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Ophthalmic Lasers Market Overview
The Ophthalmic Lasers Market size is estimated to reach $1.7 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.7% over the forecast period of 2022-2027. The usage of laser treatment has been growing at a robust pace for the last three decades across regions. Moreover, procedures such as photocoagulations and vein occlusions are some of the conditions being readily treated using lasers. The former procedures shrink or destroy the abnormality in the retinal structure. The latter is a condition in which the blood flow from the retina gets damaged or blocked. Technologies such as diode lasers along with femtosecond lasers are growing in their applicative use. Diode lasers have been the most common form of laser which is widely used across the globe owing to its energy efficiency and high-output powers. Furthermore, diode lasers are of use in treating various forms of glaucoma-related conditions, refractive errors, and diabetic retinopathy. A heightened technological development within the ophthalmic lasers along with growing incidences of various forms of eye-ailments act as a key driver for the Ophthalmic Laser Industry in the projected period of 2022-2027.
Ophthalmic Lasers Market Report Coverage
The report: “Ophthalmic Lasers Market Forecast (2022-2027)”,
by Industry ARC covers an in-depth analysis of the following segments of the Ophthalmic Lasers Market.
By Products: Diode Lasers, Femtosecond
Lasers, Excimer Lasers, Nd: Yag Lasers and Others
By Application: Glaucoma, Cataract
Removal, Refractive error corrections, Diabetic Retinopathy, and Others.
By End Use: Hospitals, Eye Clinics,
ASCs, and others
By Geography- - North America (U.S.,
Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain,
Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea,
Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil,
Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East,
and Africa)
Key Takeaways
- Geographically, North America’s Ophthalmic Lasers Market held a dominant market share in the year 2021. It is owing to heightened spending within the medical fraternity of the countries like U.S. Additionally, the region is supplemented by high incidences of ophthalmic problems, which acts as a great catalyst for the market. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027 owing to a steep increase in medical expenditure from the countries like India and China along with the Korean and Japanese medical technology revolution.
- A worrying increase in the ophthalmic disorders throughout the world along with decreasing cost for treatments and better alternatives are some of the identified drivers for the Ophthalmic Market. However, incessant fear of treatment coupled with stringent regulatory approvals hinders the market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Ophthalmic Lasers Market Report.
Ophthalmic Lasers Market- Geography (%) for 2021.
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Ophthalmic Lasers Market Segmentation Analysis- By Application
The Ophthalmic Lasers Market based on the application can be further segmented into Glaucoma, Cataract Removal,
Refractive error corrections, Diabetic Retinopathy, and Others. Refractive
Error Corrections held a dominant market share in the year 2021. It is owing to
a heightened demand being felt as cases soared amongst both children and
adults. Refractive Error causes vision problems, which propel people to not see
clearly. Myopia, Hypermetropia, hyperopia, astigmatism, presbyopia are some of
the common refractive errors. As per National Eye Institute, around 41.6% of Americans are near-sighted, which has risen by immense margins from the last
decade alone. A predominant reason for the same is hyper dependence on smartphones or computers within the study period. As per Common Sense Census, nearly
53% of kids have their own phone by 11 and the number jumps up to touch 69% by
when they turn 12. Hyper inclusivity and inclination on being socially active
have been prime catalysts for the application. However, Cataract Removals are
estimated to be the fastest-growing, with a CAGR of 5.6% over the forecast
period of 2022-2027. Cataract has been designated as one of the frequent causes
of age-related vision loss throughout the world. With the population growing
old, cataract removals will grow extremely frequently. Some of the additional
catalysts which will progress the applications are diabetes mellitus, use of
certain drugs, smoking, alcohol consumption, unprotected exposure to
ultraviolet radiation, and nutritional deficiency.
Ophthalmic Lasers Market Segmentation Analysis- By End-Users
The Ophthalmic Lasers Market based on
end-users can be further segmented into Hospitals, Eye Clinics,
ASCs, and others. Hospitals held a dominant market share in the year 2021. One
of the predominant reasons for the hold is a vast experience present within the
hospital premise, which instills confidence amongst those affected. Moreover,
cataract removals and other forms of visionary care can be reimbursed with ease
in hospitals owing to Medicare facilities. Furthermore, in developing regions
such as India and others, government hospitals provide an extremely reduced cost
for various eye-related ailments, which propels the usage of ophthalmic lasers
in hospitals. However, ASCs or Outpatient Facilities are estimated to be the
fastest-growing, with a CAGR of 5.8% over the forecast period of 2022-2027. ASCs
have been growing in numbers, from 2010, they stood at 5500 centers within the
U.S., and now they are nearing 9600. Moreover, Ophthalmology, as a single-specialty ASC holds a share of 25%, while as a multi-specialty layout holds
around 47% prevalence in the U.S. Lastly, rising government focus on ASC owing to
their cost savings module would allow the discussed segment to grow.
Ophthalmic Lasers Market Segmentation Analysis- By Geography
The ophthalmic laser market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 40% in the year 2021. The prevalence of various forms of disease which requires assistance from ophthalmic lasers hold a worrying number in the likes of the U.S. Additionally, various multinational giants are now recuperating resources and making a strategic alliance with various companies of Asia-Pacific and EMEA to grow in those regions as well. Additionally, Medicare and Medicaid facilities within the U.S. allow people to come forward and get their elective treatments done. Medicare covers some preventive and diagnostic eye exams. For example, Part B covers yearly eye exams for diabetic retinopathy. Further, glaucoma screening and cataract surgeries are under the Medicare reimbursement plans. Medi-caid covers around 16% of the population within the States and allows for some basic eye exams, frames, and lenses. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. Per the National Program for Control of Blindness survey reveals that there is a backlog of over 22 million blind eyes in countries such as India. Moreover, the rising government budget for healthcare in countries such as China and others along with a strategic alliance of Korean and Japanese companies with those situated in Europe and North America would allow technology inflow, which would greatly benefit the market.
