The global Ophthalmic Lasers market size is expected to be worth around US$ 11.6 billion by 2030, according to a new report by Vision Research Reports.
The global Ophthalmic Lasers market size was valued at US$ 11.0 billion in 2020 and is anticipated to grow at a CAGR of 15.9% during forecast period 2021 to 2030.
Ophthalmic disorders are rising significantly on a global level. This rise in the prevalence rate has led to high growth of ophthalmic lasers market.
According to American Academy of Ophthalmology 2014 statistics, nearly 4.2 million people in the U.S. are visually impaired. Huge number of people suffering from visual impairment are likely to heighten the demand for ophthalmic lasers in the coming years.
Vision loss is a serious problem among people suffering from glaucoma, cataract, age-related macular degeneration (AMD), and diabetic retinopathy. This commonly occurs among the geriatric population. American Academy of Ophthalmology stated that, around 1.3 million U.S. population are blind. Hence, in order to minimize such huge rate of vision loss, there is a high need for the application of ophthalmic laser technology.
Geriatric population are the primary target for the market. Majority of the chronic ophthalmic disorders, for instance, cataract and AMD occur among this group of population. However, refractive errors are also very common among the young people. Thus, growing number of victims of chronic eye diseases has led to an expected growth of the market.
Among the product segment, femtosecond lasers held the largest revenue share in 2020. This is due to the rising number of people affected by refractive errors. These devices are also increasingly used during cataract surgeries. Thus, due to the aforementioned factors, this product segment generated huge revenue in the market.
Growing technological advancements in the field of femtosecond lasers for cataract and refractive error surgeries have led to huge development of these products. Thus, newer technologies are motivating this segment to contribute to the immense market share.
Excimer lasers are also being highly adopted by healthcare facilities for the treatment of refractive errors. For instance, Carl Zeiss Meditec AG introduced MEL 80 Excimer for refractive laser surgery. This device in combination with femtosecond laser provides effective solutions pertaining to refractive error corrections.
SLT and YAG lasers are also expected to witness significant growth over the forecast period. These products are effectively used for the treatment of glaucoma, retina, and corneal surgery. Ellex Medical Lasers Limited, one of the leaders in the ophthalmic lasers industry, constitutes a broad portfolio of SLT and YAG for the treatment of such eye disorders.
On the basis of application, refractive error corrections dominated the ophthalmic lasers market in 2016 owing to the rising prevalence of refractive errors among both children and adult population. Moreover, increase in the application of femtosecond lasers in refractive error surgeries also supported the growth of the segment.
Cataract removal segment is expected to exhibit the fastest growth over the forecast period due to the growing number of cataract removal surgeries taking place across the globe. Cataract is a common problem among the geriatric population and might lead to blindness, if not given immediate medical attention.
Glaucoma is another important application segment, which is expected to generate significant demand for some ophthalmic laser types such as SLT and YAG. Lumenis launched a product, Smart Selecta Duet, which involves a combination of both of these laser technologies and is used for glaucoma treatment.
Retinal diseases such as diabetic retinopathy and AMD are a common concern for the geriatric population. The key players are focusing on the extensive production of ophthalmic products for the treatment of such kind of disorders. For instance, Topcon Corporation manufactured PASCAL Synthesis System for the treatment of patients with diabetic retinopathy and AMD.
On the basis of end-use, hospitals contributed towards the largest market share in 2020 due to the wide usage of ophthalmic lasers in hospital settings. Moreover, the rising number of hospitals in emerging countries is further supporting the growth of this segment.
Ambulatory surgical centers are anticipated to grow at a significant growth over the forecast period. This is due to the growing number of government initiatives undertaken in order to raise the awareness levels for ambulatory surgical centers in developing countries.
Ophthalmic clinics are also projected to show growth over the forecast period due to increase in a number of specialty clinics for the treatment of chronic diseases. However, lack of availability of trained professionals for dealing with the complexities involved in the usage of ophthalmic lasers is expected to impede the market growth.
North America dominated the market owing to rising healthcare expenditure in the U.S. and the development of sophisticated healthcare infrastructure in the country. Moreover, rising prevalence of ophthalmic disorders is expected to support the high demand for these products.
Europe also contributed towards significant shares in 2020 owing to the increasing geriatric population base in this region. Ophthalmic disorders are highly prevalent among this group of the population. As a result of these factors, Europe is expected to drive the market demand for the devices during the study period.
Asia Pacific is anticipated to show lucrative growth over the forecast period. This is due to the rising prevalence of cataract removal surgeries in the developing countries such as India. In addition, increasing awareness levels for the prevention of blindness is also motivating the high growth of the market.
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.
Refractive Error Corrections
Ambulatory Surgical Centers
The Ophthalmic Lasers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Ophthalmic Lasers market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Ophthalmic Lasers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ophthalmic Lasers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ophthalmic Lasers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Ophthalmic Lasers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Ophthalmic Lasers by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Ophthalmic Lasers market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Ophthalmic Lasers market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Ophthalmic Lasers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Ophthalmic Lasers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Ophthalmic Lasers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Ophthalmic Lasers market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Ophthalmic Lasers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Ophthalmic Lasers market. These factors have benefited the growth of the global market for Ophthalmic Lasers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Ophthalmic Lasers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Ophthalmic Lasers are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.