Global Ophthalmic Lasers Market 2022-2028

Global Ophthalmic Lasers Market 2022-2028

The global ophthalmic lasers market exhibiting a CAGR of 5.9% during the forecast period (2022-2028). A laser is a light-emitting device that works on the principle of optical amplification based on the stimulated emission of electromagnetic radiation. The application of lasers in the field of ophthalmology is increasing at a rapid pace for the treatment of ocular diseases. The major factors contributing to the growth of the global ophthalmic lasers market include rising prevalence of various chronic ophthalmic disorders, such as cataract, glaucoma, refractive errors, Age-Related Macular Degeneration (AMD), diabetic retinopathy, and others.

In addition, the rising geriatric population pool increases demand for treatments for ophthalmic disorders, which in turn, drives the growth of the market. The elderly population is expanding as life expectancy and overall health have considerably improved during recent years. The elderly population is at an increased risk of developing visual impairment. In the elderly, the most common cause of vision loss includes cataracts, glaucoma, and AMD. Most of the aged people tend to develop cataracts and hyperopia and hence are considered as a key target audience for the market. This population pool is more susceptible to eye disease, resulting in the increasing demand for ophthalmic treatment and hence, spurs the market growth.

Further, technological advancement in the field of ophthalmic laser gives a boost to the growth of the global ophthalmic lasers market. For instance, Carl Zeiss AG revealed its next-generation ophthalmic laser, VISULAS green photocoagulation laser at the World Ophthalmology Congress 2021 in Barcelona. The photocoagulation lasers are used for the treatment of a range of eye diseases such as age-related macular degeneration and diabetic retinopathy. The VISULAS provides a user interface that allows the doctors to focus on patients and perform the procedure more effectively. Conversely, a huge cost associated with ophthalmic laser therapies and lack of availability of skilled practitioners may hamper the growth of the global ophthalmic lasers market.

The global ophthalmic lasers market is segmented on the basis of type, application, and end-user. On the basis of type, the market is further classified into excimer laser, femtosecond laser, cyclodiode laser, ND-YAG laser, Selective-Laser-Trabeculoplasty (SLT) laser, and others. Among these, the excimer laser dominated the market.

Based on the application, the market is segmented into cataract surgery, glaucoma surgery, diabetic retinopathy, refractive surgery, AMD, cornea transplant surgery, and others. Refractive surgery dominated the market.

Based on the end-user, the market is further segmented into hospitals & clinics, and ambulatory surgical centers. Hospitals & clinics contributed the largest market share.

Geographically, the market is segmented into; North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America dominated the market. The regional growth is attributed to the increasing healthcare expenditure in the US and the presence of ophthalmic laser manufactures in the country. While Asia-Pacific is estimated to grow at the highest rate of 6.6% during the forecast period.

Major economies contributing to the growth of the market in the Asia-Pacific region that includes China, Japan, and India. Increasing FDA approval in the regional marketplace spurs the growth of the market. For instance, in 2021, Ellex Medical Lasers, Ltd. received approval from the China Food and Drug Administration (China FDA) for its complete portfolio of glaucoma, vitreous floaters, and secondary cataract treatment lasers (YAG laser portfolio) in the Chinese market. This approval has directly increased the sales of the company’s products in China, in 2017. Such approvals by the regulatory authorities tend to drive the market growth in the near future.