May 13, 2020
According to the research report titled ‘Global Ophthalmic Lasers Market Size study, by Product (Femtosecond Lasers, Excimer Lasers, ND:Yag Lasers, Diode Lasers, Others) By Application (Refractive Error Correction, Cataract Removal, Diabetic Retinopathy Treatment, Glaucoma Treatment, Age-Related Macular Degeneration Treatment, Others) By End User (Hospitals, Specialty Clinics and Ambulatory Surgery Centers) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global ophthalmic lasers market amassed USD 1069.6 million in 2018 and is predicted to expand with a CAGR of 5.1% during 2019-2026.
Notably, ophthalmic laser is a medical device that is utilized to treat ophthalmic conditions using a laser beam source. The laser beam produced by this device helps in emphasizing at a specific spot in the eye.
Rising adoption of ophthalmic laser for laser iridotomy, cataract surgery and retinal photocoagulation is a major factor driving the market growth. The market is expected to further expand owing to increased pervasiveness of chronic and ophthalmic conditions along with growing geriatric population.
Data from WHO in 2016 stated that more than 650 million of world population were obese. Obesity leads to various ophthalmic ailments such as diabetic retinopathy, glaucoma, retinal vein occlusion, and others. Hence, rising cases of obesity in consort with advancements in technology will create lucrative growth avenues for ophthalmic lasers market. However, high equipment cost and dearly costing therapy may act as a restraining factor to the overall market growth.
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As per product type, the market is divided into diode lasers, ND:Yag lasers, excimer lasers and femtosecond lasers. Based on the application spectrum, global ophthalmic lasers industry is split into age-related macular degeneration treatment, glaucoma treatment, diabetic retinopathy treatment, cataract removal, refractive error correction and others.
Citing the regional scope, Asia-Pacific ophthalmic lasers industry is set to record a momentous growth rate during the study period, primarily due to growing elderly population and high occurrence of ophthalmic disorders.
Meanwhile, North America ophthalmic lasers market is predicted to showcase continuous growth during the study period. Favorable regulatory scenario pertaining to ophthalmic lasers and rising population of baby boomers are favoring the market scenario in North America.
The major participants in global ophthalmic lasers industry are NIDEK Co. Ltd., IRIDEX Corp., Ziemer Ophthalmic Systems AG, Topcon Corp., Ellex Medical Lasers Ltd., Bausch & Lomb Inc. (Valeant Pharmaceuticals International Inc. Co.), Carl Zeiss Meditec AG, Abbott Medical Optics Inc. and Alcon Laboratories Inc. (Novartis AG Co.).