Market Synopsis
According to Market Research Future (MRFR), the Ophthalmic Lasers Market is anticipated to acquire significant market value, growing at a CAGR of 4.6% during the forecast period from 2018 to 2023.
The growing prevalence of ophthalmic disorders like cataracts, glaucoma, retinal disorders, and others are anticipated to be key factors in driving the ophthalmic lasers market 2020. The rising geriatric population is likely to be easily infected with such diseases, which is anticipated to be another significant factor in increasing the demand for ophthalmic procedures and develop the market. Furthermore, efficient treatment methods are anticipated to increase the requirement for ophthalmic lasers and boost the market. The growing R & D expenditure and the ongoing development in the field are likely to increase the demand for ophthalmic lasers and favor the market growth during the forecast period.
On the flip side, the prices associated with ophthalmic procedures are anticipated to hamper the market growth. However, increasing regulatory approvals along with above-mentioned factors are predicted to counter the impeding factors and boost the market in the coming period.
Market Segmentation
The segment evaluation of the global ophthalmic lasers market is done by the application, product, and end-users.
The application-based segments of the global ophthalmic lasers market are refractive error correction, cataract surgery, diabetic retinopathy, glaucoma surgery, age-related macular degeneration (AMD) treatment, and others.
The product-based segments of the global ophthalmic lasers market are excimer lasers, femtosecond lasers, diode lasers, SLT laser, ND: Yag lasers, and others.
The end-user based segments of the global ophthalmic lasers market are hospitals, specialty clinics, ambulatory surgical centers, and others.
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Regional Analysis
Based on the region, the global ophthalmic lasers is segmented into the Americas, Asia-Pacific, Europe, and the Middle East & Africa.
As per the analysis, the global market is anticipated to be dominated by the Americas owing to the rapid technical development in the healthcare sector. Further, the increasing geriatric population along with the increasing cases of ophthalmic disorders, can augment the market during the forecast period. The presence of established players is predicted to play a significant role in strengthening the regional market.
Europe market is expected to be the second-largest market during the forecast period owing to the increasing ophthalmic surgeries in the region. In addition, the growing awareness about the innovative technologies is likely to boost the market during the forecast period.
The APAC region is predicted to be the fastest-growing market during the evaluation period owing to the growing cases of ophthalmic disorders. Furthermore, the increasing investment in healthcare sector is likely to propel the region market. The presence of developing countries like India and China are likely to fuel the market during the review period. The region is expected to experience a large patient pool which can grow the regional market. In addition, the rising geriatric population is recognized to be another potential factor strengthening the regional market during the evaluation period.
The MEA region is anticipated to acquire the least market share due to underdeveloped healthcare sector. The unawareness and lack of technical knowledge are likely to restrict the region from growing. However, there are various untapped opportunities which can expand the regional market in the forthcoming period.
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Key Players
Some of the established players of the ophthalmic lasers market are Bausch & Lomb Incorporated, Ellex Medical Lasers Limited, Topcon Corporation, Carl Zeiss Meditec AG, Quantel Inc., Ocular Instruments, Ziemer Ophthalmic Systems AG, Alcon Laboratories, Inc., Nidek Co., Abbott Medical Optics, Inc., Limited, Iridex Corporation, Lightmed USA, and Lumenis Ltd.
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