Ophthalmic Lasers Market is expected to expand at 4.8% CAGR over the estimated period
Increasing awareness and demand for non-invasive treatment coupled with the rising graph of ophthalmic diseases and disorders is the prime growth driver of the global ophthalmic lasers market. According to the latest estimates of the Glaucoma Research Foundation, an estimated 3 million Americans suffer from glaucoma, accounting for 9% to 12% of all cases of blindness and reflecting more than 120,000 cases. According to the World Health Organization, glaucoma is the second leading cause of blindness around the globe after cataract. The worldwide estimates put the total number of glaucoma cases at over 60 million. Thus a large and sustainable market is easily comprehendible, which is affirmed by the fact that glaucoma alone accounts for over 10 million visits to ophthalmologist each year.
According to a latest report by Future Market Insights (FMI), the global ophthalmic lasers market is projected to account for over US$ 697.1 Mn, in terms of value, by 2026 end. The report on the global ophthalmic lasers market further projects significant growth potential with average year-on-year growth rate pegged at 3.7% through 2026 at a significant CAGR of 4.8%.
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The increasing risk factors such as ageing, diabetic retinopathy, severe nearsightedness are the demographic drivers of the global ophthalmic lasers market. These risk factors are responsible for the growing prevalence of glaucoma which currently is 2.65% in people above 40 years of age and has resulted in irreversible blindness in about 3 million people globally.
According to FMI, based on the disease type, the glaucoma segment accounted for over 42.1% revenue share in the overall ophthalmic lasers market in 2017. The glaucoma segment is expected to grow at an impressive 5.5% CAGR driving the market to greater heights. Diabetic retinopathy segment is expected to account for second large share in the global ophthalmic lasers market. According to the CDC, 4.2 million adults in the U.S. suffer from diabetic retinopathy.
The advancement in technology such as the development of advanced lasers with a wider spectrum and range of light emissions suitable for different types of conditions and diseases such as the Nd:YAG laser for acute angle closure glaucoma, and posterior capsular opacification after cataract surgery; frequency double-d green laser for diabetic retinopathy, macular oedema, retinopathy from vein or arterial occlusions, plateau iris syndrome and others are contributing to the growth of the market. Development of technology and frequency modulation have also resulted in smaller footprint in the surgery owing to time reduction exemplified by the femtosecond laser used in corneal and cataract surgery.
The restraints on the global ophthalmic lasers market are the concerns over the safety and effectiveness of laser therapy. Traditional cataract surgery is recognized as being safe and effective over laser surgery. Laser cataract surgery, is also not covered by most insurance plans, which coupled to greater costs associated with it hampers the growth of the global ophthalmic lasers market. The development of healthcare infrastructure and the advances in ophthalmic imaging coupled with the growing healthcare infrastructure is driving a large market. Growing per capita income and the growing penetration of health insurance is driving a large demand led growth of the global ophthalmic lasers market
Asia Pacific is expected to possess a large market equity than the developed regions such as North America and Europe owing to developing economy. Further, the growing economies such as China and India are expected to play a major role in the growth of the Asia Pacific ophthalmic lasers market owing to their large population base. India, alone possess an estimated number of 12 million cases, accounting about one-fifth of the global burden of glaucoma. Increasing geriatric population and rising disposable income in Asia Pacific is expected to surge the demand for advanced ophthalmic lasers products.
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The report tracks some of the key companies operating in the ophthalmic lasers market, such as Ellex Medical PTY Ltd., NIDEK CO., LTD., Novartis AG, Lumenis Ltd., Topcon Corporation, Quantel SA, and IRIDEX Corporation, among others. Most of the companies have adopted product development as a strategy to gain maximum market share.