Ophthalmic Lasers Market Analysis
Ophthalmic lasers have become very common in the surgical care of many eye disorders for correcting vision and repairing the damage. Ophthalmic lasers are extensively used in the treatment of a range of ophthalmic disorders such as glaucoma, diabetic retinopathy, vein occlusions, retinal holes, and retinal detachments, wild hairs on the eyelid, and rarely, in early forms of the wet type of age-related macular degeneration.
The extensive adoption of ophthalmic lasers is the major driving force behind the growth of Ophthalmic Lasers Market. Moreover, the increasing number of product approvals along with the growing prevalence of chronic ophthalmic disorders are escalating the market on the global platform.
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Acknowledging the enormous growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global ophthalmic lasers market will register over 4.6% CAGR during the forecast period (2018–2023), garnering exponential accruals.
Additional factors propelling the market growth include the growing geriatric population, chronic disorders such as diabetes that are responsible for retinal diseases and increasing prevalence of disorders related to the eye as well as contributing to the growth of the market. Furthermore, substantial investments transpired in the development of new lasers and clinical tests foster the growth of the market.
On the other hand, factors such as the rising cost of ophthalmic procedures, the high price of ophthalmic lasers products, and lack of skilled personnel for the effective use of ophthalmic lasers products are expected to impede the growth of the market.
Nevertheless, factors that will support the growth of the market include the growing awareness towards eye care, regulatory shift in focus towards resolving unmet medical needs, technical advancement that is making the eye surgeries easier and the improving economic conditions, worldwide that is increasing the access to the quality healthcare.
Global Ophthalmic Lasers Market – Segments
For enhanced understanding, the report has been segmented into four key dynamics.
By Product: Excimer Lasers, Femtosecond Lasers, Selective Trabeculoplasty (SLT) Laser, and Diode Lasers among others.
By Application: Refractive Error Correction, Diabetic Retinopathy, Glaucoma Surgery, Age-Related Macular Degeneration (AMD)Treatment, and Cataract surgery among others.
By End-user: Hospitals, Specialty Clinics, and Ambulatory Surgical Centers among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Ophthalmic Lasers Market – Regional Analysis
Globally, North America leads the ophthalmic lasers market owing to the large technological advancements in the region. Moreover, factors such as the increasing ophthalmic disorders along with the rising geriatric population drive the growth of the regional market.
Also, favorable reimbursement policies and government initiatives for the development of the healthcare sector is a key driving factor contributing to market growth. The growing adoption of advanced technology is providing impetus to the growth of the market.
The ophthalmic lasers market in the European region accounts for the second-largest market, globally, owing to the increasing ophthalmic surgeries in the region. Factors such as spreading awareness about the innovative technologies and improvement in the healthcare sector with respect to infrastructure and facilities foster the growth of the regional market.
The Asia Pacific ophthalmic lasers market heading with the ever-increasing population is emerging as a profitable market, globally. Moreover, the rapidly improving economic conditions in the APAC support the growth of the regional market.
Cataract surgery is the most prevalent procedure used, worldwide. However, in developing countries such as China and India manual and sutureless small-incision cataract surgery (SICS) is preferred because of the lower costs of this procedure which further restricts the market growth in the region.
Nevertheless, the adoption of ophthalmic lasers in China and India is at a growing stage. And, soon the market is expected to capture the momentum to grow even faster.
The use of femtosecond lasers has ensured high efficiency along without any collateral tissue damages. The use of these lasers along with computer-controlled optical delivery systems has led to precise incisions without any damage to the surrounding tissues.
Global Ophthalmic Lasers Market – Competitive Analysis
Highly competitive, the global ophthalmic lasers market enjoys the presence of many large and small players which makes the market to appear fragmented. Ophthalmic lasers market is no exception when it comes to adopting strategic trends, to sustain in their market position and to drive the market.
Key players operating in the market adopt the same prevailing strategic initiatives such as merger & acquisition or strategic collaboration and investing in local manufacturers in emerging economies for product developments and manufacturing activities.
Ophthalmic Lasers Market Major Players
Key players leading the global ophthalmic lasers market include Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Quantel Inc., Bausch & Lomb Incorporated, Ellex Medical Lasers Limited, Topcon Corporation, Ocular Instruments, Ziemer Ophthalmic Systems AG, Nidek Co. Limited, Lumenis Ltd., Iridex Corporation, and Lightmed USA among others.
Ophthalmic Lasers Industry, Innovation & Related News
January 30, 2019 —- Lutronic Vision (South Korea), a subsidiary of Lutronic Corporation, a leading global manufacturer of aesthetic and medical laser systems, and related technology announced the initiation of a preclinical trial to determine the optimal setting for its R: GEN™ laser for the treatment of Dry AMD (the dry form of age-related macular degeneration).
At the conclusion of this study, Lutronic Vision will be poised to initiate clinical evaluation of the R: GEN™ laser’s ability to treat Dry AMD.
Lutronic Vision is bringing to market the world’s first laser for Selective Retina Therapy™ with Real-Time Feedback (RTF) Technology. Through this pioneering mechanism, Lutronic aims to introduce a new concept in ophthalmic retinal lasers that will ultimately lead to better vision and an improved lifestyle for patients and practitioners, worldwide.
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