Ophthalmic Lasers Market Research, 2030
The global ophthalmic lasers market size was valued at $1,207.81 million in 2020, and is projected to reach $1,909.71 million by 2030, registering a CAGR of 4.7% from 2021 to 2030. Ophthalmic lasers are devices that allow precise treatment for a range of eye problems with little risk of infection. Many laser procedures are relatively pain free and can be performed on an outpatient basis. The combination of safety, accuracy, and relative low cost make ophthalmic lasers a very useful tool in the field of ophthalmology. Main components of a laser system include, the laser console, the foot pedal, and the laser delivery system. Different delivery systems that are connected to the console by a fibre optic cable, can be used to transmit laser energy to the patient's eye. Various types of lasers emit specific wavelengths of light and are used to treat specific eye problems.
The effects that ophthalmic lasers have on eye tissues are both, a function of the molecular composition of the tissue and of the wavelength & power of the laser light. The applications of lasers include, the use of Argon laser for the treatment of 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 growth of the ophthalmic lasers market is driven by increase in number of eye-related diseases, such as glaucoma, cataract, refractive errors, and diabetic retinopathy. Moreover, the advancements in the laser technology and increased awareness of laser applications in the area of ophthalmology also contribute toward the growth of the market. However, the stringent safety regulations and high rate of failure are expected to hinder the market growth. Conversely, the large unmet need for new treatment options of ocular diseases with aim to reduce the economic cost burden is expected to offer lucrative opportunities for growth of the market.
Impact Of Covid-19 On Ophthalmic Lasers Market (Pre And Post Analysis)
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, the outlook for the ophthalmic lasers industry has changed significantly. The COVID-19 pandemic led to the significant decline in the demand for ophthalmic lasers for various surgeries of ophthalmic problems. According to the lockdown norms imposed globally, all non-emergency out-patient departments (OPDs) across hospitals and clinics in India were made to shut-down.
Furthermore, all the elective surgeries were deferred and only emergency healthcare services were in function. This impacted the market with the decrease in the demand for the ophthalmic lasers. Moreover, rise in the number of cases of COVID-19 patients globally had decreased the use of ophthalmic lasers. Overall, the impact of COVID-19 on the ophthalmic lasers market was recorded to be fairly negative. This was attributed to decrease in demand for ophthalmic lasers in the treatment of ophthalmic diseases. Moreover, market players have experienced the decrease in investment in materials and resources, owing to increase in supply and demand for devices in all regions.
Global Ophthalmic Lasers Market Segment Analysis
The ophthalmic lasers market is segmented on the basis of type, product, application, end user, and region. On the basis of type, the market is segmented into photo disruption lasers, selective laser trabeculoplasty (SLT), and photocoagulation lasers. On the basis of product, the market is segmented into femtosecond lasers, excimer lasers, Nd:YAG lasers, diode lasers, and others. On the basis of application, the market is segmented into refractive error, cataract surgery, glaucoma surgery, and others. On the basis of end user, it is categorized into hospitals, ambulatory service centers, and clinics. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Type
By type, the global ophthalmic lasers market is classified into photodisruption lasers, selective laser trabeculoplasty (SLT), and photocoagulation lasers. Photocoagulation lasers segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to technological advancements in the ophthalmic laser devices, increase in adoption of ophthalmic laser devices, rise in incidence rate of chronic ophthalmic diseases, and increase in number of advanced & effective product launches.
By Type
Photocoagulation Lasers segment is projected as one of the most lucrative segment.
By Product
By product, the global ophthalmic lasers market is classified into femtosecond lasers, excimer lasers, Nd:YAG lasers, diode lasers, and others. Nd:YAG lasers segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to increase in the prevalence of ophthalmic diseases such as glaucoma, cataract, refractive errors, and diabetic retinopathy and increase in awareness of laser applications.
By Product
Nd:Yag Lasers segment is projected as one of the most lucrative segment.
By Application
By application, the global ophthalmic lasers market is classified into refractive error, cataract surgery, glaucoma surgery, and others. Glaucoma surgery segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to surge in number of eye-related diseases and increasing disposable income.
By Application
Glaucoma Surgery segment is projected as one of the most lucrative segment.
By End User
On the basis of end user, the global ophthalmic lasers market is classified into hospitals, ambulatory service centers, and clinics. Hospitals segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, due to the increase in healthcare awareness, rise in number of hospitals and growth in geriatric and bariatric population.
By End User
Hospitals segment is projected as one of the most lucrative segment.
By Region
North America accounted for major share of the global ophthalmic lasers market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in number of ophthalmic disabilities, surge in demand for patient handling devices, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with large presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific ophthalmic lasers market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of ophthalmology.
By Region
Asia-Pacific would exhibit the highest CAGR of 6.3% during 2020-2030.
Key Benefits For Stakeholders
- This report provides a detailed quantitative analysis of the current ophthalmic lasers market trends and forecast estimations from 2021 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth ophthalmic lasers market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global the ophthalmic lasers market is provided.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help in understanding competitive outlook of the ophthalmic lasers market.
Ophthalmic Lasers Market Report Highlights
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Analyst Review
The ophthalmic lasers market is expected to witness a steady growth in the future. The market has gained interest of the healthcare industry, owing to increase in prevalence of eye-related diseases globally, which require laser treatment.
Tthe ophthalmic lasers market is dominated by well-established players; hence, there is intense competition in the global market. There is high adoption of these devices owing to increase in prevalence of various diseases.
In addition, there is a shift of people towards minimally invasive techniques from invasive ones at a high rate. New innovations in lasers are the major factors that promote the market growth. Moreover, the increase in awareness about laser applications globally is further expected to boost the market growth. The use of ophthalmic lasers is highest in the North America, owing to high number of product approvals, followed by product launches.
The total market value of Ophthalmic Lasers market is $1,909.71 thousand in 2030.
Top companies such as Iridex Corporation, JOHNSON & JOHNSON, Lumibird Group, Novartis International AG, Topcon Corporation, Nidek Co., Ltd. held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
Photocoagulation Lasers segment is the most influencing segment owing to technological advancements in the ophthalmic laser devices, increase in adoption of ophthalmic laser devices, rise in incidence rate of chronic ophthalmic diseases, and increase in number of advanced & effective product launches.
The forcast period for Ophthalmic Lasers market is 2020 to 2030
The market value of Ophthalmic Lasers market in 2020 is $1,207.81 thousand.
The base year is 2020 in Ophthalmic Lasers market
Increase in number of eye-related diseases, such as glaucoma, cataract, refractive errors, and diabetic retinopathy are the key trends in the Ophthalmic Lasers market report.
Asia-Pacific has the highest growth rate of 6.3% in the market which is growing due to presence of large patient population, strong presence of key players, ease of devices availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research and development.
Yes, the Ophthalmic Lasers market companies are profiled in the report.
Yes, the Ophthalmic Lasers market report provides PORTER Analysis
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