The Global Ophthalmic Lasers Market reflects an impressive growth owing to the growing prevalence of refractive errors across the world. According to a report, published by Fortune Business Insights, titled, “Ophthalmic Lasers Market: Global Market Analysis, Insights and Forecast, 2019-2026” the global market is expected to register a CAGR of 5.3% between 2019 and 2026.
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In addition to this, the global market was worth US$ 479.0 Mn in 2018 and is anticipated to reach US$ 722.0 Mn by 20226. The increasing incidence of ocular diseases, such as glaucoma, age-related macular degeneration, and refractive errors, is driving the ophthalmic laser market. As the drugs for treating ocular diseases is less, the demand for ophthalmic laser devices has come into existence.
Excimer Lasers Gain an Upper Hand Over Other Laser Types
In 2018, the excimer lasers among other types of ophthalmic lasers covered 39.2% of the global market. These lasers are used for procedures such as refractive error correction. Recent technological advancements are expected to boost the segment growth during the forecast period. The demand for ophthalmic laser systems is likely to increase in hospitals, ophthalmic laser centers among others.
Market Registers Growth in North America as Increasing Number of the Patients Opt for LASIK Surgery
North America is expected to grow at a considerable rate in the global ophthalmic lasers market during the forecast years. Moreover, the region was valued at US$ 139.3 Mn in the year 2018. People in the U.S. are increasingly undergoing LASIK surgeries owing to the rising awareness about ophthalmic laser safety. Furthermore, healthcare providers are rapidly adopting ophthalmic lasers in the U.S. These factors are likely to enable growth in the market in North America.
The market in Asia Pacific is yet to achieve growth as a large pool of patients are still dependent on contact lenses and eyeglasses. However, with the rising developments in technology, the healthcare providers in countries such as China, India among others will adopt ophthalmology lasers.
Technological Advancements Such as Selective Laser Trabeculoplasty Propels Growth
The burgeoning population suffering from ocular diseases and technological advancements in ophthalmology are contributing to the growth of the market. “These technologies are expected to enhance the accuracy of ophthalmic laser treatment,” stated a lead analyst at Fortune Business Insights. Technologies such as Selective Laser Trabeculoplasty or SLT are used to reduce the eye pressure in glaucoma. Optical Coherence Tomography or OCT is an imaging technique used to identify retinal disorders using quantitative data.
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The rising awareness about the early diagnosis and preventive medical care are factors presenting a large patient pool suffering from ocular diseases. Furthermore, people across the world are increasingly becoming aware of the laser treatment methods for cataract, refractive errors, and glaucoma. This is further expected to stimulate growth in the market over the forecast years.
Contrary to this, there are countries where people aren’t completely aware of ophthalmic lasers. This is expected to impede the growth of the market in the forecast years. Also, the high costs associated with the ophthalmic laser procedures may hamper the market’ s growth. People in low-scale countries aren’t able to afford such treatment, which can eventually restrict the growth of the market to an extent.
Carl Zeiss’s VisuMax Receives FDA Approval to Bring Innovation in Laser Eye Surgery
The global ophthalmic laser market is semi-consolidated with the presence of three leading players. These players include Lumenis, TOPCON CORPORATION, and Ellex Medical Lasers, Ltd. covered the maximum share in the year 2018. These players are well-recognized and have a robust distribution network in the medical laser segment. Such factors are responsible for the dominance of these players. Several companies are focusing on to launch new products in order to strengthen their distribution channel.
For instance, Novartis AG (Alcon) announced FDA approval for LenSx in March 2018. The product has two indications, one for creating tunnels allowing placement of corneal rings, whereas the other is to create corneal pockets for effective placement of presbyopia-correcting inlays. Another company called Carl Zeiss Meditec AG announced FDA approval for VisuMax femtosecond laser system in September 2016. This system is used to perform small-incision lenticule extraction for refractive correction.
The report profiles some of the leading players functioning in the global ophthalmic laser market. These include IRIDEX Corporation, Ellex Medical Lasers Ltd., NIDEK CO., LTD., Lumibird, TOPCON CORPORATION, NoIR Laser Company, LLC, and Lumenis.
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