Ophthalmic Lasers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ophthalmic Lasers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The ophthalmic lasers market is estimated to be USD 1,309.2 million in 2021. It is expected to reach USD 1,765.2 million by 2027, registering a CAGR of 5.4% from 2022 to 2027.

The healthcare system has witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to ​reduce the risk of viral transmission as most chronic therapies were regarded as non-urgent. An article titled “Eye Disorders in the Post-COVID Era” published in the Journal of Ophthalmic and Vision Research in December 2021 indicated that COVID-19 has caused ocular problems both directly and indirectly and the further causes of concern are side effects of COVID-19 treatment and indirect consequences of lockdowns and shelter-in-place orders. The article also showed that the huge morbidity and death toll imposed by the pandemic has led to the adoption of life-saving treatment protocols with the downside of complications. Such hindrances are affecting the growth of the ophthalmic laser market.

According to the World Health Organization Key facts on Blindness and vision impairment updated in October 2021, around the world, at least 2.2 billion people have a near or distant vision impairment. In at least around 1 billion or almost half of these cases, vision impairment could have been prevented or has yet to be addressed. The article also stated that vision impairment poses an enormous global financial burden with the annual global costs of productivity losses associated with vision impairment from uncorrected myopia and presbyopia alone estimated to be USD 244 billion and USD 25.4 billion. The large prevalence of ophthalmic disorders around the world is adding to the growth of the ophthalmic laser market.

Several initiatives taken by governments around the world are also aiding the growth of the ophthalmic laser market. For instance, at the 73rd World Health Assembly conducted by the World Health Organization held in May and November of 2020, the resolution on "integrated, people-centered eye care, including preventable blindness and vision impairment" was adopted. The key proposal of the report and resolution is to make integrated people-centered eye care (IPEC) the care model of choice and to ensure its widespread implementation. Such initiatives are expected to propel the growth of the ophthalmic lasers market in the forecast period.

In November 2020, Fluence launched a new Jasper Flex Femto laser, a 30W femtosecond laser with applications in ophthalmology. Also, in February 2020, IRIDEX Corporation, a provider of ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases, launched the second generation of the MicroPulse P3 Device, redesigned to deliver greater stability, visualization, coupling, and fit. The rise in the number of ophthalmic laser devices launched by the key market players is adding to the growth of the market.

However, the high cost associated with laser therapies and the low availability of skilled practitioners is restricting the growth of the studied market over the forecast period.

The refractive error corrections segment holds the major segment in the ophthalmic laser market. An article titled “Attitude toward refractive error surgery and other correction methods: A cross-sectional study” published in the journal of Annals of Medicine and Surgery in December 2021 indicated that refractive errors are the most common vision problem and prove to be a significant health issue. The article aimed to determine the awareness of refractive surgery. As per the article, Laser-Assisted in Situ Keratomileusis (LASIK) was the most commonly performed procedure among the surgical options. The increasing prevalence of ophthalmic lasers in the refractive error corrections is assessing the growth of the segment in the ophthalmic lasers market in the forecast period.

According to the October 2021 update of the World Health Organization, approximately 88.4 million people suffer blindness due to unaddressed refractive errors. Similarly, according to the research study published in May 2021, titled “Refractive errors and visual impairment among children and adolescents in southernmost China”, from the total participants, 23.0% presented uncorrected VA (UCVA) was worse than 20/40 in worse eye, 6.0% presented mild presenting visual acuity impairment (PVAI), 7.0% presented moderate PVAI, 0.2% presented severe PVAI in the better eye, and 46.9% presented abnormal UCVA. Hence, owing to the high prevalence of refractive errors, the segment is expected to grow over the forecast period.

An article by Cataract & Refractive Surgery Today in September 2021 discussed the future of refractive correction. The article showed that the development of procedures such as SMILE and technologies such as Contoura Vision and iDesign Refractive Studio has increased the number of treatment options and the level of customization that surgeons can offer to patients. The rise in the development of refractive corrective surgeries in recent years is adding to the growth of the ophthalmic lasers market in the forecast period.

The rise in the adoption of highly advanced techniques and systems in the manufacturing of ophthalmic lasers and the technological advancements made in ophthalmic lasers is expected to boost the growth of the market in the North American region. The high awareness among the population on the availability of innovative vision corrective surgeries in the medical field contributes to the high market growth in the region.

According to the United States Center for Disease Control and Prevention article on Fast Facts of Common Eye Disorders updated in June 2020, approximately 12 million people 40 years and over in the United States have vision impairment, including 1 million who are blind, 3 million who have vision impairment after correction, and 8 million who have vision impairment due to uncorrected refractive error. The article also stated that an estimated 93 million adults in the United States are at high risk for serious vision loss, but only half have visited an eye doctor in the previous twelve months. The large population suffering from vision disorders in the United States region and the necessity for proper treatment for such disorders is adding to the growth of the ophthalmic lasers market in the North American region in the forecast period.

As per the above-mentioned source, the annual economic impact of major vision problems in the United States among the adult population 40 years and older is more than USD 145 billion. The rise in healthcare expenditure in the United States region is likely to boost the growth of the ophthalmic lasers market over the forecast period of the study.

In October 2020, Norlase received the 510(k) clearance from the United States Food and Drug Administration and launched the Norlase LION, a green laser photocoagulator fully integrated into a Keeler indirect ophthalmoscope. The ophthalmoscope provides an untethered, lightweight, and portable laser treatment solution in practically any setting. The launch of such innovative products in the United States is expected to boost the growth of the market during the forecast period.

Thus the increasing necessity for surgeries involving ophthalmic lasers coupled with increasing research and development in the health care department is known to propel the growth of the market in this region.

The ophthalmic lasers market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising incidence of ophthalmic cases and increasing geriatric population, few other smaller players are expected to enter the market. Some of the major players of the market are Novartis AG (Alcon Laboratories Inc. ), Johnson & Johnson Surgical Vision Inc., Bausch Health Companies Inc. (Bausch & Lomb Incorporated), Ellex Medical Lasers Limited, and IRIDEX Corporation, among others.

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