Ophthalmic Lasers Market

Global Ophthalmic Lasers Market Size (2024 to 2029)

The size of the ophthalmic laser market at a global level is predicted to be worth USD 1237.95 million in 2024. This value is forecasted to grow at a CAGR of 5% during the forecast period and will be worth USD 1579.97 Million by 2029.

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.

MARKET DRIVERS

The growing awareness of the available treatment procedures for blindness and others is surging the growth rate of the global ophthalmic lasers market.

The high prevalence of minimally invasive treatment options where a person can recover from the treatment in very little time is greatly influencing the growth rate of the market. People's preference to opt for effective and efficient laser treatment is increasing everywhere. In the UK, around 30 million laser treatment procedures were performed with a high success rate. The increasing geriatric population is also one of the major factors that will influence the growth of the market. Geriatric people are prone to various eye-related diseases. According to the American Academy of Ophthalmology, age-related macular degeneration (AMD), glaucoma, cataracts, and others are mostly diagnosed among elderly people of age above 40 years. For instance, more than 20.5 million people of age above 40 years in America were diagnosed with cataracts in 2023. The rising number of people suffering from diabetes will also boost the growth rate of the market. According to the Centers for Disease Control and Prevention, 11.6% of the total population in the US was diagnosed with any type of diabetes in 2022. Diabetes is becoming a major concern for people irrespective of age. According to the National Institutes of Health, around 9.6 million people are suffering from diabetic retinopathy across the world, whereas 0.4 million are suffering from blindness. The rising number of these ophthalmic disorders across the world is greatly prompting the growth rate of the market.

The growing prevalence of adopting new technological developments in the medical sector is also one of the factors that will help the market to grow eventually. The rising disposable income, especially in urban cities, and eventually growing popularity of advanced treatment procedures are likely to showcase huge growth opportunities for the market in the coming years. The government is raising support for approving innovative laser treatment procedures to enhance the quality of healthcare services in both developed and emerging countries. Improving the regularities in healthcare will expand profitability, which is the major cause for the government authorities' focus on approving the new procedures.

MARKET RESTRAINTS

Lack of proper knowledge of effective treatment procedures, especially in remote areas, is majorly hindering the growth rate of the market. Reluctance to adopt the new technologies due to increasing concern over adverse effects in a few people is additionally hindering the size of the ophthalmic lasers market. There is a risk of infection due to the laser treatment, and few people are unwilling to opt for these options for eye surgery even though it is a minimally invasive procedure. Stringent actions by the government to only forward high-quality procedures shall impede the market growth rate in the coming years. 

Less reimbursement schemes by the government towards laser treatment procedures may also limit the growth rate of the market. The new treatment procedures cost very high, which common people cannot afford, which is certainly a challenging factor for the key players who want to launch innovative treatment procedures at minimal costs. Installation and maintenance of the systems need professionals, and costs are very high, so hospitals and clinics cannot afford these in undeveloped countries. 

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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Ophthalmic Lasers Market Analysis By Type

Femtosecond lasers segment is leading with the dominant share of the market. The femtosecond laser procedure is a new technique for making bladeless corneal incisions that are more precise than traditional cataract surgery. This laser-type treatment is more precise and allows surgeons to promote high-quality treatment with ease. The excimer laser type is deemed to have the fastest growth rate during the forecast period. This laser type is very effective in treating myopia, hyperopia, and astigmatism, where a patient may no longer need to use contact lenses or glasses. This is a minimal laser treatment procedure that minimizes the use of general anesthesia, which is influencing the majority of people to opt for this laser treatment. 

Global Ophthalmic Lasers Market Analysis By Application

The refractive error correction segment is gaining huge traction over the share of the market, whereas the cataract removal segment is growing at a faster rate. Approximately 18 million refractive error correction surgeries have been performed across the world to date with a high success rate, according to the National Institute of Health. The Glaucoma treatment segment is likely to have the highest CAGR by the end of the forecast period. With the rising number of diabetic patients across the world, the demand for diabetic retinopathy treatment procedures has also been gaining prominence for a few years, which is ascribed to elevating the growth rate of the market.

REGIONAL ANALYSIS

Regionally, North America occupied the majority of the share of the global market in 2023. 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 2023, 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 PLAYERS IN THE GLOBAL OPHTHALMICS LASERS MARKET

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 HAPPENINGS IN THE MARKET

• In December 2020, IRIDEX Corporation announced that their MicroPulse Transscleral Laser Therapy (TLT) had gained acceptance from the European Glaucoma Society.
• In November 2020, Lumenis Ltd., one of the leading companies in the ophthalmic lasers market, launched a new medical device called Digital Duet, it is the first SLT-YAG system.
• In December 2019, Ellex Medical Laser Limited acquired Lumibird as its laser and ultrasound provider to treat and diagnose eye diseases.

DETAILED SEGMENTATION OF THE GLOBAL OPHTHALMIC LASERS  MARKET INCLUDED IN THIS REPORT

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 2029.

By Type

• Femtosecond Lasers
• Excimer Lasers
• Nd: YAG Lasers
• Diode Lasers
• Others

By Application

• Refractive Error Correction
• Cataract Removal
• Glaucoma Treatment
• Diabetic Retinopathy Treatment
• AMD Treatment
• Other Applications

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa