FELTON, California, August 17, 2017 /PRNewswire/ --
The global ophthalmic lasers market size was worth USD 1.0 billion in 2016, whichis anticipated to grow at a CAGR of more than 5.9% during the forecast period. Increase in incidence of chronic ophthalmic disorders is the major driving factor contributing to the growth of ophthalmic lasers market.
There is a rise in prevalence of ophthalmic disorders such as glaucoma, cataract, refractive errors, Age Related Macular Degeneration (AMD), retinal disorders and diabetic retinopathy. According to American Academy of Ophthalmology in 2014, 60.5 million people were estimated to be suffering from glaucoma globally. According to WHO, glaucoma is the second major cause of blindness in the world.
Based on the Journal of Ophthalmology, cataract is the leading cause of blindness in the world. According to New-Medical .Net, in 2015, 22 million people aged 40 years and above were affected with cataract. According to National Eye Institute, by 2050, the number of people in US with cataract is estimated to double from 24.4 million to around 50 million. Thus, with the rise in incidence of ophthalmic disorders the market is estimated to witness rapid growth during the forecast period.
According to a study conducted by PLOS, in UK approximately 54% of the people aged 40-69 years were affected by refractive error of which 27% of the people had myopia. Refractive error is a major health issue in UK. It is a genetic disorder, so the individuals whose parents are suffering from any form of refractive disorder are likely to be affected by similar disorder. Thus, the aforementioned factors are supporting the growth of the ophthalmic lasers market.
Browse full research report with TOC on "Ophthalmic Lasers Market Size & Forecast Report 2014 - 2025" at: https://www.millioninsights.com/industry-reports/ophthalmic-lasers-market
Increase in geriatric population is another key factor driving the growth of the market. This group of population is generally affected by various eye disorders. The most common eye disorders for this group are cataract and hyperopia.
In the product segment, femtosecond lasers held the largest revenue share in 2016. The rising number of people affected by refractive disorders along with its use during cataract surgeries has led to the growth of the market.
Rise in technological advancements, versatility, predictability, and the unique properties offered by the femtoseconds lasers has increased its demand. Thus, newer technologies are contributing to the growth of the market.
On the basis of application, refractive error corrections dominate the market in 2016. Rising incidence of refractive errors in children and geriatric population has contributed towards the growth of this segment. In addition, use of femtoseconds lasers in correcting eye disorders have also contributed to the growth of this segment.
On the basis of the end-use, hospital held the largest market share in 2016 due to the large number of ophthalmic lasers being performed in hospitals. The rising number of hospitals in the developing countries with the support of the government also contributes to the growth of this segment.
North America dominated the market in 2016 due to the rising healthcare expenditure and development of healthcare infrastructure in the US. The rising incidence of diabetes in America also contributes to the growth of ophthalmic disorders which in turn is anticipated to flourish the regional market.
Some of the major players of the market include 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, and NIDEK Co., Ltd.
Browse reports of similar category available with Million Insights:
- Ureteral Stents Industry - Global Ureteral Stents Market is segmented, By Type Temporary Stents, and Permanent Stents. The urine is normally carried from kidneys to the bladder through the long narrow, muscular tubes which are termed as "Ureters".
- MRI Equipment Industry - Global MRI Equipment market is segmented, by Product into Superconducting type, Permanent-magnet type. Magnetic resonance imaging (MRI) of the body uses an impressive magnetic field, radio waves and a computer to harvest detailed pictures of the inside of human body.
- Microscope Market - Global microscope market size was worth USD 6.4 billion in 2015 which is anticipated to grow at a CAGR of more than 8% during the forecast period.
- Endoscopic Vessel Harvesting System Market - Global endoscopic vessel harvesting market size was estimated at USD 1.8 in 2016 and is expected to grow at a CAGR of 6.1% over the forecast period.
Ophthalmic Lasers Product Outlook (Revenue, USD Million, 2014 - 2025)
- Diode Lasers
- Femtosecond Lasers
- Excimer Lasers
- Nd:YAG lasers
- SLT Lasers
Ophthalmic Lasers Application Outlook (Revenue, USD Million, 2014 - 2025)
- Cataract Removal
- Refractive Error Corrections
- Diabetic Retinopathy
Ophthalmic Lasers End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Ambulatory Surgical Centers
- Ophthalmic Clinics
Ophthalmic Lasers Regional Outlook (Revenue, USD Million, 2014 - 2025)
- South Africa
About Million Insights:
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
Research Support Specialist, USA
Toll Free: 1-866-831-4085
SOURCE Million Insights