The global ophthalmic lasers market is fragmented in nature, with top five vendors accounting for a modest 35.0% share in it in 2015. The market is characterized by moderate competition. However, in the foreseeable future, competition in the market is likely to heat up on the back of pharmaceutical companies entering it sensing an opportunity in the rising demand for effective surgical products because of the increasing number of ophthalmic conditions. This is also likely to lead to new product launches.
Some of the key players in the global market for ophthalmic lasers are Alcon, Ellex Medical Laser Ltd., Quantel Group, Lumenis Ltd., and Carl Zeiss.
A research study by Transparency Market Research predicts the global market for ophthalmic lasers to grow at a steady 4.60% CAGR during the period between 2016 and 2024. Rising at this pace, the market which was worth US$0.97 bn in 2015, will likely pull in value of US$1.44 bn by 2024-end.
Depending upon end users, the market for ophthalmic lasers can be classified into ambulatory surgical centers (ASCs), ophthalmic clinics, and hospitals. At present, ophthalmic clinics are generating maximum demand in the market and in the years ahead too would continue doing so.
Geography-wise, the main segments of the global market for ophthalmic lasers are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, among them, contributes the most to the revenue and going forward will retain its dominant contribution. In 2016, its share in the revenue was a substantial 40.0%. The market in the region is being majorly fuelled by the presence of numerous prominent ophthalmic laser companies, superior healthcare infrastructure, and supportive policies related to medical devices industry.
Rising Eye Disorders Worldwide Drives Demand in Market
One of the primary growth drivers, resulting in swift uptake of niche medical devices such as ophthalmic lasers, is the increasing instances of eye disorders worldwide. Various studies reveal that the occurrence of partial and complete blindness has substantially risen in the past couple of years and could rise twice as much by 2020. Increasing cases of diabetes, cataract, and glaucoma is expected to result in alarming rise in eyesight problems or loss in the next couple of years. However, the increasing knowledge that timely diagnosis and effective medical intervention in the form of 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.
Underserved Developing Nations, With Bettering Healthcare Facilities, Hold Massive Opportunities
Yet another factor fuelling demand in the market for ophthalmic lasers is the growing pool of elderly who are at a much higher risk of ophthalmic disorders and vision defects. A noticeable trend in the market is players trying to tap into the relatively underserved markets of Latin America and Asia Pacific with vast population of elderly and an improving healthcare infrastructure.
This review is based on the findings of a TMR report, 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 as below:
Global Ophthalmic Lasers Market, by Product
- Diode Lasers
- Femtosecond Lasers
- Excimer Lasers
- Nd:YAG Lasers
- Argon Lasers
- SLT Lasers
Global Ophthalmic Lasers Market, by Application
- Refractive Error Corrections
- Diabetic Retinopathy
Global Ophthalmic Lasers Market, by End User
- Ambulatory Surgical Centers
- Ophthalmic Clinics
Global Ophthalmic Lasers Market, by Geography
- 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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