Ophthalmic Lasers Market Size to Grow at a CAGR of 5.3% During the Forecast Period 2020–2025 · Wall Street Call
Ophthalmic Lasers Market size in 2019 is estimated to be $968 million, growing at a CAGR of 5.3% during the forecast period 2020-2025. Ophthalmic lasers are devices which use precise source of light to treat ophthalmic ailments. Lasers lights are divided into coherent, monochromatic and collimated. Using the laser-based microscopic techniques with adaptive optics helps ophthalmologist to detect glaucoma and other devastating eye problems. Increasing prevalence of ophthalmic disorders and technological advancement are the major factors driving the growth of the market.
Ophthalmic Lasers Market Segment Analysis – By Product Type
Based on the Product Type, Ophthalmic Lasers Market is segmented into Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Diode Lasers, Others. The femtosecond lasers segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.5% during the forecast period 2020-2025. This is mainly owing to increasing prevalence of refractive errors and cataract in patients which are easily corrected with laser technology and the technological advancements in femtosecond lasers. The expanding applications of femtosecond lasers, and increasing regulatory approvals are further contributing to the growth of this segment.
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Ophthalmic Lasers Market Segment Analysis – By Application
Based on the Application, Ophthalmic Lasers Market is segmented into Refractive Error Correction, Cataract Removal, Glaucoma Treatment, Diabetic Retinopathy Treatment, AMD Treatment, Others. In 2019, refractive error correction held the largest share in the Ophthalmic Lasers Market. This is mainly owing to increasing incidence of refractive errors and better clinical outcomes owing to advancement in technology in ophthalmic lasers contributing to the dominance of this segment.
Ophthalmic Lasers Market Segment Analysis – By Geography
North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to increasing incidence of chronic disease, increasing regulatory approvals for ophthalmic lasers and increasing geriatric population with cataract. According to Centers for Disease Control and Prevention (CDC), about 11 million people in the U.S., aging 12 years and above, have vision impairment, which can be improved by correcting refractive errors. Also according to the National Eye Institute projections, the number of people having cataract is projected reach about 50 million by 2050, in the U.S.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income and increasing healthcare expenditure.
Ophthalmic Lasers Market Drivers
Increasing Prevalence of Ophthalmic Disorders
Increasing prevalence of ophthalmic disorders such as cataract, glaucoma, refractive errors, Age-Related Macular Degeneration (AMD), diabetic retinopathy, and retinal disorders are some factors driving the market growth of this segment. According to National Center for Biotechnology Information (NCBI), about 64.3 million people are suffering from glaucoma which is contributing to the market as the surgeries being performed with lasers for such diseases is high.
Increasing technological advancement and rising research in medical industry are some factor driving the growth of the market. Moreover, technologies such as Selective Laser Trabeculoplasty or SLT are used to reduce the eye pressure in glaucoma and Optical Coherence Tomography or OCT is an imaging technique used to identify retinal disorders using quantitative data are contributing to the growth of Ophthalmic Lasers Market.
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Ophthalmic Lasers Market Challenges
High cost of equipment and therapy and availability of alternative therapies are restraining the growth of the market. Moreover, lack of healthcare facilities in developing nations and lack of skilled professional are further challenging the market growth during the forecast period 2020-2025.
Ophthalmic Lasers Market Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Ophthalmic Lasers Market. Ophthalmic Lasers top 10 companies are Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Ellex Medical Lasers Limited, Abbott Medical Optics, Inc., Bausch & Lomb Incorporated, Topcon Corporation, IRIDEX Corporation, Lumenis, Ziemer Ophthalmic Systems AG, and NIDEK Co., Ltd.
On May 2015, Topcon Corporation redesigned Next Generation Pattern Scanning Laser PASCAL Synthesis with an automatic table, which helps in efficiency and space savings.
On 27 February 2017, Abbot Medical Optics has acquisition with Johnson and Johnson in order to develop the product that belong to cataract surgery, laser refractive surgery, and consumer eye health.
In 2019, North America dominates the Ophthalmic Lasers Market owing to increasing incidence of chronic disease and increasing geriatric population having eye related problems.
Increasing prevalence of ophthalmic disorders and technological advancement is driving the market growth of ophthalmic lasers.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Ophthalmic Lasers Market report.
High cost of equipment is challenging the growth of the market.
Related Reports :
A. Excimer Femtosecond Ophthalmic Lasers Market
B. Ophthalmic Lasers Therapeutic Market
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