Ophthalmic Lasers Market is likely to increase to US$1.44 bn by 2024
The global ophthalmic lasers market is fragmented in nature, with top five vendors accounting for a modest 35.0% share in it in 2015. The market is characterized by moderate competition. However, in the foreseeable future, competition in the market is likely to heat up on the back of pharmaceutical companies entering it sensing an opportunity in the rising demand for effective surgical products because of the increasing number of ophthalmic conditions. This is also likely to lead to new product launches.
Some of the key players in the global market for ophthalmic lasers are Alcon, Ellex Medical Laser Ltd., Quantel Group, Lumenis Ltd., and Carl Zeiss.
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A research study by Transparency Market Research predicts the global market for ophthalmic lasers to grow at a steady 4.60% CAGR during the period between 2016 and 2024. Rising at this pace, the market which was worth US$0.97 bn in 2015, will likely pull in value of US$1.44 bn by 2024-end.
Depending upon end users, the market for ophthalmic lasers can be classified into ambulatory surgical centers (ASCs), ophthalmic clinics, and hospitals. At present, ophthalmic clinics are generating maximum demand in the market and in the years ahead too would continue doing so.
Geography-wise, the main segments of the global market for ophthalmic lasers are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, among them, contributes the most to the revenue and going forward will retain its dominant contribution. In 2016, its share in the revenue was a substantial 40.0%. The market in the region is being majorly fuelled by the presence of numerous prominent ophthalmic laser companies, superior healthcare infrastructure, and supportive policies related to medical devices industry.
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Rising Eye Disorders Worldwide Drives Demand in Market
One of the primary growth drivers, resulting in swift uptake of niche medical devices such as ophthalmic lasers, is the increasing instances of eye disorders worldwide. Various studies reveal that the occurrence of partial and complete blindness has substantially risen in the past couple of years and could rise twice as much by 2020. Increasing cases of diabetes, cataract, and glaucoma is expected to result in alarming rise in eyesight problems or loss in the next couple of years. However, the increasing knowledge that timely diagnosis and effective medical intervention in the form of laser surgeries could avoid these conditions is a key factor augmenting the global demand for ophthalmic lasers. Rising awareness among global population regarding the effectiveness of available treatment methods could also boost adoption of ophthalmic lasers globally.
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Underserved Developing Nations, With Bettering Healthcare Facilities, Hold Massive Opportunities
Yet another factor fuelling demand in the market for ophthalmic lasers is the growing pool of elderly who are at a much higher risk of ophthalmic disorders and vision defects. A noticeable trend in the market is players trying to tap into the relatively underserved markets of Latin America and Asia Pacific with vast population of elderly and an improving healthcare infrastructure.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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