In recent times, the global market for ophthalmic lasers has witnessed a tremendous increase in its size and valuation. The significant rise in the number of elderly people, who are more prone to vision defects and ophthalmic disorders, is acting as the key factor behind the growth of this market.
Global Ophthalmic Lasers Market: Snapshot
Apart from this, the increasing awareness among people regarding eye care, together with the technological advancements enhancing the level of accuracy of laser treatments, is also propelling this market substantially.
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With a CAGR of 4.60%, the global ophthalmic lasers market is moving towards a thriving future during the period from 2016 to 2024. Analysts expect the opportunity in this market to increase from US$0.97 bn in 2015 to US$1.44 bn by the end of 2024.
Ophthalmic Clinics to Remain Key End Users of Ophthalmic Laser Surgeries
Hospitals, ambulatory surgical centers (ASCs), and ophthalmic clinics have surfaced as the key end users of ophthalmic laser surgeries.With a remarkable expansion rate, ophthalmic clinics have been reported as the leading contributors to the overall revenue generated in this market.
Analysts predict the demand for ophthalmic lasers from this segment will remain increasing at a greater pace than others over the years to come, owing to the increasing preference for specialists among patients for laser procedures. Hospitals and ASCs are also expected to witness a steady increase in the demand for ophthalmic lasers in the forthcoming years.
Demand for Ophthalmic Lasers to Remain Higher in North America
On the basis of geography, the worldwide market for ophthalmic lasers is classified into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Thanks to the presence of key players in a large number, North America occupied the leading position in this market with a share of more than 40% in 2016.
Over the forthcoming years, the strong focus of these players on research and development and the availability of a state-of-art healthcare infrastructure and a well-established regulatory structure for timely approval of the products are likely to support this regional market to retain its position. However, it is the ophthalmic lasers market in Asia Pacific, which is anticipated to register the growth at a ‘higher than other’ pace in the next few years.
Due to its large base of the population, China is expected to emerge as the most attractive domestic market for ophthalmic lasers in Asia Pacific.
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The Middle East and Africa and Latin America are also projected to witness a considerable rise in their respective markets for ophthalmic lasers in the near future, thanks to the thriving medical tourism and the low cost of laser eye surgeries in these regions. Mexico and Columbia are likely to drive the Latin America ophthalmic lasers market while the Middle East and Africa market is anticipated to be heavily supported by Turkey in the years to come.
Some of the key players in the global market for ophthalmic lasers are Lumenis Ltd., Ellex Medical Lasers Ltd., IRIDEX Corp., Novartis AG, Abbott Laboratories Inc., Topcon Corp., Ziemer Ophthalmic Systems AG, Quantel Group, NIDEK Co. Ltd., Valeant Pharmaceuticals International Inc., SCHWIND eye-tech-solutions GmbH & Co.
KG, and Carl Zeiss Meditec AG.
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