Ophthalmic Lasers - Market Insights, Competitive Landscape, and Market Forecast - 2030

Ophthalmic Lasers - Market Insights, Competitive Landscape, and Market Forecast - 2030

Ophthalmic Lasers Market by Product Type (Argon Blue-Green Laser, ND: Yag Laser, Femtosecond Lasers, Krypton Red Laser, and Others), Application (Glaucoma, Diabetic Retinopathy, Cataracts, and Others), End-User (Hospitals, Ambulatory Surgical Centers, Ophthalmic Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2030 owing to the surge in the prevalence of ophthalmic diseases such as glaucoma, diabetic retinopathy, and others, growing preference for minimally invasive procedures, and increase in product launches and approvals by key market players across the globe.

The global ophthalmic laser devices market was valued at USD 1.25 billion in 2023, growing at a CAGR of 6.11% during the forecast period from 2024 to 2030, to reach USD 1.78 billion by 2030. The rising prevalence of ophthalmic diseases such as glaucoma, diabetic retinopathy, age-related macular degeneration (AMD), and cataracts are the major drivers for the ophthalmic lasers market. Additionally, a strong preference among patients and healthcare providers for minimally invasive procedures due to their benefits, including shorter recovery times, reduced risk of complications, and less pain. Furthermore, key market players continuously investing in research and development to introduce innovative ophthalmic lasers, increased partnerships and collaborations, product launches and approvals are some of the key factors boosting the market for ophthalmic lasers, during the forecast period from 2024 to 2030.

Ophthalmic Lasers Market Dynamics:

According to the recent data and stats provided by the World Health Organization (2023), globally, at least 2.2 billion people experienced near or distance vision impairment. Of these, approximately 1 billion cases remained unaddressed. Among this group, the leading causes of distance vision impairment or blindness included cataracts, affecting 94 million people; refractive errors, impacting 88.4 million; age-related macular degeneration, which affected 8 million; glaucoma, with 7.7 million cases; and diabetic retinopathy, affected 3.9 million. Presbyopia was the primary condition causing near vision impairment, affecting 826 million people.

Thus, as the incidence of conditions like diabetic retinopathy, glaucoma, and age-related macular degeneration rises, there is a growing demand for effective, minimally invasive treatments. Ophthalmic lasers offer precise, targeted therapies that can manage these disorders more efficiently than traditional methods. For instance, laser treatments for diabetic retinopathy and retinal vein occlusions can prevent vision loss and improve outcomes. The advancement of laser technology, with innovations such as femtosecond and YAG lasers, expanded the range of treatable conditions and enhanced procedural efficacy, driving further adoption in clinical settings and hence driving the market growth of ophthalmic laser across the globe.

Additionally, the increase in product development activities across the globe is further boosting the overall market of ophthalmic lasers. For instance, in January 2024, IRIDEX Corporation, a leading provider of laser-based medical equipment, unveiled its next-generation platform featuring the IRIDEX 532 and IRIDEX 577 lasers in the United States. These advanced lasers were designed for the treatment of retinal diseases and glaucoma, offering a range of treatment modes, including continuous-wave and IRIDEX's exclusive MicroPulse technology. The platform also boasts an intuitive touchscreen interface that provided the access to various clinical control features and settings, enhancing ease of use and precision in treatment.

Thus, the factors mentioned above are likely to boost the market of ophthalmic lasers during the forecasted period.

However, the risk of developing infection after the use of an ophthalmic laser device and stringent regulatory concerns for product approval may hinder the future market of ophthalmic lasers.

Ophthalmic Lasers Market Segment Analysis:

Ophthalmic Lasers Market by Product Type (Argon Blue-Green Laser, ND: Yag Laser, Femtosecond Lasers, Krypton Red Laser, and Others), Application (Glaucoma, Diabetic Retinopathy, Cataracts, and Others), End-User (Hospitals, Ambulatory Surgical Centers, Ophthalmic Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type segment of the ophthalmic lasers market, femtosecond lasers is projected to hold a considerable market share in 2023. Femtosecond lasers can significantly boost the ophthalmic laser market through their advanced capabilities and the benefits they offer over traditional methods. These lasers operate at incredibly short pulse durations—femtoseconds (one quadrillionth of a second)—allowing for precise and controlled tissue disruption with minimal thermal damage. This precision are particularly advantageous in delicate eye surgeries, such as cataract surgery, where femtosecond lasers are used to perform tasks like corneal incision, lens fragmentation, and capsulotomy with high accuracy. By enhancing surgical outcomes and reducing complications, femtosecond lasers contribute to better patient experiences and quicker recoveries, which in turn increases their adoption among both surgeons and patients. The technology also allows for customized treatments, as surgeons can tailor the laser's parameters to each patient's specific anatomy and condition, further improving efficacy and safety. As a result, femtosecond lasers drive market growth by expanding the range of treatable conditions, enhancing procedural success rates, and encouraging investment in advanced ophthalmic technologies. This growth is further supported by ongoing advancements in laser technology and increasing patient demand for minimally invasive, precise, and effective treatment options.

Additionally, the increasing product approval across the globe are further propelling the market of the segment. For instance, In April 2023, Johnson & Johnson Vision, a global leader in eye health and part of Johnson & Johnson MedTech received U.S Food and Drug Administration FDA 510(k) approval on their ELITA Femtosecond Laser.

Therefore, owing to the above-mentioned factors, the femtosecond lasers category is expected to generate considerable revenue thereby pushing the overall growth of the global ophthalmic lasers market during the forecast period.

