According to a new report published by Allied Market Research, titled, Ophthalmic lasers market by Type, Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global ophthalmic lasers market was valued at $1,111 million in 2016, and is projected to reach $1,516 million by 2023, registering a CAGR of 4.5% from 2017 to 2023. The photocoagulation lasers segment dominated the global market, accounting for a share of nearly three-fourths of the total market in 2016.
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A laser is a device that emits light through a process of optical amplification based on the stimulated emission of electromagnetic radiation. This device is used increasingly in the area of ophthalmology as there is an understanding of laser-tissue interactions in this medical application, such as ophthalmology. This results into use of medical lasers in treating a wide spectrum of eye-related diseases, such as cataract, glaucoma, age-related macular edema, and diabetic retinopathy.
The factors that drive the ophthalmic lasers market are surge in number of eye-related diseases, advancements in the laser technology, and increased awareness for laser application in the area of ophthalmology. However, stringent safety regulations and high rate of failure of surgeries involving use of lasers limit the market growth. Emerging nations, such as LAMEA and Asia-Pacific, and increasing disposable income are expected to provide major opportunities to the manufacturers of ophthalmic lasers.
The Nd:YAG lasers segment is expected to register highest CAGR of 5.2% from 2017 to 2018. This is attributed to diverse applications of these lasers in the treatment of various eye diseases.
Key Findings of the Ophthalmic Lasers Market:
- The photodisruption lasers segment is projected to grow at CAGR of 3.0% during the forecast period.
- North America accounted for a dominant position in the regional landscape in 2016, accounting for two-fifths share of the total market.
- In 2016, the eye clinics segment accounted for a share of more than one-fourth of the total ophthalmic lasers market.
- The glaucoma surgery segment accounted for the highest CAGR of 6.6% in the global ophthalmic lasers market, by application in 2016.
In 2016, North America accounted for a share of two-fifths of the global market, owing to the increase in prevalence of eye-related diseases and high adoption of technologically advanced products. Europe holds the second position in the global ophthalmic lasers market.
The major companies profiled in the report include Carl Ziess Meditec Ag, Novartis AG, Topcon Corporation, Ellex Medical Corporation, Quantel Inc., Iridex Corporation, Nidek Co., LTD., Lumenis, Abbott Laboratories, and Ziemer Ophthalmic Systems.