Ophthalmic Lasers Market
Number of pages: 100 | Report Format: PDF | Published date: October 04, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 1,244.3 million |
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Revenue forecast in 2030 |
US$ 2,021.5 million |
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Growth Rate |
CAGR of 5.54% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, Application, End-user, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global ophthalmic lasers market was pegged at US$ 1,244.3 million in 2021 and is expected to witness a CAGR of 5.54% during the forecast period.
Market Fundamentals
The ophthalmic laser is a medical equipment used to operate on eye disorders. The device produces a clean, monochromatic laser beam focused on a specific area of the eye. The majority of its use is in clinical and therapeutic operations. Laser trabeculoplasty, laser iridotomy, posterior capsulotomy, retinal photocoagulation, and other procedures are performed with ophthalmic lasers. Ophthalmic lasers offer accurate, infection-free treatment for a variety of ophthalmic diseases. Many laser operations can cause slight to no pain. Lasers benefit from ophthalmic instrumentation for their safety, accuracy, and relative affordability.
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Market Dynamics
Primary factors influencing the growth of the global ophthalmic lasers market are increased geriatric populations suffering from eye diseases, rising prevalence of eye diseases like cataracts, macular degeneration, and retinal disorders, technological advancements, and growing approvals for ophthalmic lasers. Rising initiatives to control visual impairment can also boost market growth. However, the high cost of equipment and therapy can restrain the market growth.
Market Ecosystem
The global ophthalmic lasers market has been analyzed from four perspectives: product, application, end-user, and region.
Ophthalmic Lasers Market By Product
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According to the product, the market for ophthalmic lasers is segmented into excimer lasers, femtosecond lasers, Nd: YAG Lasers, diode lasers, and others. The femtosecond lasers segment has accounted for the largest market share. It is anticipated to grow further in the forecast period. The segment growth is contributed by factors such as the rising prevalence of ophthalmic diseases, increased technological advancements, increased approvals by regulatory bodies, and high demand for femtosecond lasers.
Ophthalmic Lasers Market By Application
Based on application, the global ophthalmic lasers market is grouped into cataract removal, glaucoma treatment, diabetic retinopathy treatment, refractive error correction, and others. The global ophthalmic laser market is divided into four application categories cataract removal, glaucoma treatment, diabetic retinopathy treatment, refractive error correction, and others. The market has been dominated by refractive error correction. The increased prevalence of refractive error correction in adults and children is attributed to this increase. Furthermore, as technological advancements produce desirable results, the preference for laser treatments for refractive error correction is increasing. Glaucoma treatment demands for ophthalmic lasers are expected to drive growth in the glaucoma segment during the forecast period.
Ophthalmic Lasers Market by End-user
According to end-users, the global ophthalmic lasers market is categorized into hospitals, ambulatory surgery centers, and eye clinics. Among these, the hospital category has dominated the ophthalmic lasers market, which can be attributed to increased adoption of cutting-edge procedures in hospitals, high patient footfall, and growing hospital density in emerging economies. The eye clinics category is anticipated to experience significant expansion in the upcoming years. The growth is due to patients' preference for eye clinics over other medical facilities in both developed and developing nations.
Ophthalmic Lasers Market by Region
Regionally, the global lasers market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. The North American region has dominated the global market. The growth is attributed to the presence of advanced healthcare facilities, the surge in eye-related prevalence, and the increasing aging population in the region. Furthermore, the region’s growth is supported by increased regulatory approvals and a rise in eye-related diseases. The European market for ophthalmic laser is characterized by growing geriatric populations and high laser adoption in treating ocular diseases.
Moreover, increased awareness in this region is also anticipated to support market expansion. The Asia Pacific region is expected to show high growth in the forecast period. Japan and China are expected to grow during the forecast period. This growth is due to improved healthcare infrastructure, a rising number of hospitals, and increased adoption of highly equipped advanced instruments. Additionally, increasing research and development in ophthalmology can also support market expansion.
Competitive Landscape
Some of the prominent players operating in the global ophthalmic lasers market are
Primary factors influencing the growth of the global ophthalmic lasers market are increased geriatric populations suffering from eye diseases, rising prevalence of eye diseases like cataracts, macular degeneration, and retinal disorders, technological advancements, and growing approvals for ophthalmic lasers.
The market expansion is anticipated to be restrained by the high cost of equipment and treatments.
The global ophthalmic lasers market is anticipated to grow at a CAGR of 5.54% during the forecast period from 2022 to 2030.
The global ophthalmic lasers market is to clock US$ 2,021.52 million by 2030 as high growth in the prevalence of ocular diseases is noted.
*Insights on financial performance is subject to availability of information in public domain