Ophthalmic Lasers Market will rise to US$ 1.44 Billion by 2024
As per a new research study by Transparency Market Research (TMR), the global ophthalmic lasers market demonstrates a moderately competitive landscape and is led by Alcon, Carl Zeiss, Lumenis Ltd., Ellex Medical Laser Ltd., and Quantel Group. These players, however, hold only a marginal share of this market. In 2015, they collectively accounted for a share of nearly 35% in the overall market.
Over the forthcoming years, the market is likely to experience intense competition due to the entry of large pharmaceutical drugmakers into the market for surgical devices through strategic acquisitions.
According to the research report, the opportunity in the global market for ophthalmic lasers was worth US$0.97 bn in 2015. Rising at a CAGR of 4.60% during the period from 2016 to 2024, the market is likely to increase to US$1.44 bn by the end of the forecast period. Ophthalmic clinics have surfaced as the key end users of ophthalmic lasers across the world and are likely to remain so over the coming years.
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In terms of geographies, the research report classifies the worldwide market for ophthalmic lasers is classified into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. In 2016, North America led this market with a share of more than 40%, where the presence of a large pool of established players played the central role.
Over the next few years, with the help of the increasing research and development activities, availability of a well-established regulatory framework for the timely approval of the products, and the presence of a state-of-art healthcare infrastructure, the North America market for ophthalmic lasers is anticipated to continue its leading streak. Asia Pacific, on the other hand, is projected to surface as the most lucrative market for ophthalmic lasers across the world in the near future. China is expected to lead the Asia Pacific market for ophthalmic lasers in the years to come.
The Middle East and Africa and Latin America are also expected to register steady growth in their respective markets for ophthalmic lasers over the forthcoming years, thanks to the remarkable rise in medical tourism and the cost efficiency of laser eye surgeries in these regions. The Latin America market for ophthalmic lasers is projected to be led by Mexico and Columbia while Turkey will emerge as the key domestic market in the Middle East and Africa over the coming years, states the research report.
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“The increasing prevalence of vision impairment has the most significant influence on demand for ophthalmic laser surgeries,” states a TMR analysts. The incidence of partial as well as complete blindness across the world has been augmenting substantially and is projected to double up by 2020. Cataract, glaucoma, and diabetic retinopathy are the prime cause of blindness in humans and timely medical intervention can avoid these conditions. As ophthalmic laser surgeries provide effective treatment for these conditions, their popularity is rising substantially with the growing awareness about these surgeries among consumers, reflecting greatly on their demand.
In addition to this, the technological advancements in ophthalmic lasers are likely to propel this market substantially over the next few years. However, the absence of an appropriate reimbursement scenario in many economies, specifically the emerging ones, may hamper the growth of this market.
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