The ophthalmic lasers market reached an evaluation of $0.97 bn in 2015. According to a newly released TMR report, the market promises further growth at 4.60% CAGR during 2016-2024, and reach US$1.44 bn in evaluation by 2024 end. According to TMR report, the growth of retinal photocoagulation is one of the most promising application on the horizon for players in the ophthalmic lasers market.
Among various distribution segments in the market, the specialty clinics remain prominent in their use of ophthalmic laser solutions. The specialty clinics have become the go-to option in key markets like North America region. Their relatively inexpensive and specialised procedures, their direct financial accountability to patients, and their ease of accessibility remains a key to their growth.
North America is expected to register highest revenues during the 2016-2024 period, thanks to widespread adoption of the ophthalmic laser technology. Moreover, the rising cases of diabetics, advancements in the laser technology will likely drive further growth in the market during the forecast period.
Retinal Laser Photocoagulation Promises New Opportunities
Retinal laser photocoagulation is a new method for vision impairment which provides protection for vulnerable patients of diabetic retinopathy and macular edema from possible vision loss. The procedure is safe and promises major growth due to its minimal-invasive nature, and rising cases of diabetic retinopathy. According to the American National Eye Institute, diabetic retinopathy is the most common diabetic eye disease. Additionally, it is one the leading cause of blindness among Americans. The disease affects nearly 80% of the people with diabetes, and 90% of these patients can be treated with the advanced methods. The growing cases of diabetes is a major challenge in the healthcare sector. This remains a key opportunity for players in the ophthalmic lasers market.
Rising Cases of Eye Illnesses and Elderly Population to Fuel Growth
According to the American Institute of Ophthalmology, nearly 24.4 million under the 40, and nearly half of all Americans by age 75 undergo cataract surgeries. Moreover, the cases of glaucoma are also on the rise. It affects more than 2.7 million Americans over the age of 40. New eye-related illnesses like age-related macular degeneration can also lead to severe vision impairments and impacts nearly 2.1 million Americans over the age of 50. By Age 80, the number rises to in in ten Americans. Increasing health concerns among the elderly population, the rise of geriatric population globally in China, US, Europe, among others will drive significant opportunities for growth for the ophthalmic lasers market. Moreover, increasing urbanization, pollution, and increasing expansion of healthcare access in emerging nations will also create significant new opportunities for growth for players in the ophthalmic lasers market.
The study presented here is based on a report 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”.
The global ophthalmic lasers market is segmented based on:
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