Ophthalmic Lasers Market Is Expected To Propel Growth Based on Increasing Incidence of Chronic Ophthalmic Disorders And Rising Geriatric Population Till 2025 | Million Insights

Ophthalmic Lasers Market Is Expected To Propel Growth Based on Increasing Incidence of Chronic Ophthalmic Disorders And Rising Geriatric Population Till 2025 | Million Insights

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According to new report available with Million Insights, the global ophthalmic laser industry is predicted to grow at CAGR of 5.9% in forecast period, providing numerous opportunities for market players to invest for research and development in the market.

The global Ophthalmic Lasers Market size was worth USD 1.0 billion in 2016, which is anticipated to grow at a CAGR of more than 5.9% during the forecast period. Increase in incidence of chronic ophthalmic disorders is the major driving factor contributing to the growth of ophthalmic lasers market.

There is a rise in prevalence of ophthalmic disorders such as glaucoma, cataract, refractive errors, Age Related Macular Degeneration (AMD), retinal disorders and diabetic retinopathy. According to American Academy of Ophthalmology in 2014, 60.5 million people were estimated to be suffering from glaucoma globally. According to WHO, glaucoma is the second major cause of blindness in the world.

Full Research Report On Global Ophthalmic Lasers Market Analysis available at: https://www.millioninsights.com/industry-reports/ophthalmic-lasers-market

Based on the Journal of Ophthalmology, cataract is the leading cause of blindness in the world. According to New-Medical .Net, in 2015, 22 million people aged 40 years and above were affected with cataract. According to National Eye Institute, by 2050, the number of people in US with cataract is estimated to double from 24.4 million to around 50 million. Thus, with the rise in incidence of ophthalmic disorders the market is estimated to witness rapid growth during the forecast period.

According to a study conducted by PLOS, in UK approximately 54% of the people aged 40-69 years were affected by refractive error of which 27% of the people had myopia. Refractive error is a major health issue in UK. It is a genetic disorder, so the individuals whose parents are suffering from any form of refractive disorder are likely to be affected by similar disorder. Thus, the aforementioned factors are supporting the growth of the ophthalmic lasers market.

Increase in geriatric population is another key factor driving the growth of the market. This group of population is generally affected by various eye disorders. The most common eye disorders for this group are cataract and hyperopia.

Product Insights

In the product segment, femtosecond lasers held the largest revenue share in 2016. The rising number of people affected by refractive disorders along with its use during cataract surgeries has led to the growth of the market.

Rise in technological advancements, versatility, predictability, and the unique properties offered by the femtoseconds lasers has increased its demand. Thus, newer technologies are contributing to the growth of the market.

Excimer laser is a form of ultraviolet laser, which is used for the treatment of refractive errors. For instance, Carl Zeiss Meditec AG launched MEL 80 Excimer for refractive laser surgery. This devices in combination with femtosecond laser helps in correcting refractive errors. These lasers account for a considerable share owing to its increased usage in healthcare facilities.

SLT and YAG lasers are used for the treatment of anterior segment of the eye. It helps in treatment of glaucoma, retina and corneal surgery by reducing the intra ocular pressure. Ellex Medical Lasers Limited has a wide range of SLT and YAg lasers for the treatment of eye disorders. These lasers are anticipated to grow at significant rate over the forecast period.

Application Insights

On the basis of application, refractive error corrections dominate the market in 2016. Rising incidence of refractive errors in children and geriatric population has contributed towards the growth of this segment. In addition, use of femtoseconds lasers in correcting eye disorders have also contributed to the growth of this segment.

Cataract removal is expected to witness fastest growth over the forecast period due to the increasing number of cataract removal surgeries taking place across the globe. Cataract is a common problem in the geriatric population which is the leading cause of blindness, if not given proper care at the right time.

Glaucoma is the second leading cause of blindness, if not given proper medical attention. This has eventually contributed to the increased the demand for SLT and YAG lasers. Lumen is introduced a product, Smart Select Duet, which uses the combination of SLT and YAG lasers for treating glaucoma.

Retinal disease such as AMD and diabetic retinopathy are the common problem of geriatric population. According to the American Academy of Ophthalmology, 60% of people with diabetes develop diabetic retinopathy. The major players are focussing on production of products which are helpful in correcting such eye disorders. For instance, Topcon Corporation manufactured PASCAL Synthesis System for the treatment diabetic retinopathy and AMD.

End use Insights

On the basis of the end-use, hospital held the largest market share in 2016 due to the large number of ophthalmic lasers being performed in hospitals. The rising number of hospitals in the developing countries with the support of the government also contributes to the growth of this segment.

Ambulatory surgical centres are expected to witness significant growth over the forecast period. The increasing initiatives for awareness undertaken by the government in the developing countries contributes to the growth of this segment.

Ophthalmic clinics are expected to show fastest growth over the forecast period. This is due to the rise in number of speciality clinics which can treat chronic conditions and the personal care given to the patients. Absence of trained professional who deal with the complexities arising at or during ophthalmic lasers is expected to hinder the growth of this market.

Regional Insights

North America dominated the market in 2016 due to the rising healthcare expenditure and development of healthcare infrastructure in the US. The rising incidence of diabetes in America also contributes to the growth of ophthalmic disorders which in turn is anticipated to flourish the regional market.

Europe also contributes to a significant share of the market in 2016, due to the increase in geriatric population. Increase in ophthalmic disorders among this population group is expected to support the regional market growth.

Asia Pacific is expected to show an attractive growth over the forecast period due to increase in healthcare expenditure in developing countries such as India and China. The increase in prevalence of cataract removal surgeries boosts the market growth. Moreover, increasing awareness level among people for prevention of blindness also contributes to the growth of this market.

Competitive Insights

Some of the major players of the market include Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Ellex Medical Lasers Limited, Abbott Medical Optics, Inc., Bausch & Lomb Incorporated, Topcon Corporation, IRIDEX Corporation, Lumenis, Ziemer Ophthalmic Systems AG, and NIDEK Co., Ltd.

The major strategies of the key players include mergers & acquisitions, new product development, and regional expansions. For instance, in 2015, Topcon Corporation redesigned Next Generation Pattern Scanning Laser PASCAL Synthesis with an automatic table, which helps in efficiency and space savings.

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Market Segment:

Ophthalmic Lasers Product Outlook (Revenue, USD Million, 2014 – 2025)
        • Diode Lasers
        • Femtosecond Lasers
        • Excimer Lasers
        • Nd:YAG lasers 
        • SLT Lasers
        • Others

Ophthalmic Lasers Application Outlook (Revenue, USD Million, 2014 – 2025)
        • Glaucoma
        • Cataract Removal
        • Refractive Error Corrections
        • Diabetic Retinopathy
        • AMD
        • Others

Ophthalmic Lasers End-use Outlook (Revenue, USD Million, 2014 – 2025)
        • Hospitals
        • Ambulatory Surgical Centers
        • Ophthalmic Clinics

Ophthalmic Lasers Regional Outlook (Revenue, USD Million, 2014 – 2025)
        • North America
                • U.S.
                • Canada
        • Europe
                • Germany
                • UK
        • Asia Pacific
                • Japan
                • China
                • India
        • Latin America
                • Brazil
                • Mexico
        • MEA
                • South Africa

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/medical-devices

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