The global ophthalmic lasers market size was worth USD 1.0 billion in 2016, which is anticipated to grow at a CAGR of more than 5.9% during the forecast period. Increase in incidence of chronic ophthalmic disorders is the major driving factor contributing to the growth of ophthalmic lasers market
According to a study conducted by PLOS, in UK approximately 54% of the people aged 40-69 years were affected by refractive error of which 27% of the people had myopia. Refractive error is a major health issue in UK. It is a genetic disorder, so the individuals whose parents are suffering from any form of refractive disorder are likely to be affected by similar disorder. Thus, the aforementioned factors are supporting the growth of the ophthalmic lasers market. Increase in geriatric population is another key factor driving the growth of the market. This group of population is generally affected by various eye disorders. The most common eye disorders for this group are cataract and hyperopia. Product Insights In the product segment, femtosecond lasers held the largest revenue share in 2016. The rising number of people affected by refractive disorders along with its use during cataract surgeries has led to the growth of the market. Rise in technological advancements, versatility, predictability, and the unique properties offered by the femtoseconds lasers has increased its demand. Thus, newer technologies are contributing to the growth of the market. Excimer laser is a form of ultraviolet laser, which is used for the treatment of refractive errors. For instance, Carl Zeiss Meditec AG launched MEL 80 Excimer for refractive laser surgery. This devices in combination with femtosecond laser helps in correcting refractive errors. These lasers account for a considerable share owing to its increased usage in healthcare facilities. SLT and YAG lasers are used for the treatment of anterior segment of the eye. It helps in treatment of glaucoma, retina and corneal surgery by reducing the intra ocular pressure. Ellex Medical Lasers Limited has a wide range of SLT and YAg lasers for the treatment of eye disorders.These lasers are anticipatedto grow at significant rate over the forecast period. Browse Full Research Report @ https://www.millioninsights.com/industry-reports/ophthalmic-lasers-market Application Insights On the basis of application, refractive error corrections dominate the market in 2016. Rising incidence of refractive errors in children and geriatric population has contributed towards the growth of this segment. In addition, use of femtoseconds lasers in correcting eye disorders have also contributed to the growth of this segment. Cataract removal is expected to witness fastest growth over the forecast period due to the increasing number of cataract removal surgeries taking place across the globe. Cataract is a common problem in the geriatric population which is the leading cause of blindness, if not given proper care at the right time.
Glaucoma is the second leading cause of blindness, if not given proper medical attention. This has eventually contributed to the increased the demand for SLT and YAG lasers. Lumenis introduced a product, Smart Select Duet, which uses the combination of SLT and YAG lasers for treating glaucoma. Retinal disease such as AMD and diabetic retinopathy are the common problem of geriatric population. According to the American Academy of Ophthalmology, 60% of people with diabetes develop diabetic retinopathy. The major players are focussing on production of products which are helpful in correcting such eye disorders.For instance, Topcon Corporation manufactured PASCAL Synthesis System for the treatment diabetic retinopathy and AMD. End use Insights On the basis of the end-use, hospital held the largest market share in 2016 due to the large number of ophthalmic lasers being performed in hospitals. The rising number of hospitals in the developing countries with the support of the government also contributes to the growth of this segment. Ambulatory surgical centres are expected to witness significant growth over the forecast period. The increasing initiatives for awareness undertaken by the government in the developing countries contributes to the growth of this segment. Ophthalmic clinics are expected to show fastest growth over the forecast period. This is due to the rise in number of speciality clinics which can treat chronic conditions and the personal care given to the patients. Absence of trained professional who deal with the complexities arising at or during ophthalmic lasers is expected to hinder the growth of this market. Regional Insights North America dominated the market in 2016 due to the rising healthcare expenditure and development of healthcare infrastructure in the US. The rising incidence of diabetes in America also contributes to the growth of ophthalmic disorders which in turn is anticipated to flourish the regional market. Europe also contributes to a significant share of the market in 2016, due to the increase in geriatric population. Increase in ophthalmic disorders among this population group is expected to support the regional market growth. Asia Pacific is expected to show an attractive growth over the forecast period due to increase in healthcare expenditure in developing countries such as India and China. The increase in prevalence of cataract removal surgeries boosts the market growth. Moreover, increasing awareness level among people for prevention of blindness also contributes to the growth of this market. Competitive Insights Some of the major players of the market include Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Ellex Medical Lasers Limited, Abbott Medical Optics, Inc., Bausch & Lomb Incorporated, Topcon Corporation, IRIDEX Corporation, Lumenis, Ziemer Ophthalmic Systems AG, and NIDEK Co., Ltd.