North America is expected to dominate the overall Ophthalmic Lasers market:

Among all the regions, North America is expected to hold the largest share in the global ophthalmic lasers market in 2023. The ophthalmic lasers market in North America is witnessing growth due to several factors like rising incidence of eye disorders like diabetic retinopathy and glaucoma across the region. Additionally, the market is benefited from the presence of prominent industry players and ongoing product development initiatives, including new launches and regulatory approvals. These factors collectively contribute to the expansion of the ophthalmic lasers market in North America, catering to the increasing demand for advanced treatments and technologies in eye care.

According to the data provided by the Centers for Disease Control and Prevention (CDC) (2023), in 2021 it was estimated that in the United States, around 9.6 million people with diabetes, or 2.6%, have diabetic retinopathy (DR), and 1.84 million, or 5.1% of those with diabetes, had vision-threatening diabetic retinopathy (VTDR). Among people over the age of 40 years with diabetes, approximately 1 in 4 had diabetic retinopathy. The prevalence of DR is highest (28.4%) in the 65–79 age group and lowest (13.0%) in those under 25. Overall, there were 8.94 million cases of diabetic retinopathy and 1.71 million cases of vision-threatening diabetic retinopathy among people aged 40 and above. Thus, the increasing prevalence of diabetic retinopathy (DR) in North America, is driving demand for ophthalmic lasers.

Furthermore, recent merger, acquisitions, and approvals among key market players in the region further propels the market across the region. For example, in September 2023, MERIDIAN AG got the approval from the U.S. Food and Drug Administration (FDA) for their innovative Merilas product family which was developed by MERIDIAN AG for the treatment of retinal disorder and glaucoma. Therefore, increasing product approvals, and launches of the product along with the presence of key players, among others is expected to boost the growth of the ophthalmic lasers market in the North American region during the forecast period from 2024 to 2030.

Ophthalmic Lasers Market Key Players:

Some of the key market players operating in the ophthalmic lasers market include Alcon Inc., IRIDEX Corporation, Alna-Medicalsystem AG & Co. KG, BAUSCH + LOMB INCORPORATED, Lumenis Be Ltd., Abbott, NIDEK CO., LTD, MERIDIAN AG, Johnson & Johnson Vision, LIGHTMED, ZEISS, Navilas Academy, Aeon Meditec, Quantel Medical, Lumibird Medical, Ziemer Ophthalmic Systems AG, Novartis, Lumenis, Canon Medical Systems, Optovue, and others.

Recent Developmental Activities in the Ophthalmic Lasers Market:

• In January 2024, MERIDIAN AG received the U.S. Food and Drug Administration (FDA) approval for their MR Q series, this product provided a high-quality and inventive healthcare solution that required the needs of patients and physicians around the world.
• In March 2021, IRIDEX Corporation, announced a collaboration with Topcon Corporation a Japanese manufacturer and distributor of the eye care business to expand their market of ophthalmic lasers in Asia-Pacific.

Key Takeaways From the Ophthalmic Lasers Market Report Study:

• Market size analysis for current ophthalmic lasers size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the ophthalmic lasers market.
• Various opportunities available for the other competitors in the ophthalmic lasers market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current ophthalmic lasers market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for ophthalmic lasers market growth in the coming future?

Target Audience who can be Benefited From This Ophthalmic Lasers Market Report Study:

• Ophthalmic lasers product providers
• Research organizations and consulting companies
• Ophthalmic lasers -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in ophthalmic lasers
• Various end-users who want to know more about the ophthalmic lasers market and the latest technological developments in the ophthalmic lasers market.

Frequently Asked Questions for the Ophthalmic Lasers Market:

1. What are ophthalmic lasers?

An ophthalmic laser is a medical device used in eye care to perform precise and controlled procedures on the eye. It utilizes focused light beams to treat various eye conditions, including cataracts, glaucoma, and retinal disorders, by either cutting, reshaping, or stimulating tissues with minimal invasiveness.

2. What is the market for ophthalmic lasers?

The global ophthalmic laser devices market was valued at USD 1.25 billion in 2023, growing at a CAGR of 6.11% during the forecast period from 2024 to 2030, to reach USD 1.78 billion by 2030.

3. What are the drivers for the ophthalmic lasers market?

The rising prevalence of ophthalmic diseases such as glaucoma, diabetic retinopathy, age-related macular degeneration (AMD), and cataracts is a major driver of the ophthalmic laser market. Additionally, a strong preference among patients and healthcare providers for minimally invasive procedures due to their benefits, including shorter recovery times, reduced risk of complications, and less pain. Further, key market players continuously investing in research and development to introduce innovative ophthalmic lasers, increased partnerships and collaborations, product launches and approvals ensures that market remains dynamic and innovative, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the ophthalmic lasers market?

Some of the key market players operating in the ophthalmic lasers market include Alcon Inc., IRIDEX Corporation, Alna-Medicalsystem AG & Co. KG, BAUSCH + LOMB INCORPORATED, Lumenis Be Ltd., Abbott, NIDEK CO., LTD, MERIDIAN AG, Johnson & Johnson Vision, LIGHTMED, ZEISS, Navilas Academy, Aeon Meditec, Quantel Medical, Lumibird Medical, Ziemer Ophthalmic Systems AG, Novartis, Lumenis, Canon Medical Systems, Optovue, and others.

5. Which region has the highest share in the ophthalmic lasers market?

North America is expected to hold the largest share in the global ophthalmic lasers market in 2023. This can be attributed to the rising incidence of eye disorders such as diabetic retinopathy and glaucoma across the region. Additionally, the market is benefited from the presence of prominent industry players and ongoing product development initiatives, including new launches and regulatory approvals. These factors collectively contribute to the expansion of the ophthalmic lasers market in North America, catering to the increasing demand for advanced treatments and technologies in eye care.