Dublin, Oct. 01, 2021 (GLOBE NEWSWIRE) -- The "Ophthalmic Lasers Market - Market Size & Forecasting (2017-2028)" report has been added to ResearchAndMarkets.com's offering.
Ophthalmic lasers market accounted for USD 1,947.8 million in 2020 and is projected to reach USD 2,213.6 million by 2028, at a CAGR of 1.6% in the COVID-19 period. However, without the COVID-19 impact, the ophthalmic lasers market was estimated to be USD 2,011.4 million in 2020 and USD 3,185.5 million in 2028, at a CAGR of 5.9%. The market was estimated by considering the revenue generated from ophthalmic lasers used in diagnosis as well as treatment of varied ophthalmic ailments.
The ophthalmic laser treatment is a method used to treat ophthalmic disorder using a laser beam source. A laser beam source is used in numerous clinical diagnostic procedures and therapeutic procedures and is a monochromatic, coherent, and directional light source that focuses precisely on a minor spot. The laser module, cooling system, laser cavity, and laser pump are connected to a slit-lamp biomicroscope in ophthalmic laser systems. They are used for refractive error correction, cataract removal, glaucoma treatment, age-related macular degeneration treatment, cataract removal, and others.
The rising geriatric population and the increasing prevalence of various chronic ophthalmic disorders are expected to drive the ophthalmic lasers market over the forecast period. Technological advances and increased initiatives for vision impairment treatment are expected to drive market growth in the coming years. Furthermore, ophthalmic disorder cases are expected to rise in developing countries, where population growth is expected to be the highest. The growth in the number of people over 65 years is expected to contribute to the market demand during the forecast period.
According to a report conducted by PLOS (Public Library of Science), a non-profit organization in the United Kingdom, the refractive error affected 54% of people in 2016. The vast majority of the world's population, children and adults, is predicted to have some kind of refractive error in future. Individuals with parents affected with a refractive error are more susceptible to develop this condition. Thus, with the growing number of patients suffering from refractive errors, the market for ophthalmic lasers is also expected to rise during the forecast period.
The ophthalmic laser market is segmented based on product type, application, end-user, and region.
Based on product type, the market is segmented into femtosecond lasers, excimer lasers, Nd:YAG lasers, diode lasers, and others. The femtosecond lasers segment is accounted to have the largest share in the global ophthalmic lasers market during the forecast period. It accounted for USD 683.4 million in 2020 and is projected to reach USD 789.6 million by 2028, at a CAGR of 1.8% in the COVID-19 period. However, without the COVID-19 impact, the femtosecond lasers segment was estimated to be USD 705.7 million in 2020 and USD 1,136.2 million in 2028, at a CAGR of 6.1%, during the forecast period.
The factor contributing to the femtosecond lasers segment growth is the increasing number of people affected by refractive errors. Femtosecond lasers are now being used more often during cataract surgeries. As a result of the aforementioned factors, this product segment is expected to produce a high revenue in the industry during the forecast period
Based on application, the market is segmented into AMD treatment, cataract removal, diabetic retinopathy treatment, glaucoma treatment, refractive error correction, and others. The refractive error correction segment is accounted to have the largest market share in the global ophthalmic lasers market during the forecast period. It accounted for USD 537.2 million in 2020 and is projected to reach USD 644.3 million by 2028, at a CAGR of 2.3% in the COVID-19 period. However, without the COVID-19 impact, the refractive error correction segment was estimated to be USD 554.7 million in 2020 and USD 927.2 million in 2028, at a CAGR of 6.6% between 2020-2028.
The factor contributing to the segment growth is an increase in the number of refractive error cases in children and adults. The increased use of femtosecond lasers in refractive error surgeries is assisting in segment growth. The increasing cases of presbyopia contribute to market growth. According to the WHO, the number of patients with presbyopia is projected to increase from 1,800.0 million in 2015 to 2,100.0 million by 2030. This is expected to augment the demand for ophthalmic lasers during the forecast period.
Based on end-user, the market is segmented into hospitals, clinics, ambulatory service centers. The hospitals segment is expected to dominate the global ophthalmic lasers market. It accounted for USD 893.1 million in 2020 and is projected to reach USD 980.8 million by 2028, at a CAGR of 1.2% in the COVID-19 period. However, without the COVID-19 impact, the hospital segment was estimated to be USD 922.3 million in 2020 and USD 1,411.4 million in 2028, at a CAGR of 5.5%.
The factors contributing to the hospital segment growth are the widespread use of ophthalmic lasers in hospital settings. Furthermore, the growing number of hospitals in developing countries also augment the hospital segment growth.
Based on region, the market has been segmented as North America, Asia Pacific, Europe, the Middle East and Africa, and South America. The North American region is expected to dominate the global ophthalmic lasers market during the forecast period. The North American ophthalmic lasers market accounted for USD 652.7 million in 2020 and is projected to reach USD 696.6 million by 2028, at a CAGR of 0.8% in the COVID-19 period. However, without the COVID-19 impact, the North America region was estimated to be USD 674.0 million in 2020 and USD 1,002.4 million in 2028, at a CAGR of 5.1%, during the forecast period.
The factors contributing to the regional market growth are the rapid technical development in the healthcare sector. The presence of established players is predicted to play a significant role in strengthening the regional market. Moreover, the rising prevalence of ophthalmic disorders is expected to support the high demand for these products. In North America, the United States holds the highest market share.
APAC region is predicted to be the fastest-growing market during the forecast period owing to the growing cases of ophthalmic disorders in the region. Furthermore, the increasing investment in the healthcare sector is expected to propel the regional market growth. The presence of developing countries like India and China is expected to fuel the market. The region is expected to experience a large patient pool which can contribute to the regional market. In addition, the rising geriatric population is recognized to be another potential factor strengthening the regional market during the forecast period.
Carl Zeiss Meditec AG
Nidek Co. Ltd
Bausch Health Companies Inc.
Johnson & Johnson Vision
Ellex Medical Pty Ltd
Ziemer Ophthalmic Systems AG
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