Ophthalmic Lasers Market Exhibits 5.3% CAGR; Rising R&D Focus to Develop Novel Ophthalmic Lasers Drives the Market

The demand for medical lasers in dental, aesthetics, surgical procedures and veterinary is increasing rapidly. Among different surgical procedures, ophthalmic lasers accounted for a significant share in the medical laser industry in 2018. Fortune Business Insights in a new study, titled “Ophthalmic Lasers Market: Global Market Analysis, Insights and Forecast, 2019-2026” finds that the rising incidence of ocular diseases is driving the Ophthalmic Lasers Market. Considering this, the global market is anticipated to exhibit a CAGR of 5.3% during the forecast period. In 2018, the market was valued at US$ 479.0 Mn and a rising focus on research and development (R&D) activities will help the market reach US$ 722.0 Mn by 2026. These R&D activities in ophthalmic lasers aim to improve the outcome and efficiency of ophthalmic laser treatment.

Lumenis, TOPCON CORPORATION, and Ellex Medical Lasers, Ltd. Dominate the Market

Companies such as Lumenis, TOPCON CORPORATION, and Ellex Medical Lasers, Ltd., dominated the global ophthalmic lasers market in the year 2018. These three players are well-recognized in the market and have a strong distribution network. These factors play a significant role in the dominance of these three players. Several players are planning to expand their portfolio of ophthalmology lasers in the forthcoming years. In addition to this, companies are focusing to expand their geographical presence and strengthen their distribution channel. Many companies have received FDA approvals for their products, which will eventually help them to gain market share. For instance, LenSx received U.S. FDA approval in March 2018. This platform is developed by Novartis AG (Alcon) to create tunnels and corneal pockets for placement of corneal rings and presbyopia-correcting inlays respectively.

Some of the other players operating in the global ophthalmic laser market include IRIDEX Corporation, NoIR Laser Company, LLC, Lumibird, and NIDEK CO., LTD.

Growing Awareness About Ophthalmic Laser Treatment Stokes Demand for Ophthalmic Lasers

A large patient population is suffering from ocular diseases which include age-related macular degeneration, cataract, and glaucoma. Since the drugs used to treat such diseases are less, the demand for ophthalmic laser devices is increasing. This, in turn, is expected to drive the global ophthalmic lasers market between 2019 and 2026. Moreover, a study by the World Health Organization (WHO) shows that around 18 million people across the globe suffer from cataracts. Furthermore, the study shows that the majority of the patients in the world are suffering from refractive errors such as high myopia, presbyopia, and myopia. Such factors are anticipated to enable growth in the market over the projected horizon.

Recent technological innovations in laser technology are likely to drive the market in the forthcoming years. A technology called green laser is generally used to treat diabetic retinopathy. Other advancements such as Selective Laser Trabeculoplasty (SLT) are currently used in the ophthalmic lasers market.

North America Leads as Increasing Number of Patients Prefer LASIK Surgery in the U.S.

An increasing pool pf patients in emerging countries such as India and China are suffering such as refractive errors such as myopia. Simultaneously, this patient population relies on contact lenses and eyeglasses for vision correction. This further reduces the number of patients undergoing LASIK surgery. Nonetheless, the adoption of ophthalmic laser systems is increasing in the U.S. as the majority of the patients are undergoing LASIK surgeries. In addition to this, increasing preference for ophthalmic laser surgery among the U.S. population primarily for treating ocular diseases is driving the market in North America. Moreover, the market was valued at US$ 139.3 Mn in the year 2018 in this region.

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The global ophthalmic lasers market can be segmented into the following categories: