Ophthalmic Lasers Market worth $ 1,245.4 Million by 2021
High prevalence of ophthalmic disorders, rapid growth in geriatric population, technological advancements, increasing regulatory approvals for ophthalmic lasers, rising prevalence of chronic diseases such as diabetes, and increasing initiatives to control visual impairment are expected to drive the growth of the global ophthalmic lasers market in the coming years.
This report studies the global Ophthalmic Lasers Market for the forecast period of 2016 to 2021. This market is expected to reach USD 1,245.4 Million by 2021 from USD 970.2 Million in 2016, at a CAGR of 5.1% from 2016 to 2021.
The global ophthalmic lasers market is segmented on the basis of product types, applications, end users, and regions.
Based on product type, the ophthalmic lasers market is categorized into femtosecond lasers, excimer lasers, Nd:YAG lasers, diode lasers, and others. The femtosecond lasers segment is expected to command the largest share of the global ophthalmic lasers market, by product type and is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to factors such as rising prevalence of refractive errors and cataract, increasing technological advancements in femtosecond lasers, increasing applications, and regulatory approvals of femtosecond lasers.
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Based on applications, the ophthalmic lasers market is segmented into refractive error correction, cataract removal, glaucoma treatment, diabetic retinopathy treatment, AMD treatment, and other applications. In 2016, the refractive error correction segment is expected to command the largest share of the global ophthalmic lasers market. This can be attributed to the increasing incidence of refractive errors and better clinical outcomes due to technological advancements in ophthalmic lasers. However, the cataract removal segment is projected to grow at the highest CAGR from 2016 to 2021. Automatization of several steps performed manually during cataract surgery by femtosecond lasers is expected to augment the demand for ophthalmic lasers in this application.
Based on end users, the ophthalmic lasers market is segmented into hospitals and clinics & ambulatory surgery centers (ASCs). The hospitals segment is projected to command the largest share of the global ophthalmic lasers market. This can be attributed to the factors such as the introduction of new technologies in hospitals and increasing number of hospitals in emerging economies.
Based on regions, the ophthalmic lasers market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America is expected to account for the largest share of the global ophthalmic lasers market. North America’s large share can be attributed to the increasing prevalence of ophthalmic disorders, rising prevalence of chronic diseases, and increasing regulatory approvals. However, the Asia-Pacific market is projected to grow at the highest CAGR during the forecast period. This can be attributed to factors such as high prevalence of ophthalmic disorders, introduction of initiatives for prevention of blindness and treatment projects for various ophthalmic disorders, and rising aging population.
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Alcon Laboratories, Inc. (U.S.), Abbott Medical Optics, Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Bausch & Lomb Incorporated (U.S.), Ellex Medical Lasers Limited (Australia), Topcon Corporation (Japan), Ziemer Ophthalmic Systems AG (Switzerland), IRIDEX Corporation (U.S.), NIDEK Co., Ltd. (Japan), and Lumenis Ltd. (Israel) are some of the key players in the ophthalmic lasers market.
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