Ophthalmic Lasers Market Drivers
The rising prevalence of eye-ailments across age groups has acted as a key market driver
Eye-ailments across the world have been growing, and there is not one or two catalysts responsible, but a plethora of binding reasons compelling and driving the incidences of eye-ailments, which too is incessant across the age-groups. For example, Glaucoma- is a prevalent form of eye condition that if diagnosed at a later stage can result in vision loss. As per National Eye Institute, the prevalence of glaucoma within the U.S. has been growing at an unprecedented rate, and a majority of the cases are being fueled by advancing age across the racial profiles. As per NIH, Black Americans over the age of 40 have the highest risk of developing the said condition than any other race. Furthermore, their risk increases to 6% in those above age 69 while the risk nearly doubles and touches the benchmark of 12% in those 89 and above. Additionally, the institute predicts that glaucoma would touch the mark of 4 million by 2030 and the mark of 6.3 million by 2050. Lastly, WHO estimates that globally around 2.2 billion people have some form of vision impairment, of which nearly 1 billion cases could have been addressed or prevented by timely intervention. Further, they provide those leading causes of such impairments and blindness are cataracts and uncorrected refractive errors. Owing to these reasons, the market is positioned favorably.
A global response coupled with the introduction of better technologies has assisted in the growth of the market
Agencies across the globe have been driving a response to
reduce the overall impact of vision impairments on economies and personal
lives. As per WHO, ophthalmic worries impact two facets of society, one is the
personal and the other is economic. Young children with early onset of such
conditions can experience delayed motor, language, emotional, and cognitive
development challenges. Further, adult populations can have their quality of
life significantly impacted as they would participate on a lower scale and
would often face crises such as depression and anxiety. Secondly, the economic
impact has been a cruelling concern for the world. As per WHO, the annual
global costs of productivity losses concerned with vision impairment or
uncorrected myopia can hamper close to the U.S. $244 billion. Owing to such
reasons, WHO has uniformed its response. Some of the key areas which would
allow for better market adoption (s) are working with member states to provide
recommendations on feasible global targets on integrated people-centered eye
care. Further, technical tools to support the implementation of the recommendation
of the World Report on Vision will be provided. Lastly, the developments and
implementation of eye-care services would be provided to the member countries
which will provide the necessary tool for assessment of diabetic retinopathy
patients, glaucoma services, refractive services, and others. Additionally, the
market is seeing heightened notions of product introductions which have
rightly aided the growth. For example, SCHWIND Eye-tech solutions launched
their ATOS femtosecond laser, which has the capabilities to support both
Femto-LASIK and innovative extraction with Smart Sight Technology.
Ophthalmic Lasers Market Challenges
A prevalence of people who would not be well-suited for such options along with an incessant fear of losing sight has been a key market challenge
A majority of the population affected
by the listed eye-ailments avoid any laser surgery, owing to the fear of losing
sight of suffering from a new ailment. Further, some unfortunate incidences
have taken place by the mismanagement of medical practitioners which impedes user confidence. For example, injuries resulting from staring into the beam can
permanently damage the eye and can result in partial or total vision loss.
Further, injuries
from lasers can also occur when the beam is shone into the eyes of unsuspecting
people. Additionally, there belongs a list of people who are often not
recommended such treatments, combined they take a massive proportion of
prospective clients. For example, certain prescription drugs can interfere with
the surgery results. The drugs are some form of steroids or even acne
medications. Such drugs can induce dry eye, and such eyes have a heightened
risk of cornea scarring post LASIK. As per the National Health and Wellness
Survey, around 6.8% of the U.S. adult population have dry eye. Additionally, a lot
of medical conditions would suppress the way one’s body is healing post-surgery. Many
auto-immune diseases apart from arthritis, lupus, diabetes, might just
negatively affect the surgery result.
Ophthalmic Lasers Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures,
and geographical expansions are key strategies adopted by players in the Ophthalmic Lasers Market. The top 10 Ophthalmic
Lasers Market companies are-
- 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;
- NIDEK Co., Ltd.
Recent Developments
- In March 2021, Lumenis Ltd- World’s largest energy based medical device company providing solutions for aesthetic-surgical and ophthalmic applications announced its formal partnership with Advent Health Nicholson Center. The purpose is to create a dedicated Center of Excellence, which is for a medical training program. As a leading medical training facility, Nicholson can service all Lumenis specialties and provide a turnkey, on-demand operation expediting surgical best-practice distribution.
- In March 2021, IRIDEX Corporation, a provider of innovative ophthalmic laser based medical product which specializes in the treatment of glaucoma and retinal diseases announced a strategic collaboration with Topcon Corporations. Topcon is a Japanese based manufacturer of eye-care businesses, which collects $1.3 billion in revenues. Some of the key points to look forward to within the collaboration are -> Topcon would get exclusive rights to distribute the former’s retina and glaucoma products in global markets. Additionally, it would acquire a 10.4% stake in IRIDEX. Some of the benefits which IRIDEX would get is Topcon’s strength in Asia-Pacific and EMEA markets.
- In March 2021, IRIDEX also acquired TOPCON’s PASCAL product line.
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