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Global Ophthalmic Lasers Market Size, Share, Trends, Growth COVID-19 impact and Analysis Report – Segmented By Type (Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Diode ,Lasers, Other Lasers), Application and Region - Industry Forecast (2022 to 2027).

Published: January, 2022
ID: 3271
Pages: 175
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Ophthalmic Lasers Market Size, Growth (2022 to 2027)

The size of the ophthalmic laser market at a global level is predicted to worth USD 1122.90 million in 2022. This value is forecasted to grow at a CAGR of 5% and reach USD 1433.14 Million by 2027.

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 the area of medicine for the treatment of various diseases. Moreover, these are taken rapidly in ophthalmology procedures due to their positive results during eye surgery.

COVID-19 impact 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 the patient visit to the hospital during the continuous pandemic time. Doctors are the front-line warriors in the fight against the 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 DRIVERS:

The ophthalmic laser market is required to 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, keeping in mind 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, the rising stipulation for the utilization of laser treatment for the 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 aged above 40 years are 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.

MARKET RESTRAINTS:

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 the approval of new product launches, and the devices associated with ophthalmic lasers further hinder the market growth.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Analysed

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

Regions Analysed

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 2027.

Ophthalmic Lasers Market - By Type:

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

Based on the type, the femtosecond lasers segment was accounted for the largest share of the market in 2020 and is predicted to have the highest CAGR during the forecast period. The growing number of people affected by refractive errors, increasing usage of lasers during cataract surgeries are primarily propelling the growth of the segments.

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 patient with glaucoma, retina, and corneal surgery.

Ophthalmic Lasers Market - By Application:

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

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, and increasing femtosecond applications lasers in these surgeries are boosting the segment growth.

Cataract removal is another segment estimated to witness a healthy growth rate due to the growing number of cataract surgeries performed worldwide; the growing elder population accelerates the market ophthalmic lasers market over the analysis period.

Ophthalmic Lasers Market - By Region:

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

Regionally, North America was occupied the majority of the share in the global market in 2020. The increasing number of patient pool 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 2019, followed by Canada.

The European region is estimated to display promising growth for ophthalmic lasers during the review period. Regular increase of 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 the 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 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:

  • On December 22, 2020, IRIDEX Corporation announced that their MicroPulse Transsceleral Laser Therapy (TLT) had gained acceptance from the European Glaucoma Society.
  • On November 12, 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.
  • On December 24, 2019, Ellex Medical Laser Limited acquired Lumibird for its laser and ultrasound provider to treat and diagnose eye diseases.

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