The size of the ophthalmic laser market at a global level is predicted to be worth USD 1179 million in 2023. This value is forecasted to grow at a CAGR of 5% during the forecast period and will be worth USD 1504 Million by 2028.
The global ophthalmic laser market is developing at a rapid pace. A laser is a device that emits light and works on the principle of optical amplification based on the stimulated emission of electromagnetic radiation. At present, lasers are highly adopted in medicine for treating various diseases. Moreover, these are taken rapidly in ophthalmology procedures due to their positive results during eye surgery.
The ophthalmic laser market must witness noteworthy development amid the estimated time frame because of individuals experiencing glaucoma, waterfall, age-related macular degeneration (AMD), and diabetic retinopathy. This generally happens among the geriatric population. In addition, the American Academy of Ophthalmology expressed that around 1.3 million U.S. populace are visually impaired. Thus, considering the end goal to limit such a tremendous rate of vision misfortune, there is a high requirement to utilize ophthalmic laser innovation.
The increasing geriatric population and the rising stipulation for the utilization of laser treatment for patients suffering from cataracts, glaucoma, and diabetic retinopathy are the primary factors driving the global ophthalmic laser market. Growing common chronic eye disorders, increasing government initiatives to prevent blindness, and many other eye-related diseases among people of all ages further accelerate the market. For Instance, according to NewsMedical.net, an estimated 22 million people over 40 years were affected by cataracts and other eye-related disorders in 2015. In addition, favorable government reimbursement policies and increasing investments contribute significantly to the growth of the global ophthalmic laser market.
Factors such as High treatment costs, lack of awareness among the people related to lasers, and the treatments associated with eyes are majorly restricting the ophthalmic lasers market to some extent. The shortage of ophthalmic surgeons, lack of reimbursement policies in favor of people, stringent regulations for approving new product launches, and the devices associated with ophthalmic lasers further hinder market growth.
Impact of COVID-19 on the global ophthalmic lasers market:
The novel coronavirus has impacted many sectors in distinct ways. Ophthalmologists continue to search for new ways to minimize patient visits to the hospital during the continuous pandemic time. Doctors are the front-line warriors in the fight against COVID-19. Many surgeries were canceled or postponed to control the spread of novel coronavirus disease. During the lockdown, governments have imposed strict restrictions to prevent the spread of the virus and be safe. However, with the unlock guidelines from the government in many countries, all the activities were resumed with necessary precautions. It is expected by the end of the first half of 2021, the market will come to its normal position and grows at a moderate rate.
Market Size Available
2022 to 2028
2023 to 2028
By Type, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
This research report on the global ophthalmic lasers market has been segmented and sub-segmented into the following categories and calculated market size and forecast for each segment until 2028.
Ophthalmic Lasers Market - By Type:
Based on the type, the femtosecond lasers segment accounted for the largest share of the market in 2022 and is predicted to have the highest CAGR during the forecast period. The growing number of people affected by refractive errors and the increasing usage of lasers during cataract surgeries are primarily propelling the growth of the segments.
The excimer lasers segment is estimated to perform well during the forecast period due to the high obtainment by the healthcare sectors used to treat refractive errors. However, the YAG Lasers segment is likely to have observed considerable growth over the review period. These products are used for treating patients with glaucoma, retina, and corneal surgery.
Ophthalmic Lasers Market - By Application:
Based on the application, the refractive error correction segment is expected to dominate the ophthalmic lasers market due to the typical growth of refractive errors in adults and children. Increasing femtosecond applications of lasers in these surgeries are boosting segment growth.
Cataract removal is another segment estimated to witness a healthy growth rate due to the growing number of worldwide cataract surgeries; the growing elder population accelerates the ophthalmic lasers market over the analysis period.
Ophthalmic Lasers Market - By Region:
Regionally, North America occupied the majority of the share of the global market in 2020. The increasing patient population suffering from glaucoma, waterfall, and cataracts is majorly attributed to market growth in this region. As a result, the United States dominated the North American region in 2022, followed by Canada.
The European region is estimated to display promising growth for ophthalmic lasers during the review period. Regular increases in ophthalmic disorders, growing common refractive errors, and cataracts propel Europe's market growth.
However, the Asia-Pacific region is projected to grow at the fastest growth rate during the forecast period due to increasing femtosecond lasers usage. In addition, a growing number of ocular diseases in this region are boosting market growth. India and China are likely to drive the market due to the massive population as this region is most significant over the period.
Latin America region is estimated to have a steady and continuous growth of the market during the period. Factors such as the growing number of cataract surgeries performed across the world. Brazil is the leading country in this region and is expected to have produced profitable outcomes and is likely to boost the ophthalmic lasers market during the analysis period.
The Middle East & Africa region is likely to have slow growth over the forecast period due to the growing cataract cases, accessibility of new drugs and devices, and the common increase impact of eye diseases is increasing the market growth during the period.
KEY MARKET PARTICIPANTS:
Some of the notable companies operating in the global ophthalmic lasers market profiled in this 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.), Lumenis Ltd. (Israel).
RECENT MARKET DEVELOPMENTS:
The ophthalmic lasers market is predicted to grow at a CAGR of 5% from 2023 to 2028.
The growing prevalence of eye diseases and disorders, such as age-related macular degeneration, diabetic retinopathy, and glaucoma are propelling the growth of the ophthalmic lasers market.
Alcon Inc., Carl Zeiss Meditec AG, Ellex Medical Lasers Ltd., Lumenis Ltd., and Topcon Corporation are some of the notable players in the ophthalmic lasers market.
The high cost of laser devices, regulatory hurdles, and the need for specialized training for healthcare professionals are some of the major challenges to the ophthalmic lasers market.
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