Ophthalmic Lasers Market Overview
On the flip side, the prices associated with ophthalmic procedures are anticipated to hamper the market growth. However, increasing regulatory approvals along with above-mentioned factors are predicted to counter the impeding factors and boost the market in the coming period.
According to Market Research Future (MRFR), the ophthalmic lasers market is anticipated to acquire significant market value, growing at a CAGR of 19.7% during the forecast period from 2022 to 2030. The increasing cost of ophthalmic procedures, the high price of ophthalmic laser products, and the lack of qualified personnel for the effective use of ophthalmic laser products may hinder the market growth.
The growing prevalence of ophthalmic disorders like cataracts, glaucoma, retinal disorders, and others are anticipated to be key factors in driving the Ophthalmic Lasers Market 2020. The rising geriatric population is likely to be easily infected with such diseases, which is anticipated to be another significant factor in increasing the demand for ophthalmic procedures and develop the market. Furthermore, efficient treatment methods are anticipated to increase the requirement for ophthalmic lasers and boost the market. The growing R & D expenditure and the ongoing development in the field are likely to increase the demand for ophthalmic lasers and favor the market growth during the forecast period.
The increasing cost of ophthalmic procedures, the high price of ophthalmic laser products, and the lack of qualified personnel for the effective use of ophthalmic laser products may hinder the market growth.
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Key Players
Some of the established players of the ophthalmic lasers market are Bausch & Lomb Incorporated, Ellex Medical Lasers Limited, Topcon Corporation, Carl Zeiss Meditec AG, Quantel Inc., Ocular Instruments, Ziemer Ophthalmic Systems AG, Alcon Laboratories, Inc., Nidek Co., Abbott Medical Optics, Inc., Limited, Iridex Corporation, Lightmed USA, and Lumenis Ltd.
Ophthalmic Lasers Market Segmentation
The global ophthalmic lasers market is segmented by product, application, end-user, and region.
Based on the product, the market has been categorized as excimer lasers, femtosecond lasers, diode lasers, selective laser trabeculoplasty (SLT) lasers, ND: yag lasers, and others. The application segment has been categorized into refractive error correction, cataract surgery, diabetic retinopathy, glaucoma surgery, age-related macular degeneration (AMD) treatment, and others.
End-users in the market comprise specialty clinics, hospitals, ambulatory surgery centers, and others.
Ophthalmic Lasers Market Regional Analysis
Geographically, the market covers the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa.
The Americas is pegged to dominate the global market for ophthalmic lasers due to technological advancements in the region, increasing ophthalmic disorders, and growing geriatric population. The geriatric population has patients with poor vision or damaged eyeball can drive the market demand owing to its surgeries. According to the American Academy of Ophthalmology, primary open-angle glaucoma (POAG) cases are rising continuously with more than 7.9 million people in the US predicted to be diagnosed with POAG by the end of 2050.
The second-largest demand for ophthalmic lasers is projected to be the European market. Its growth can be attributed to growing ophthalmic surgeries in the area, rising awareness of emerging technologies, improving infrastructure, and facilities in the healthcare sector. According to the European Commission, cataract surgeries are widespread in the European region, and more than 4.5 million cataract surgeries were conducted in European countries in 2016.
APAC is projected to be the fastest-growing for ophthalmic lasers in the forecast period due to the rising prevalence of eye diseases, rising investment in healthcare, and the expansion of market players in the region. According to the International Diabetes Federation, nearly 19% of the total population in the world suffers from diabetes, which is equivalent to 84 million, and has caused 1.3 million deaths.
The demand in the Middle East & Africa is expected to account for the lowest share of the global market for ophthalmic lasers due to underdeveloped infrastructure, lack of technological expertise and inadequate medical facilities.
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