Ophthalmic Lasers Market Expected to Reach $1.91 Billion by 2030 | CAGR of 4.7%

According to a new report published by Allied Market Research, titled, “Ophthalmic Lasers Market by Product, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global ophthalmic lasers market size was valued at $1,207.81 million in 2020, and is projected to reach $1,909.71 million by 2030, registering a CAGR of 4.7% from 2021 to 2030.
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 ophthalmic lasers in treating a wide spectrum of eye-related diseases, such as cataract, glaucoma, age-related macular edema, and diabetic retinopathy.

The major factors that drive the growth of ophthalmic lasers market are increase in number of eye-related diseases, such as glaucoma, cataract, refractive errors, and diabetic retinopathy. Moreover, the advancements in the laser technology and increased awareness of laser applications in the area of ophthalmology also contribute toward the growth of the market. However, stringent safety regulations and high rate of failure are expected to hinder the market growth. Conversely, the large unmet need for new treatment options of ocular diseases with aim to reduce the economic cost burden is expected to offer lucrative opportunities for growth of the  market. 

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, the outlook for the ophthalmic lasers industry has changed significantly. The COVID-19 pandemic led to the significant decline in the demand of ophthalmic lasers for various surgeries of ophthalmic problems. According to the lockdown norms imposed globally, all non-emergency out-patient departments (OPDs) across hospitals and clinics in India were made to shut-down. Furthermore, all the elective surgeries were deferred and only emergency healthcare services were in function. This impacted the market with the decrease in the demand for patient handling products. Moreover, the rise in the number of cases of COVID-19 patients globally had decreased the use of ophthalmic lasers. Overall, the impact of COVID-19 on the ophthalmic lasers market was recorded to be fairly negative. This was attributed to decrease in demand for ophthalmic lasers in the treatment of ophthalmic diseases. Moreover, market players have experienced decrease in investment in materials and resources, owing to increase in supply and demands for devices in all regions.

The ophthalmic lasers market is segmented on the basis of type, product, application, end user and region. On the basis of type, the market is segmented into photodisruption lasers, selective laser trabeculoplasty (SLT), and photocoagulation lasers. On the basis of product, the market is segmented into femtosecond lasers, excimer lasers, Nd:YAG lasers, diode lasers, and others. On the basis of application, the market is segmented into refractive error, cataract surgery, glaucoma surgery, and others. On the basis of end user, it is categorized into hospitals, ambulatory service centers, and clinics. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By type, the global ophthalmic lasers market is classified into photodisruption lasers, selective laser trabeculoplasty (SLT), and photocoagulation lasers. Photocoagulation lasers segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to technological advancements in the patient handling devices, increase in adoption of patient handling devices, rise in incidence rate of chronic ophthalmic diseases, and increase in number of advanced & effective product launches.

By product, the global ophthalmic lasers market is classified into femtosecond lasers, excimer lasers, Nd:YAG lasers, diode lasers, and others. Nd:YAG lasers segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to increase in the prevalence of ophthalmic diseases like glaucoma, cataract, refractive errors, and diabetic retinopathy and increased awareness of laser applications.

By application, the global ophthalmic lasers market is classified into refractive error, cataract surgery, glaucoma surgery, and others. Glaucoma surgery segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period due to surge in number of eye-related diseases and increasing disposable income.

On the basis of end user, the global ophthalmic lasers market is classified into hospitals, ambulatory service centers, and clinics. Hospitals segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, due to the increase in healthcare awareness, rise in number of hospitals and growth in geriatric and bariatric population.

North America accounted for major share of the global ophthalmic lasers market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in number of ophthalmic disabilities, surge in demand for patient handling devices, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with large presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at high CAGR in Asia-Pacific ophthalmic lasers market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of ophthalmology.

Key Findings Of Study 

• On the basis of type, the photocoagulation lasers segment held majority share in the global market in 2020.
• On the basis of product, the Nd:YAG lasers segment held majority share in the global market in 2020.
• On the basis of application, the glaucoma surgery segment held majority share in the global market in 2020.
• On the basis of end user, the hospitals segment held largest ophthalmic lasers market share in 2020, and is expected to remain dominant throughout the forecast period.
• Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 6.3% during the forecast period.