Ophthalmic Lasers Market to Reach $1.90 Bn, Globally, by 2030 at 4.7% CAGR: Allied Market Research
Surge in the number of eye-related diseases and advancements in laser technology drive the growth of the global ophthalmic lasers market.
PORTLAND, Ore., March 22, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Ophthalmic Lasers Market by Type (Photodisruption Lasers, Selective Laser Trabeculoplasty (SLT), and Photocoagulation Lasers), Product (Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Diode Lasers, and Others), Application (Refractive Error, Cataract Surgery, Glaucoma Surgery, and Others), and End User (Hospitals, Ambulatory Service Centers, and Clinics): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global ophthalmic lasers industry generated $1.20 billion in 2020, and is estimated to reach $1.90 billion by 2030, witnessing a CAGR of 4.7% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Surge in the number of eye-related diseases and advancements in laser technology drive the growth of the global ophthalmic lasers market. However, stringent safety regulations and high rate of failure restrain the market growth. On the other hand, new treatment options for ocular diseases that aim to lower the economic cost burden create new opportunities in the coming years.
Covid-19 Scenario
- Owing to lockdown norms imposed globally, non-emergency out-patient departments (OPDs) in hospitals and clinics were shut down to avoid cross-contamination. This impacted the demand for ophthalmic lasers.
- Moreover, hospital resources were shifted to take care of rise in number of Covid-infected patients. The treatment for ophthalmic diseases was postponed and performed only in emergency cases. This factor reduced the demand for ophthalmic lasers and led to decreased revenue in the market.
- There have been hindrances in the manufacturing activities of ophthalmic lasers due to supply chain disruptions and shortage of raw materials. However, these activities are expected to get back on track post-lockdown.
The photocoagulation lasers segment to maintain its dominance during the forecast period
Based on type, the photocoagulation lasers segment contributed to the highest market share in 2020, accounting for nearly three-fourths of the global ophthalmic lasers market, and is projected to maintain its dominance in terms of revenue during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 5.1% from 2021 to 2030. This is due to increase in number of eye-related diseases such as glaucoma, cataract, refractive errors, and diabetic retinopathy. The report also analyzes the segments including photodisruption lasers and selective laser trabeculoplasty (SLT).
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The hospitals segment to continue its lead position throughout the forecast period
Based on end user, the hospitals segment accounted for the highest market share in 2020, accounting for more than two-fifths of the global ophthalmic lasers market, and is projected to continue its lead position throughout the forecast period. This is attributed to prevalence of ophthalmic diseases such as glaucoma, cataract, refractive errors, and diabetic retinopathy and increase in awareness of laser applications. However, the ambulatory service centers segment is estimated to manifest the largest CAGR of 5.3% from 2021 to 2030, owing to rise in incidence rate of chronic ophthalmic diseases, and increase in number of advanced & effective product launches.
North America to maintain its leadership status by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global ophthalmic lasers market, and is expected to maintain its leadership status by 2030. This is due to surge in demand for ophthalmic lasers for the treatment of eye diseases, availability of advanced healthcare facilities, and presence of trained medical professionals. However, Asia-Pacific is projected to portray the fastest CAGR of 6.3% during the forecast period, owing to surge in incidence of various eye-related diseases and rise in R&D investments in developing countries such as Japan and China.
Leading Market Players
- Carl-Zeiss-Stiftung
- Iridex Corporation
- JOHNSON & JOHNSON
- LightMed Corporation
- Lumenis Be Ltd.
- Lumibird Group
- NIDEK CO., LTD
- Novartis International AG
- Topcon Corporation
- Ziemer Ophthalmic Systems AG
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SOURCE Allied Market Research
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