Global Ophthalmic Lasers Market Report 2020, Size, Share, Growth and Industry Analysis by Product (Excimer Lasers, Excimer Lasers, Diode Lasers, and Others), Application (Refractive Error Correction, Cataract surgery, and Others), End User (Specialty Clinics, and Others) – Forecast till 2023
Ophthalmic Lasers Market Analysis
Global ophthalmic lasers market is projected to grow at a 4.6% CAGR between 2018-2023, as per the recent Market Research Future (MRFR) report. Ophthalmic lasers offer a viable substitute for eye-related disease treatment such as diabetic retinopathy, age-related macular degeneration, refractive error, cataract, glaucoma, and others. ND:Yag lasers, SLT laser, diode lasers, femtosecond lasers, excimer lasers, among others, are the most widely used ophthalmic lasers.
Numerous factors are adding to the global ophthalmic lasers market growth. These factors, according to the recent Market Research Future report, comprise increasing initiatives for controlling visual impairment, rising prevalence of diabetes, rising regulatory approvals for ophthalmic lasers, technological advances, rising geriatric population, and increasing incidence of ophthalmic disorders. Besides, the rising number of product approvals, increasing investments in research and development activities, and the introduction of innovative products are also adding to the global lithium hydroxide market growth.
On the contrary, scarcity of skilled personnel, high cost of ophthalmic laser products, and the rising price of ophthalmic procedures are factors that may limit the global ophthalmic lasers market growth.
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Ophthalmic Lasers Market Key Players
Leading players profiled in the global ophthalmic lasers market report include
- Lumenis Ltd
- Lightmed USA
- Nidek Co.
- Iridex Corporation
- Ziemer Ophthalmic Systems AG
- Topcon Corporation
- Ellex Medical Lasers Limited
- Quantel Inc.
- Ocular Instruments
- Bausch & Lomb Incorporated
- Abbott Medical Optics Inc.
- Alcon Laboratories Inc.
- Carl Zeiss Meditec AG.
Key players have incorporated several strategies to cater to the growing needs of customers and stay head and shoulders above other companies in the competition, such as extensive R&D, mergers and acquisitions, collaborations, new product launches, and others.
Ophthalmic Lasers Market Segmentation
The Market Research Future report offers a complete segmental analysis of the global ophthalmic lasers market based on application, end user, and product.
By product, the global ophthalmic lasers market is segmented into ND:Yag lasers, SLT laser, diode lasers, femtosecond lasers, excimer lasers, and others. Of these, the femtosecond lasers will lead the market during the forecast period. Factors supporting the growth of the segment include regulatory approvals, increasing use, rising technological advances in femtosecond lasers, and increasing prevalence of cataract and refractive errors.
By application, the global ophthalmic lasers market is segmented into age-related degeneration (AMD) treatment, glaucoma surgery, diabetic retinopathy, cataract surgery, and refractive error correction. Of these, the refractive error correction will dominate the market over the forecast period for better clinical outcomes owing to technological advances in ophthalmic lasers and the rising prevalence of refractive errors.
By end users, the global ophthalmic lasers market is segmented into ambulatory surgical centers, specialty clinics, hospitals, and others. Of these, hospitals will command the largest share in the market during the forecast period for the rising number of hospitals in different emerging economies and the introduction of novel technologies in hospitals.
Ophthalmic Lasers Market Regional Analysis
By region, the global ophthalmic lasers market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, the Americas will lead the global lithium hydroxide market during the forecast period for the rising geriatric population, increasing ophthalmic disorders, and technical advances in this region. Besides, favorable government initiatives and reimbursement policies for the healthcare sector development is also adding market growth.
The global ophthalmic lasers market in Europe is predicted to hold the second-largest share in the global ophthalmic lasers market in the forecast period for improvements in the healthcare industry, increasing awareness regarding innovative technologies, and rising cases of ophthalmic surgeries.
The global ophthalmic lasers market in the APAC region is predicted to grow at the fastest pace during the forecast period for expansions by industry players in the region, increasing investments in healthcare, and rising prevalence of chronic diseases.
The global ophthalmic lasers market in the MEA will have a small share in the market during the forecast period for poor medical facilities, lack of technical knowledge, and the presence of an underdeveloped healthcare sector in the region.
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