High target disease prevalence, increasing strategic developments such as partnerships and agreements among the top players, continuous research and development, various technological advancements in the field of medical devices, rising demand for minimally invasive procedure are key factors contributing to the growth of Ophthalmic photocoagulator market during forecast period
According to the current analysis of Reports and Data, the global ophthalmic photocoagulator market was valued at USD 135.7 million in 2018 and is expected to reach USD 215.3 million by the year 2026, at a CAGR of 4.2%. The study covers the ophthalmic photocoagulator, a device which used for the non-invasive surgical procedure of eyes using the laser beam. The ophthalmic photocoagulator is an equipment used to treat ophthalmic disorders and to treat damaged cells present in the eye. It has great clinical significance and is a crucial therapy for numerous retinal diseases such as conditions including proliferative diabetic retinopathy, retinopathy of prematurity, retinal tears and detachments, branch retinal vein occlusion, and choroid neovascularization.
Photocoagulator cauterizes blood vessels with a high-intensity laser beam or any other source of light. The invention revolutionized retinal therapy by facilitating the more precise, reliable, and less painful application of photocoagulator. Photocoagulation can seal leaking blood vessels, as in case of diabetic retinopathy, or destroy diseased retinal tissue. Due to the effectively and non-invasive approach, the application of ophthalmic photocoagulator has become the accustomed standard of care for many retinal conditions.
The key drivers of the ophthalmic photocoagulator market are a substantial rise in the geriatric population owing to age-related macular degeneration and the spike in diabetes. The diabetic epidemic has extensively increased across the globe leading to diabetic retinopathy. The average spending time on the digital screen of an individual has increased, which leads to various eye-related discomfort and disorders. The incorporation of IT within the healthcare industry, high amounts of investment, rising prevalence of target diseases like diabetes, age-related eye disorders, and technological advancements in the field of medical devices are boosting the ophthalmic photocoagulator market. An improved visual outcome with fewer side effects, drives continuous and enhanced research and development efforts in the field of retinal laser photocoagulation.
Moreover, entry of various players, mergers and acquisitions, funding from private and government agencies, and favorable regulatory scenario, an ever-growing demand for ophthalmic treatment are some of the critical factors which are positively influencing the market during the forecast period. As technology has matured, not only are different wavelengths becoming more accessible for photocoagulation, there is a wider variety of delivery methods that promises to enhance the precision of laser burns and simplify the application of retinal laser, and it is anticipated to provide a lucrative growth to the market. However, low adoption for these application, stringent government regulations and strict guidelines, inadequate reimbursement, and high costs for treatment and product designing and development coupled with a requirement for advanced integrated technologies are expected to restrain the market during the forecast period.
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The companies operating in the market and profiled in the report include
Further key findings from the report suggest
- Technological advancements in the field of medical devices is the key factor contributing to the market growth. In line with this, key market players are focused on strategic collaboration for product development which are well equipped with the cutting edge technology.
- Retinal laser photocoagulation is the fastest growing segment with an expected CAGR of 6.3% due to the significant increase in the target disease such as diabetes. According to WHO, the incidences are expected to rise in the middle and low income developing countries and it is one of the major cause of the blindness.
- According to the National Diabetes Statistics Report one of ten is suffering from diabetes which is nearly 9.4% of the total U.S population Moreover, new diagnosed diabetes cases of type 1 and type 2 have increased among the youth and it is further expected to increase.
- According to International Diabetes Federation in 2017, approximately 425 million adults with the age group of 20-79 years were living with diabetes and it is expected to rise up to 629 million by the year 2045. This is anticipated to boost the ophthalmic photocoagulator market during the forecast period.
- Laser Trabeculoplasty is the second largest segment in the application segment growing at the expected CAGR of 6.2% due to the rise in geriatric population in developing and developed nation. According to WHO, by 2020, the number of people aged 60 years and older will outnumber children younger than 5 year. The numbers are expected to rise especially in developing nation such as China and India therefore providing an extensive growth to the ophthalmic photocoagulator market.
- The pace of population ageing all around the world is also dramatically increasing. For instance, by 2050, there will be nearly 120 million living in developing nation such as China alone
- North America is expected to have the largest market share of 34.6%.Considering the clinical condition, according to American Academy of Ophthalmology, Diabetic retinopathy affects nearly 7.7 million Americans age 40 and older. The number of people in the United States with diabetes is increasing rapidly and it is expected to rise further. More than 29 million Americans have diabetes. Therefore, it is anticipated to positively influence the market growth during the forecast period.
- Key participants include Quantel Medical, Alcon, ALMA, Lumenis, NIDEK, Meridian, Iridex Corporation, Valon Lasers, Ellex Medical Lasers, and Lombart
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For the purpose of this report, Reports and Data has segmented the Ophthalmic Photocoagulator market on the basis of application, Clinical condition, end user and region:
Application Outlook (Revenue, USD Million; 2016-2026)
- Retinal Laser Photocoagulation
- Laser Trabeculoplasty
Clinical Condition Outlook (Revenue, USD Million; 2016-2026)
- Diabetic Retinopathy
- Age related Macular Degeneration
End Use Outlook (Revenue, USD Million; 2016-2026)
- Ambulatory Services
- Ophthalmology Centers
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa (MEA)
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Key Advantages of the Ophthalmic Photocoagulator Market Report:
- Detailed analysis of changing dynamics of the global Ophthalmic Photocoagulator market
- Valuable insights on key market growth driving trends and monetary competence over the forecast period
- SWOT analysis and Porter’s Five Forces analysis for each key market player to offer competitive advantage to readers and investors
- Comprehensive assessment of competitive landscape and regional analysis
- Assessment of key factors driving and restraining market growth
- Analysis of threats, limitations, growth prospects, opportunities, and barriers in the market
- Strategic recommendations to key market players and new entrants to assist them in gaining a robust footing in the market
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