Ophthalmology Laser Market to Register CAGR of 5.9% till 2025
The global Ophthalmic Lasers Market is anticipated to reach USD 1.6 billion by 2025, according to a new report by Grand View Research, Inc. Ophthalmic disorders are rising significantly on a global level. This rise in the prevalence rate has led to high growth of ophthalmic lasers market.
According to American Academy of Ophthalmology 2014 statistics, nearly 4.2 million people in the U.S. are visually impaired. Huge number of people suffering from visual impairment are likely to heighten the demand for ophthalmic lasers in the coming years.
Vision loss is a serious problem among people suffering from glaucoma, cataract, age-related macular degeneration (AMD), and diabetic retinopathy. This commonly occurs among the geriatric population. American Academy of Ophthalmology stated that, around 1.3 million U.S. population are blind. Hence, in order to minimize such huge rate of vision loss, there is a high need for the application of ophthalmic laser technology.
Geriatric population are the primary target for the market. Majority of the chronic ophthalmic disorders, for instance, cataract and AMD occur among this group of population. However, refractive errors are also very common among the young people. Thus, growing number of victims of chronic eye diseases has led to an expected growth of the market.
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Further key findings from the study suggest:
- In 2016, femtosecond lasers dominated the market due to rising prevalence of refractive errors among both geriatric and young population
- Amongst the application segment, refractive error corrections held the largest market share in 2016 due to large number of surgeries conducted for refractive errors
- Cataract removal is anticipated to show lucrative growth over the forecast period owing to the rising prevalence of cataract removal surgeries among the geriatric people
- In 2016, hospitals contributed towards the largest revenue share owing to the emergence of large number of hospitals in developing economies
- North America dominated the market in 2016 due to rising prevalence of ophthalmic disorders in this region
- Asia Pacific is expected to show lucrative growth over the forecast period owing to the increase in awareness levels among people in developing countries about various treatments for chronic eye disorders
- Few major companies include Carl Zeiss Meditec AG, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Ellex Medical Lasers Limited, Lumenis, and Bausch & Lomb Incorporated.