The size of the European Ophthalmic Lasers Market has been forecasted at USD 337.51 million in 2022. It is estimated to grow at a CAGR of 5.2% and be worth USD 434.88 million by 2027.
The rising frequency of chronic disorders, rising elderly population, increasing regulatory approvals, and increasing measures to avoid vision impairment contribute to the European market's growth. A high frequency of ocular illnesses and rising initiatives to manage visual impairment are driving the development of the ophthalmic lasers market in Europe. Furthermore, during the forecast period, increased regulatory approvals for new products and increased diabetes patients are expected to propel the market.
The increased demand for expensive, painless, and non-invasive ophthalmic laser therapies and a growing European geriatric population are further driving this market. Furthermore, consumer awareness of laser therapies to prevent blindness and visual impairment has grown as the frequency of chronic and communicable eye diseases has increased. In addition, the growing geriatric population is driving demand for ophthalmic lasers, which include diabetic eye diseases, glaucoma, cataracts, and other age-related issues. Furthermore, advances in procedure technology have improved the accuracy and success rates of ophthalmic laser surgeries, which has positively impacted the market.
To avoid hazards and accidental exposure to laser beams, the lasers must be used precisely and safely during the procedure. As a result, highly skilled professionals who can effectively operate a laser device are required. The majority of chronic ophthalmic disorders, such as cataracts and AMD, affect this group of people. However, refractive errors are also very common among young people. Thus, the growing number of victims of chronic eye diseases has led to the market's expected growth.
However, high costs associated with the implementation and usage of the ophthalmic lasers are expected to restrain the market growth during the forecast period.
This research report on the European ophthalmic lasers market has been segmented and sub-segmented into the following categories:
Geographically, the European ophthalmic lasers market accounted for a substantial share in the global market in 2020. Increased cataract and glaucoma patients are driving demand for ophthalmic lasers in Europe. Furthermore, rising awareness of ophthalmic disorders and improved healthcare infrastructure is helping to drive market growth. Several ophthalmic laser procedures are relatively painless and can be done as outpatient procedures. A significant trend observed is an increase in initiatives to support people in Europe who are blind, causing many private charitable institutes to provide funding to support the blind population in the region. Such initiatives have the potential to reduce Europe's blindness burden. Furthermore, because of changes in lifestyle, such as smoking tobacco, the prevalence of visual impairment-related disorders is rising over the region. In Europe, SCHWIND eye-tech solutions introduced the ATOS femtosecond laser, with Femto-LASIK and SmartSight technology for innovative lenticular extraction. As a result, the growth of the ophthalmic lasers market is aided by an increase in regulatory approvals. Because of the rising incidence rates of ophthalmic problems, rising healthcare expenditures in the country, and the development of advanced healthcare infrastructure, the UK had the largest share in the European market in 2020.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the European ophthalmic lasers market profiled in the report are Ellex Medical Lasers Limited (Australia), Topcon Corporation (Japan), Ziemer Ophthalmic Systems AG (Switzerland), IRIDEX Corporation (U.S.), NIDEK Co., Ltd. (Japan), Alcon Laboratories, Inc. (U.S.), Abbott Medical Optics, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Bausch & Lomb Incorporated (U.S.), and Lumenis Ltd. (Israel).
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