NEW YORK, Oct. 18, 2016 /PRNewswire/ -- The ophthalmic lasers market is projected to reach USD 1,245.4 million by 2021 from USD 970.2 million in 2016, at a CAGR of 5.1%.
Increasing prevalence of ophthalmic disorders, increasing prevalence of chronic disorders, rising geriatric population, increasing regulatory approvals, and increasing initiatives to prevent vision impairment are some factors driving the growth of the global ophthalmic lasers market. On the other hand, high cost of the equipment and therapies is expected to restrain the growth of the market. However, increasing number of hospitals and clinics in emerging economies such as China, India, and Pacific countries are providing growth opportunities for the ophthalmic lasers market.
Femtosecond lasers have automatized many steps performed manually during laser vision correction and cataract surgery. These lasers have increased the precision and safety of the both vision correct and cataract surgeries. Thus, this segment is expected to grow at the highest CAGR during the forecast period and is projected to have largest market size in 2016.
The cataract removal segment is expected to grow at the highest CAGR during forecast period, due to increasing prevalence of cataract resulting from the rising geriatric population. Furthermore, refractive error correction segment will have largest market size in 2016, due to the factors such as high patient pool and technical advancements resulting in better clinical outcomes when compared to use of visual aids such as spectacles and contact lens.
In 2016, North America is expected to account for the largest share of the global ophthalmic lasers market, followed by Europe, Asia-Pacific, and Rest of the World (RoW). North America's large share is attributed to the increasing prevalence of ophthalmic disorders, rising prevalence of chronic diseases, and increasing regulatory approvals. In the coming years, the ophthalmic lasers market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan. This can be attributed to factors such as high prevalence of ophthalmic disorders, introduction of initiatives for prevention of blindness and treatment projects for various ophthalmic disorders, and rising aging population.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (expansions; new product launches; marketing and promotion; agreements, collaborations, contracts, partnerships, and joint ventures; funding; acquisitions; patent grants, website launches, and product enhancement) to increase their market shares and establish a strong foothold in the global ophthalmic lasers market.
In-depth interviews were conducted with CEOs, Sales and Marketing Directors, other innovation and technology directors, and executives from various key organizations operating in the ophthalmic lasers market.
- By Company Type: Tier 1: 50%, Tier 2: 42%, Tier 3: 8%
- By Designation: Director-level: 58%, C-level: 25%, Others: 17%
- By Region: North America: 46%, Europe: 31%, APAC: 15%, RoW: 8%
The report includes the study of key players offering ophthalmic lasers such as Alcon Laboratories, Inc. (U.S.), Abbott Medical Optics, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Bausch & Lomb Incorporated (U.S.), Ellex Medical Lasers Limited (Australia), Topcon Corporation (Japan), Ziemer Ophthalmic Systems AG (Switzerland), IRIDEX Corporation (U.S.), NIDEK Co., Ltd. (Japan), and Lumenis Ltd. (Israel).
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps firms to garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the products and services offered by top players in the ophthalmic lasers market. The report analyzes the ophthalmic lasers market by product type, application, and end user.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the ophthalmic lasers market
- Market Development: Comprehensive information about lucrative emerging markets.
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the ophthalmic lasers market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and distribution networks of the leading players in the ophthalmic lasers market
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