Ophthalmic Lasers Market Growth Analysis

Market Highlights

The Ophthalmic Lasers Market was estimated at US$ 1.29 billion in 2021 and is expected to grow at a CAGR of 4.44% during 2022-2028 to reach US$ ~1.88 billion in 2028.

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The prevalence of ocular conditions such as cataracts, glaucoma, refractive errors, age-related macular degeneration (AMD), diabetic retinopathy, and retinal diseases is rising. According to the National Center for Biotechnology Information (NCBI), glaucoma affected an estimated 64.3 million individuals globally in 2013. There is a big need for these gadgets because there are so many glaucoma sufferers in the world. According to the Journal of Ophthalmology, cataract is one of the leading causes of blindness and vision impairment all over the world. In light of the aforementioned causes, the market is estimated to fuel significantly.

The elderly population frequently undergoes cataract removal procedures. For the elderly population, retinal illnesses such as diabetic retinopathy and AMD are a major issue. For the treatment of these types of illnesses, the major firms are concentrating on the extensive development of ophthalmic products. For the treatment of patients with AMD and diabetic retinopathy, Topcon Corporation offers the PASCAL synthesis system.

The refractive error affected 54% of participants, according to a study by the UK-based nonprofit organization PLOS. It is projected that the majority of people on the planet, including both adults and children, will have some sort of refractive defect. People who have refractive errors in their parents are more prone to get the condition themselves. Therefore, it is anticipated that there would be an increase in demand for ophthalmic lasers given the large number of people who have refractive problems.

Innovations in ophthalmology and a preference for least invasive procedures will drive demand for ophthalmic laser devices. The global market for ophthalmic lasers will expand due to the increasing requirement to maintain good eye health. During the projected period, the prevalence of myopia and hyperopia is expected to increase along with the demand for refractive procedures, creating attractive opportunities for ophthalmic lasers. The World Health Organization (WHO) estimates that over 2.2 billion individuals worldwide suffer from near- or distance vision impairment. Refractive surgery is becoming more and more popular among patients who want to do away with their need for glasses and lenses. In addition, people are choosing laser eye surgery due to the high success rate of the technique. This will serve as an impetus for the market for ophthalmic lasers to expand.

Segments Analysis

By Type

The market is further segmented into photodisruption lasers, photocoagulation lasers, and others.

By Product Type

The ophthalmic lasers market has been divided into diode lasers, femtosecond lasers, excimer lasers, Nd:YAG lasers, SLT lasers, and others. Femtosecond lasers accounted for the greatest revenue share of the product segment. This is brought on by the growing number of individuals who experience refractive defects. Additionally, the usage of these tools during cataract procedures is growing. As a result of the aforementioned variables, this product segment greatly increased market revenue. These devices have seen significant development as a result of the field's expanding technological developments in femtosecond lasers for cataract and refractive error procedures. Newer technologies are encouraging this market sector to make significant market share contributions. Healthcare establishments are also using excimer lasers extensively to correct refractive problems. For instance, MEL 80 Excimer for refractive laser surgery was introduced by Carl Zeiss Meditec AG. When used in conjunction with a femtosecond laser, this apparatus is highly effective with regard to refractive error correction.

By Application Type

The market is segmented into glaucoma, cataract removal, refractive error corrections, diabetic retinopathy, AMD, and others. Due to the increased prevalence of refractive defects in both children and adults, refractive error corrections dominated the ophthalmic lasers market by application. The segment's expansion was further aided by a rise in the use of femtosecond lasers in procedures for refractive errors. Due to the increasing number of cataract removal surgeries being performed around the world, the sector for cataract removal is anticipated to increase at the quickest rate over the projected period. A cataract is a prevalent issue among the elderly population and, if not treated right away, could result in blindness. Another prominent application area is glaucoma, which is anticipated to drive large demand for certain ophthalmic laser types such as SLT and YAG.

Regional Analysis

The ophthalmic lasers market is broken down geographically into geographies, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Due to the U.S.'s increasing healthcare spending and the country's advanced healthcare infrastructure, North America dominated the market. The growing demand for these items is also anticipated to be supported by the rising prevalence of ocular illnesses. Due to the growing elderly population in this region, Europe also made a substantial contribution. These people have a very high prevalence of ophthalmic diseases. Europe is anticipated to lead the market demand for gadgets during the study period as a result of these factors. Over the forecast period, Asia Pacific is anticipated to see profitable growth. This is because cataract removal surgeries are becoming more and more common in poorer nations like India. Additionally, raising preventative awareness levels related to blindness is promoting market growth.

Key Players

The following are the major players in the ophthalmic lasers market:

• Abbott Medical Optics, Inc.
• Alcon Inc. (Novartis AG)
• Bausch & Lomb Incorporated
• Carl Zeiss 
• IRIDEX Corporation
• IVIS Technologies
• LENSAR, LLC
• Lumenis
• NIDEK CO., LTD
• SCHWIND eye-tech-solutions GmbH & Co. KG.
• Topcon Corporation
• Ziemer Ophthalmic Systems AG 

The market for ophthalmic lasers is highly competitive. The market players are aiming for mergers, acquisitions, and product approvals, to sustain in this market. Below are a few key developments:

• The novel Hydrus microstent, a minimally invasive glaucoma surgery (MIGS) device developed to lower eye pressure for open-angle glaucoma patients in conjunction with cataract surgery, was developed by Ivantis. Alcon, a global leader in eye care committed to enabling people to see brilliantly, today announced the closing of its previously announced acquisition of Ivantis. With this transaction, the quick integration of Ivantis employees contributes to ensuring company continuity and maintaining connections with current clients. It also enables Alcon to start implementing its long-term expansion strategies to prioritize its ongoing evidence-based research while bringing Hydrus Microstent to new foreign markets.
• Fluence introduced its new Jasper Flex femto laser in November 2020. This laser has applications in several fields, including ophthalmology, and is said to have "exceptional reliability and an excellent lifespan" in comparison to existing lasers. The Jasper Flex is more resilient and versatile than other free-space systems since it can work at a variety of temperatures, doesn't require routine maintenance like more conventional laser devices, and can withstand more vibration and movement. This new device, which has a power output of 30W, falls between the smaller, less potent Halite laser and the larger, Jasper X0 type.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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