LONDON, Nov. 28, 2016 /PRNewswire/ -- Ophthalmic laser is novel medical device that involves a laser beam source that is used to target the ophthalmic cells to treat several ophthalmic diseases and disorders such as diabetic retinopathy, cataract, glaucoma, macular oedema, retinal tears, etc. The selection of laser depends on the specific ophthalmic condition; for example, green lasers are used for photocoagulation usually required in diabetic retinopathy. The SLT lasers that involves Q switched YAG lasers with double frequency are used to treat open angle glaucoma. In terms of revenue, the global ophthalmic lasers market is anticipated to register a CAGR of 4.8% during the forecast period (2016 – 2026) and is projected to be valued at US$ 697.1 Mn by the end of 2026.
Increase in ophthalmic care expenditure and advancements in laser technology likely to boost market growth
Revenue growth of the global ophthalmic lasers market is primarily driven by an increasing incidence of glaucoma leading to an upsurge in the number of laser procedures and an increasing geriatric population prone to cataract. Additionally, increasing government provision in developed economies and constructive reimbursement policies is expected to fuel market growth over the forecast period. However, high costs associated with ophthalmic lasers and replacement of current ophthalmic laser technology with advanced technologies might hinder the growth of the global ophthalmic lasers market over the forecast period.
By Product Type
By Disease Type
By End User
Selective Laser Trabeculoplasty
Ambulatory Surgical Centres
Selective Laser Trabeculoplasty product type segment to account for highest market share by 2016 end
The Selective Laser Trabeculoplasty segment is anticipated to hold the highest market share of 46.6% of the global ophthalmic lasers market by 2016 end. The Photo-coagulation Lasers segment is expected to hold the second highest market share of the global ophthalmic lasers market by 2016 end. The Photo-coagulation Lasers segment is expected to witness relatively higher growth rates in the global ophthalmic lasers market over the forecast period.
Glaucoma Surgery disease type segment estimated to grow at a faster rate over the forecast period
In terms of revenue share, the Glaucoma Surgery segment dominated the global ophthalmic lasers market in 2015 and is expected to dominate throughout the forecast period, registering a CAGR of 5.5% between 2016 and 2026. The Diabetic Retinopathy segment is anticipated to double in value by 2026 as compared to 2016.
Ophthalmic Clinics end user segment expected to be the most lucrative segment throughout the forecast period
The Ophthalmic Clinics segment was valued at US$ 188.6 Mn in 2015 and is estimated to reach US$ 197.1 Mn by 2016 end, with a Y-o-Y growth rate of 4.5%. The Ambulatory Surgical Centres segment is anticipated to register a CAGR of 5.0% during the forecast period.
North America is expected to dominate the global market in terms of revenue
In terms of value, North America is expected to be the dominant regional market by 2016 end and is expected to register a CAGR of 5.7% over the forecast period. Western Europe is estimated to account for the second highest market share in the global ophthalmic lasers market in 2016. The APEJ ophthalmic lasers market is expected to register a CAGR of 4.7% over the forecast period.
ophthalmic lasers market
Key market players are investing significantly in R&D initiatives to provide innovative ophthalmic solutions
Some key players operating in the global ophthalmic lasers market are Ellex Medical PTY Ltd., Lumenis Ltd., IRIDEX Corporation, ZEISS International, NIDEK CO. LTD., Novartis AG, Topcon Corporation, and Quantel SA. Top market companies are focussing on developing new technologies to aid in seamless ophthalmic surgeries and are looking to penetrate new and emerging markets through strategic acquisitions. Lumenis Ltd. held the maximum market share of 14.5% in 2015 in the global ophthalmic lasers market owing to a wide range of well-established products. Ellex Medical PTY Ltd. held the second highest market share, accounting for approximately 14.4% of the global ophthalmic lasers market. IRIDEX Corporation held the third highest market share of 14.3% in 2015.
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