2018. However, lack of awareness among the patient population regarding ophthalmic lasers in emerging countries, combined with a comparatively higher cost of the procedure, are factors limiting the adoption of ophthalmic lasers in the global market.
Based on the type, the ophthalmic lasers market share segments include excimer lasers, femtosecond lasers, Nd Yag lasers, diode lasers, and others. The excimer lasers segment dominated the ophthalmic lasers industry growth in 2018. The segment accounted for 39.2% share of the market in 2018. Based on application, the global market segments include cataract treatment, glaucoma treatment, refractive errors treatment, and others. Based on technology, the market segments include photodisruption, selective laser trabeculoplasty (SLT), and photocoagulation. Based on end user, the global market segments include ophthalmic laser centers, hospitals, and others.
“”An Increasing Number of Patients Undergoing LASIK Surgery for Refractive Error Correction in the U.S. Are Fueling the Demand for Ophthalmic Lasers in North America””
There is a large patient pool in emerging countries including China, India, and other South-east Asian countries suffering from myopia and other refractive errors. However, the over-reliance of the patient population on eyeglasses and contact lenses for vision correction in these countries has limited the number of patients undergoing LASIK surgeries. However, there is a higher adoption of ophthalmic lasers among healthcare providers in the U.S., and the increasing number of patients are undergoing LASIK surgical procedures in the country.
North America Ophthalmic Lasers Market Size, 2018
This, combined with the rising preference of ophthalmic lasers in the treatment of glaucoma, and other ocular diseases in the U.S., are propelling the ophthalmic lasers market growth in North America. The market for ophthalmic lasers in North America was valued at USD 139.3 Million in 2018. The market in Europe and Asia Pacific is projected to demonstrate a comparatively higher CAGR during forecast period, owing to rising patient pool undergoing laser surgical procedures for eye disorders. The market in Middle East & Africa, and Latin America accounted for a comparatively small share of the market in 2018.
Key Market Players
“”Lumenis, Ellex Medical Lasers, Ltd., and TOPCON CORPORATION, Dominated the Global Ophthalmic Lasers Market in 2018″”
The ophthalmic lasers industry is a semi-consolidated market with the top three players accounting for a significant share of the market in 2018. A well-established brand presence in the medical lasers segment, combined with a strong distribution channel, has been instrumental in the dominance of these players in the market. However, other market players are expanding their portfolio of ophthalmic lasers, along with focusing on the expansion of geographic presence and strengthening their distribution channel, and are expected to gain market share during the forecast period.
List of Companies Profiled
- IRIDEX Corporation
- NIDEK CO., LTD.
- Carl Ziess Meditec AG
- Ellex Medical Lasers Ltd.
- TOPCON CORPORATION
- NoIR Laser Company, LLC
- Other players
According to the International Agency for the Prevention of Blindness, cataract is responsible for an estimated 48% cases of blindness globally. Also, an estimated 90 million people globally are suffering from glaucoma. This large patient pool suffering from ocular diseases, combined with a longer treatment duration of drugs, and lack of efficiency of ophthalmic drugs in the treatment of eye diseases, is leading to rising demand for ophthalmic lasers globally. The introduction of new products in the market, along with an increasing number of patients undergoing laser treatment globally is projected to further augment the demand for ophthalmic lasers during the forecast period.
The report provides qualitative and quantitative insights on the ophthalmic lasers market trends and detailed analysis of market size and growth rate for all possible segments in the market. The market segments include type, application, technology, end user, and geography. On the basis of the type, the ophthalmic lasers market segments include excimer lasers, femtosecond lasers, Nd Yag lasers, diode lasers, and others.
Based on technology, the global market is segmented into photodisruption, selective laser trabeculoplasty (SLT), and photocoagulation. Based on application, the global market is segmented into cataract treatment, glaucoma treatment, refractive errors treatment, and others. Based on end user, the global market is segmented into ophthalmic laser centers, hospitals, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
Along with this, the report analysis includes ophthalmic lasers industry dynamics and competitive landscape. Various key insights provided in the report are the prevalence of key ocular diseases by key countries, technological advancements, recent industry developments such as mergers & acquisitions, pricing analysis of key players, and others.
- Excimer Lasers
- Femtosecond Lasers
- Nd Yag Lasers
- Diode Lasers
- Selective Laser Trabeculoplasty
- Cataract Treatment
- Glaucoma Treatment
- Refractive Errors Treatment
By End User
- Ophthalmic Laser Centers
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Key Industry Developments
In March 2018, Novartis announced U.S. FDA approval in two new indications for its LenSx, one for creating tunnels enabling placement of corneal rings, and other indication for creating corneal pockets for placement of presbyopia-correcting inlays.
In September 2016, Carl Zeiss Meditec AG, announced the U.S. FDA approval for its VisuMax femtosecond laser, enabling it to perform small-incision lenticule extraction
Quick Read Table of Contents of this Report @ Ophthalmic Lasers Market Size, Share and Industry Analysis By Type (Excimer Lasers, Femtosecond Lasers, Nd Yag Lasers, Diode Lasers), Technology (Photodisruption, Selective Laser Trabeculoplasty, Photocoagulation), Application (Cataract Treatment, Glaucoma Treatment, Refractive Errors Treatment), End-User (Ophthalmic Laser Centers,Hospitals ) & Regional Forecast, 2020 – 2029 (Includes COVID-19 Business Impact)
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