Global Ophthalmic Lasers Market: Overview
One of the key factors responsible for driving the growth of the global ophthalmic lasers market is the increasing number of patients suffering from numerous eye diseases across the world. There are study reports that show the rate of occurring partial or full blindness has considerably increased over the period and could still double to its current volume by 2020. This growth is mainly down to the diseases such as cataract, glaucoma, and diabetes. The increasing awareness about the benefits of timely diagnosis and productive medical care such as laser operation could avoid occurrence of these conditions is also helping to drive the growth of the global ophthalmic lasers market. Moreover, increasing awareness among people about the effectiveness of the treatment methods that are available is also projected to fuel the market growth in coming years.
The global ophthalmic lasers market stood at overall valuation of US$0.97 bn in the year 2015. This valuation is estimated to reach to a figure of US$1.44 bn by the end of the given forecast period of 2016 to 2024. This growth over the course of the mentioned forecast period is expected to be achieved at a healthy CAGR of 4.60%.
Ophthalmic Clinics to Lead End User Segment due to Increasing Preference to Visit Specialists for Treatment
Ambulatory surgical centers, hospitals, and ophthalmic clinics have emerged as the important end users of the ophthalmic laser surgeries. With an outstanding rate of expansion, the ophthalmic clinics have been stated as the leading contributing segment to the overall revenue generation of the global ophthalmic lasers market.
The demand for ophthalmic lasers from this sector is expected to remain on the rise at a great pace compare to the other segments thanks to the growing preference for visiting the specialists for laser treatment procedures. Hospitals and other ambulatory surgical centers are also projected to experience a steady growth in requirement of ophthalmic lasers in the coming years.
North America to Remain Dominant Market Owing to Strong Healthcare and Regulatory Structure
Depending on geographical regions, the global market for ophthalmic lasers can be classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Owing to the widespread presence of prominent market players, North America has been the leading regional segment for the global ophthalmic lasers market accounting for over 40% of market share in the year 2016.
Over the coming years of the aforementioned forecast period, the key focus of the prominent players in the market is expected to be on the research and development activities and ensuring the availability of world class healthcare infrastructure and regulatory systems for avoiding the delay of product approval to support the North American market continue its dominance.
The ophthalmic lasers market in Asia Pacific is expected to witness a substantial growth rate which will be more the growth rate of the other geographical regions. This high growth rate of the ophthalmic lasers market in Asia Pacific is due to a large population base. Emerging economies such as China is projected to be the most promising domestic market for ophthalmic laser in the region of Asia Pacific.
Some of the key players in the market include names such as Ellex Medical Lasers Ltd., Lumenis Ltd., Novartis AG, IRIDEX Corp, Abbott Laboratories Inc., Ziemer Ophthalmic Systems AG, Carl Zeiss Meditec AG, and NIDEK Co. Ltd. among others.
Global Ophthalmic Lasers Market: Overview
Ophthalmic lasers find applications in the treatment of various ophthalmic diseases that cause blindness, such as glaucoma, cataract, diabetic retinopathy, and age related macular degeneration (AMD), among others. Various types of lasers are employed for the treatment of these diseases, including diode lasers, Nd:YAG lasers, argon lasers and SLT, among others.
Femtosecond lasers and excimer lasers are majorly employed for refractive error correction procedures. However, technological advances have enhanced the applications of femtosecond lasers, including femtosecond cataract surgeries, among others. This report analyzes the current and future prospects of the ophthalmic lasers market based on product, application, end user and geography.
Global Ophthalmic Lasers Market: Research Methodology
The research is a combination of primary and secondary research, conducted for understanding and arriving at trends, used to forecast the expected revenue of ophthalmic lasers employed in the treatment of various ophthalmic diseases in the near future. Primary research formed the bulk of our research efforts with information collected from in-depth interviews and discussions with a number of key industry experts and opinion leaders. Secondary research involved study of company websites, annual reports, press releases, investor presentations, analyst presentation and various international and national databases.
The report provides estimated market size in terms of US$ Mn for product, application, end user, and geography for the period 2014 to 2024, considering the macro and micro environmental factors. The revenue generated from product type was calculated by considering the adoption rate of ophthalmic lasers across all geographies, regulatory scenario, number of product launched, average cost of products, trends in industry, and end user trends, among others. In addition, the number of laser procedures being performed across geographies for various ophthalmic disease was also considered to derive the market share for application segments.
Global Ophthalmic Lasers Market: Scope of the Study
The market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on product, application, end user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints and opportunities that influences the ophthalmic lasers market in the current and future scenario. The report also provides value chain analysis of the market that describes the sequence of activities involved, from identification of the market need to their final reach to the end users. Furthermore, the report provides Porter’s five force analysis that studies five factors and their impact on the ophthalmic lasers market.
Market share analysis among the market players is analyzed to signify the contribution of these players in the market in terms of percentage share. All these factors will help the market players to decide about the business strategies and plans to strengthen their positions in the global market. Based on geography, the market has been analyzed for major regions: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The study also covers detailed country analysis contributing majorly in the ophthalmic lasers market.
Global Ophthalmic Lasers Market: Competitive Analysis
The report also profiles the major players in the market and provides various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major companies profiled in the ophthalmic lasers market include Lumenis Ltd., IRIDEX Corporation, Ellex Medical Lasers Limited, Novartis AG, Topcon Corporation, Abbott Laboratories, Inc., Ziemer Ophthalmic Systems AG, NIDEK CO., LTD, Quantel Group, Valeant Pharmaceuticals International, Inc., Carl Zeiss Meditec AG, and SCHWIND eye-tech-solutions GmbH & Co. KG, among others. Acquisitions was the primary strategy adopted by the pharmaceutical drugs market players to enter into the ophthalmic lasers market. For instance, Novartis entered the ophthalmic lasers market through the acquisition of Alcon in 2010.
The global ophthalmic lasers market has been segmented as follows:
- Diode Lasers
- Femtosecond Lasers
- Excimer Lasers
- Nd:YAG Lasers
- Argon Lasers
- SLT Lasers
- Refractive Error Corrections
- Diabetic Retinopathy
By End User
- Ambulatory Surgical Centers
- Ophthalmic Clinics
- North America
- Rest of Europe
- Latin America
- Rest of Latin America
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa