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The global ophthalmic lasers market size stood at USD 479.0 Million in 2018 and is Projected to Reach USD 722.0 Million by 2026, Exhibiting a CAGR of 5.3% in the Forecast Period.
According to WHO, around 2.2 billion people globally suffered from vision impairment in the year 2019. Some of the major causes of vision loss include diabetic retinopathy, cataract, glaucoma, among others. There is an ever-increasing demand for medical lasers in various applications including aesthetics, dental, veterinary, and surgical procedures. Among surgical procedures application, the largest share of the market was attributed to ophthalmic lasers in 2018. The large unmet need for new treatment options of ocular diseases, with an aim to reduce the economic cost burden globally, has been instrumental in the development and introduction of ophthalmic lasers.
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Market players are constantly focusing on R&D to innovate the technologies used in ophthalmic lasers, to improve efficiency and outcomes of the treatment in the patient population. The Selective Laser Trabeculoplasty (SLT) technology is currently one of the most attractive technologies in the ophthalmic lasers market.
"Efficiency of ophthalmic lasers in the treatment of ocular diseases, combined with the increasing incidence of ocular diseases is driving the growth of the global market"
A large patient pool, especially geriatric population is suffering from ocular diseases including cataract, age-related macular degeneration, glaucoma, and cataract. The efficiency of drugs in the treatment of these ocular diseases is limited, and this has led to increasing demand for devices including ophthalmic lasers for treatment of ocular diseases. According to the World Health Organization (WHO), an estimated 18 million people globally are bilaterally blind due to cataract. Also, there is a large patient pool suffering from refractive errors including myopia, high myopia, and presbyopia.
These factors, combined with the introduction of new ophthalmic lasers based on innovative technologies by market players, are some of the major factors driving the ophthalmic lasers market growth in 2018. However, lack of awareness among the patient population regarding ophthalmic lasers in emerging countries, combined with a comparatively higher cost of the procedure, are factors limiting the adoption of ophthalmic lasers in the global market.
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Based on the type, the ophthalmic lasers market share segments include excimer lasers, femtosecond lasers, Nd Yag lasers, diode lasers, and others. The excimer lasers segment dominated the ophthalmic lasers industry growth in 2018. The segment accounted for 39.2% share of the market in 2018. Based on application, the global market segments include cataract removal treatment, glaucoma treatment, refractive errors treatment, and others. Based on technology, the market segments include photodisruption, selective laser trabeculoplasty (SLT), and photocoagulation. Based on end user, the global market segments include ophthalmic laser centers, hospitals, and others.
"An Increasing Number of Patients Undergoing LASIK Surgery for Refractive Error Correction in the U.S. Are Fueling the Demand for Ophthalmic Lasers in North America"
There is a large patient pool in emerging countries including China, India, and other South-east Asian countries suffering from myopia and other refractive errors. However, the over-reliance of the patient population on eyeglasses and contact lenses for vision correction in these countries has limited the number of patients undergoing LASIK surgeries. However, there is a higher adoption of ophthalmic lasers among healthcare providers in the U.S., and the increasing number of patients are undergoing LASIK surgical procedures in the country.
North America Ophthalmic Lasers Market Size, 2018
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This, combined with the rising preference of ophthalmic lasers in the treatment of glaucoma, and other ocular diseases in the U.S., are propelling the market growth in North America. The market for ophthalmic lasers in North America was valued at USD 139.3 Million in 2018. The market in Europe and Asia Pacific is projected to demonstrate a comparatively higher CAGR during forecast period, owing to rising patient pool undergoing laser surgical procedures for eye disorders. The market in Middle East & Africa, and Latin America accounted for a comparatively small share of the market in 2018.
"Lumenis, Ellex Medical Lasers, Ltd., and TOPCON CORPORATION, Dominated the Global Ophthalmic Lasers Market in 2018"
The ophthalmic lasers industry is a semi-consolidated market with the top three players accounting for a significant share of the market in 2018. A well-established brand presence in the medical lasers segment, combined with a strong distribution channel, has been instrumental in the dominance of these players in the market. However, other market players are expanding their portfolio of ophthalmic lasers, along with focusing on the expansion of geographic presence and strengthening their distribution channel, and are expected to gain market share during the forecast period.
According to the International Agency for the Prevention of Blindness, cataract is responsible for an estimated 48% cases of blindness globally. Also, an estimated 90 million people globally are suffering from glaucoma. This large patient pool suffering from ocular diseases, combined with a longer treatment duration of drugs, and lack of efficiency of ophthalmic drugs in the treatment of eye diseases, is leading to rising demand for ophthalmic lasers globally. The introduction of new products in the market, along with an increasing number of patients undergoing laser treatment globally is projected to further augment the demand for ophthalmic lasers during the forecast period.
The report provides qualitative and quantitative insights on the ophthalmic lasers market trends and detailed analysis of market size and growth rate for all possible segments in the market. The market segments include type, application, technology, end user, and geography. On the basis of the type, the market segments include excimer lasers, femtosecond lasers, Nd Yag lasers, diode lasers, and others.
Based on technology, the global market is segmented into photodisruption, selective laser trabeculoplasty (SLT), and photocoagulation. Based on application, the global market is segmented into cataract surgery treatment, glaucoma treatment, refractive errors treatment, and others. Based on end user, the global market is segmented into ophthalmic laser centers, hospitals, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report analysis includes ophthalmic lasers industry dynamics and competitive landscape. Various key insights provided in the report are the prevalence of key ocular diseases by key countries, technological advancements, recent industry developments such as mergers & acquisitions, pricing analysis of key players, and others.
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Fortune Business Insights says that the value of the global market was USD 479.0 Million in 2018.
The Ophthalmic Lasers Market is projected to reach USD 722.0 Million by 2026.
The Ophthalmic Lasers Market will grow at the rate of 5.3% CAGR.
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