ALBANY, New York, September 25, 2018 /PRNewswire/ --
The global ophthalmic lasers market features a fairly fragmented landscape despite the fact that the leading five players held a share of 35.0% in 2015, notes Transparency Market Research (TMR). The market is increasingly competitive, attributed to the likely entry of pharmaceutical companies in the coming years. These companies are focusing to tap into vast lucrative avenues emanating from the rising demand for advanced ophthalmic tools useful in a range of eye surgeries, observes TMR. The initiatives are likely to culminate in new, exciting product launches in the not-so-distant future. Several of these players also consider it worthwhile to keep focusing on developed markets gaining from the favorable regulatory system for product approval.
Prominent companies operating in the ophthalmic lasers market include Novartis AG, IRIDEX Corp, Abbott Laboratories Inc., Ophthalmic Systems AG, Carl Zeiss Meditec AG, and NIDEK Co. Ltd.
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The global ophthalmic lasers market was valued at US$0.97 billion in 2015 and is projected to reach a worth of US$1.44 billion by the end of 2024. The global market is forecast to rise at a promising CAGR of 4.60% during 2016-2024.
Among the key end users of ophthalmic lasers, ophthalmic clinics is anticipated to contribute the major share of revenue in the overall market throughput the forecast period. This can be attributed to extensive worldwide demand for ophthalmic lasers in ophthalmic clinics over the period. These are expected to witness a promising uptake driven by the large preference of patients to visit specialty clinics.
Of the various regional markets for ophthalmic lasers, North America emerged as the leading one in 2016 holding more than 40.0% share in the global market. The regional market is expected to retain its lead, on account of the presence of several globally prominent players who are spending sizeable shares in research and development (R&D) to launch cutting-edge technologies for eye surgeries.
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Rising Demand for Laser Therapies for Treating Virtual Impairment bolsters Uptake
The substantial demand for technologies for precise treatments for a range of eye disorders world over is a key factor driving the ophthalmic lasers market. The rising demand for low-cost, safe, and pain-free ophthalmic laser therapy in the eye care industry is boosting the market. The rising incidence of chronic and infectious eye diseases has led to the growing population with blindness and virtual impairment. The incidence is further likely to rise in the coming years, which is accentuating the demand for ophthalmic lasers. A large percentage of visual impairment can be treated with timely surgical interventions. The risk in the worldwide patient population is aggravated from the rising cases of diabetes, glaucoma, and cataract. This is fueling the rapid expansion of the ophthalmic lasers market.
The demand for ophthalmic lasers is bolstered by rising awareness about the availability of minimally painful and invasive surgeries for correcting various forms of visual impairment across demographics. This is propelling patients for adopting laser-based surgeries in various parts of the world, thus accentuating the demand.
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Manufacturers focus on Tapping Avenues from Unmet Needs in Developing Regions
There is a vast unmet need for ophthalmic lasers in emerging economies, such as those of Latin America and Asia Pacific. This is attributed to the presence of a vast pool of patient populations, notably coming from a rapidly increasing elderly people. Moreover, the rising incidence of age-related macular degeneration in the region is also catalyzing the demand. The rise in demand for ophthalmic lasers will be substantially supported by the constant strides experienced by healthcare infrastructures in developing countries.
The overall ophthalmic lasers market is expected to witness lucrative avenues from the advent of advanced components of ophthalmic lasers. With this, the efficacy and safety of ophthalmic lasers has also increased substantially over the past few years. The rising adoption of innovative laser therapies among ophthalmologists has also created new revenue streams for manufacturers in the ophthalmic lasers market.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Ophthalmic Lasers Market (Product - Diode Lasers, Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Argon Lasers, and SLT Lasers; Application - Glaucoma, Cataract, Refractive Error Corrections, Diabetic Retinopathy, and AMD; End User - Hospitals, Ambulatory Surgical Centers, and Ophthalmic Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016-2024".
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