Ophthalmic Lasers Market – Overview
Global Ophthalmic Lasers Market accounted for USD 1,050 million in 2017 and expected to register CAGR ~4.6% during the forecast period of 2018 to 2023.
Ophthalmology is a branch of medicine which deals with the diagnosis, treatment, and prevention of diseases related to eye and vision. Ophthalmic disorders are increasing day by day due to change in lifestyle and changing environmental conditions. The factors propelling the growth of the global ophthalmic lasers market are the rising prevalence of ophthalmic disorders along with the growing geriatric population, increasing number of product approvals and rising occurrences of chronic diseases such as.
However, the high costs associated with ophthalmic surgical procedures, increasing cost of ophthalmic laser, and lack of skilled workforce may hamper market growth during the assessment period.
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In the Americas, the North American market is likely to hold the majority share of the ophthalmic lasers market owing to the increasing number of patients suffering from ophthalmic disorders or problems related to vision, the rising prevalence of chronic diseases, technological advancement in the region, and growing geriatric population.
According to the American Diabetes Association, in 2015, approximately 30.3 million Americans had diabetes, and the burden of diabetes on healthcare in 2017 was USD 327 billion. The US is expected to account for the largest share of the North American market during the forecast period owing to the presence of major market players such as Abbott Medical Optics, Inc., Lightmed USA, Bausch & Lomb Incorporated, and Ocular Instruments.
The global ophthalmic lasers market is currently dominated by several players. The market players are engaged in strategic collaborations and acquisitions to expand their product portfolios. For instance, in February 2017, Johnson & Johnson acquired Abbott Medical Optics for approximately USD 4,325 million, this acquisition will help Johnson & Johnson to gain control over cataract surgery, laser refractive surgery, and consumers’ eye health.
Some of the key players in the global ophthalmic lasers market are Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, Quantel Inc., Abbott Medical Optics, Inc., Ellex Medical Lasers Limited, Ocular Instruments, Topcon Corporation, Iridex Corporation, Nidek Co., Limited, Lightmed USA, Ziemer Ophthalmic Systems AG, and Lumenis Ltd.
Global Ophthalmic Lasers Market has been segmented on the basis of product, application, and end-user.
The market, by product, has been classified as excimer lasers, femtosecond lasers, diode lasers, SLT laser, ND:Yag lasers, and others
On the basis of application, the market has been segregated into refractive error correction, cataract surgery, diabetic retinopathy, glaucoma surgery, age-related macular degeneration (AMD)treatment, and others.
The end-user segment has been segmented into hospitals, specialty clinics, ambulatory surgical centers, and others.
The market in the Americas is expected to dominate the global ophthalmic lasers market during the forecast period owing to the increasing prevalence of chronic diseases, a growing geriatric population which is suffering from ophthalmic disorders, technological advancements in the healthcare sector, and favorable reimbursement policies in the region. The European market is expected to be the second-largest due to the increasing ophthalmic surgeries in the region, the high adoption rate of innovative technology, and development in the healthcare sector. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing population, the rising prevalence of chronic diseases and rising healthcare investment. The market in the Middle East & Africa is likely to account for the smallest share of the global ophthalmic lasers market.
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