The global ophthalmic lasers market features a moderate level of competition and a largely fragmented vendor landscape with the top five vendors cumulatively accounting for a marginal 35% of the market in 2015, observes Transparency Market Research (TMR) in a new report. The high demand for effective surgical products to serve a rising global consumer base of ophthalmic conditions is expected to compel an increasing number of companies from the pharmaceutical sector to foray into the promising ophthalmic lasers market in the near future.
This could intensify the level of competition in the market, fuel development of new product varieties featuring advanced technologies, and lead the market towards maturity. Some of the leading vendors in the market presently are Ellex Medical Laser Ltd., Alcon, Quantel Group, Lumenis Ltd., and Carl Zeiss.
TMR estimates that the global ophthalmic lasers market will exhibit a healthy CAGR of 4.60% over the period between 2016 and 2024 and witness a rise from a valuation of US$0.97 bn in 2015 to US$1.44 bn by 2024.
North America Market for Ophthalmic Lasers Anticipated to Continue to Dominate
Of the key end-use sectors that employ ophthalmic lasers, including ophthalmic clinics, ambulatory surgical centers (ASCs), and hospitals, the segment of ophthalmic clinics is presently the leading demand driver. The segment is also likely to remain the top demand driver as well as the leading revenue generator in the next few years.
From a geographical perspective, the global ophthalmic lasers market in North America is presently the dominant contributor of revenue to the global market and is expected to retain its dominant leading streak over the report’s forecast period as well; it accounted for a massive 40% of the global market in 2016. In the near future, the regional market will benefit from factors such as the presence of a large number of well-established ophthalmic laser companies, state-of-art healthcare infrastructure, and strong regulatory support to the medical devices industry.
Increased Awareness Regarding Treatment Options for Ophthalmic Conditions to Boost Growth Opportunities
One of the chief factors leading to the increased need for niche medical devices such as ophthalmic lasers is the vast rise in population of patients with a number of eye diseases across the globe. Studies show that the rate of incidence of partial and complete blindness has significantly increased over the years and could rise to twice its present volume by 2020, chiefly owing to the rise in conditions such as diabetes, glaucoma, and cataract. The rising awareness regarding the fact that timely diagnosis and effective medical intervention such as laser surgeries could avoid these conditions is a key factor augmenting the global demand for ophthalmic lasers. Rising awareness among global population regarding the effectiveness of available treatment methods could also boost adoption of ophthalmic lasers globally.
The rising population of geriatrics, a demographic more prone to ophthalmic disorders and vision defects, also provides significant scope for the development of the global ophthalmic lasers market. The market especially holds significant promise in regional markets such as Asia Pacific and Latin America with vast untapped growth opportunities and technologically maturing healthcare infrastructure.
This review of the global ophthalmic lasers market is based on a recent market research report published by Transparency Market Research, titled “Ophthalmic Lasers Market (Product - Diode Lasers, Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Argon Lasers, and SLT Lasers; Application - Glaucoma, Cataract, Refractive Error Corrections, Diabetic Retinopathy, and AMD; End User - Hospitals, Ambulatory Surgical Centers, and Ophthalmic Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024.”
For the study, 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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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