Ophthalmic Lasers Market to Grow Steadily at 5% CAGR by 2030
Technological advancements have deeply penetrated every facet of the healthcare industry, and the ophthalmic lasers market is no exception. Over the years, ophthalmic disorders such as diabetic retinopathy, refractive errors, glaucoma, cataract and age related macular degeneration (AMD) have surged exponentially. This has accelerated demand for advanced surgical procedures. The introduction of ophthalmic laser surgery has revolutionized ophthalmic care in unprecedented ways.
Majority of these technologies are being deployed in cataract surgeries, attributed to the disorder’s widespread prevalence across all continents. Advancements such femtosecond laser surgeries have proven highly instrumental in streamlining ophthalmic procedures, offering lightning speed detection of faulty tissues.
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Such reduced detection and treatment timeframes act as major growth catalysts for the global ophthalmic lasers market, which is anticipated to reach a value of US$ 1.3 Bn by 2030.
Ophthalmic Lasers Market- Key Highlights
- Ophthalmic lasers market shall expand steadily at a CAGR of 5% from 2020-2030
- Cataract surgeries shall account for the majority share of the global ophthalmic lasers market
- Femtosecond laser surgery to hold maximum sway throughout the forecast period
- North America shall retain market hegemony, owing to increasing regulatory approvals for laser surgeries by authorities
- Asia & Europe to contribute nearly identical revenue shares due to rise in surgeries amidst their geriatric population
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COVID-19 Impact Analysis
The novel coronavirus pandemic will have a significantly high impact on the ophthalmic lasers market. As lockdowns and curbs continue to remain enforced, the number of footfalls across ophthalmology clinics and hospitals have declined considerably. Patient care has diminished by nearly 60%, with only emergency surgeries being permitted.
With in-patient visits becoming next to impossible, ophthalmologists are resorting to telemedicine with regards to consultation and advice to patients. A slump is anticipated in refractive and premium lens surgeries across developing economies in the long-run, attributed to cash crunches experienced by individual households due to the prolonged lockdowns.
At the same time, several countries are enforcing strict social distancing protocols and hygiene practices, keeping demand for ophthalmic laser surgeries sustained. For instance, ophthalmologists in Germany have made it a protocol to test patients requiring intravitreal injections and other procedures for COVID-19. If positive, they are redirected to emergency departments, reducing chances of infection.
“Vendors in the ophthalmic lasers landscape are striving to introduce novel product lines, equipped with multi-frequency selection modes to reduce exposure to intense laser bursts, preventing healthy tissue damage,” infers the FMI analyst.
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Competition Dashboard
Prominent vendors in the ophthalmic lasers market include are ZEISS International, Nidek Inc., Bausch & Lomb Inc., Abbot Laboratories Inc., SCHWIND Eye-Tech Solutions, Ziemer Ophthalmic Systems AG, Novartis AG (Alcon), LENSAR LLC., iVIS Technologies and NKT Photonics A/S. New product launches and collaborations have helped these players acquire firm footing.
In 2018, ZEISS International rolled out its VISUFIT 1000 digital 3D centration data determination and consultation platform, offering a three-dimensional facial reconstruction which enables ophthalmologists perform precise centration processes on patients.
In July 2020, SCHWIND Eye-Tech acquired CE approval for its SCHWIND ATOS femtosecond laser, permitting eye surgeons to incorporate the technology in their SmartSight refractive surgery procedures.
More Insights on the Ophthalmic Lasers Market
A recent market study published by FMI on the ophthalmic lasers market includes the global industry analysis of 2015-2019 & opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. The report provides a balanced, unbiased analysis of the overall market scenario based on product type (excimer lasers and femtosecond lasers), application (refractive surgery, cataract surgery, capsulotomy, trabeculoplasty and diagnostics), end-user (hospitals, ophthalmology clinics and ambulatory surgical centers) and region (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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