According to projections, the global ophthalmic lasers market share is expected to increase at a 5.4% Compound Annual Growth Rate (CAGR), which is a moderate but noteworthy growth trajectory. The market is projected to grow from its starting point of US$ 884.3 million in 2022 to US$ 1.3 billion by the year 2030. There are several factors that are propelling this growth, including a sharp increase in the need for ophthalmic laser technology and a concurrent rise in the prevalence of eye conditions worldwide.
A cornerstone application of ophthalmic lasers unfolds in the realm of refractive surgery, notably exemplified by procedures like LASIK (Laser-Assisted In Situ Keratomileusis). LASIK has emerged as a preferred choice for rectifying nearsightedness, farsightedness, and astigmatism, offering patients a pathway to enhanced vision and reduced reliance on glasses or contact lenses. The evolution of femtosecond lasers has added a layer of precision and safety to these procedures, catalyzing their adoption on a global scale. As the ophthalmic lasers market continues to pioneer advancements in refractive surgery, the future holds promise for improved visual outcomes and increased accessibility to transformative eye care solutions worldwide.
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Moreover, ophthalmic lasers find extensive use in treating retinal conditions such as diabetic retinopathy, age-related macular degeneration (AMD), and retinal tears or detachments. Laser photocoagulation is a commonly employed technique to seal leaking blood vessels in the retina, preventing further damage and preserving vision. Additionally, the advent of selective laser trabeculoplasty (SLT) has revolutionized the management of glaucoma, providing a non-invasive approach to reduce intraocular pressure and prevent optic nerve damage.
The global market for ophthalmic lasers is expected to grow at a moderate 5.4% CAGR from US$ 884.3 million in 2022 to US$ 1.3 billion by 2030. The rising prevalence of eye diseases worldwide, as well as the rising demand for ophthalmic laser devices, are major factors driving the growth of the ophthalmic laser market.
According to a historical analysis of the global ophthalmic lasers market size conducted by Future Market Insights (FMI), a 4.4% CAGR was recorded between 2014 and 2021. The growing prevalence of ophthalmic disorders worldwide is driving the growth of the ophthalmic laser machines market. In 2021, the ophthalmic lasers market accounted for approximately 41% of the overall global laser therapy devices market, which was valued at US$ 2.0 billion.
According to FMI, the market for ophthalmic lasers is predicted to grow by 12 basis point share (BPS) in H1-2022 (O) when compared with H1-2021. The rise in BPS value for the ophthalmic lasers market can be attributed to the emerging role of artificial intelligence in ophthalmic imaging, as well as the innovation of the most notable, swept-source optical coherence tomography OCT to quickly scan a narrow bandwidth line across a larger frequency range, enabling even higher scan rates. The projected H1-2022 and H1-2022 outlook periods showed a dip in the growth rate by nearly 10 BPS. Furthermore, combining artificial intelligence with OCT in the anterior and posterior regions will contribute to the global market’s growth.
Ophthalmic lasers are known as unique solutions utilized to treat vision-threatening diseases such as glaucoma, macular degeneration, and diabetic retinopathy, along with fixing damaged corneas. They have increasingly become highly sought-after products used in surgical care for numerous eye disorders due to their safe, precise, and accurate nature. Over a span of a few years, a significant surge has been witnessed in the number of common ophthalmic disorders such as cataracts, glaucoma, etc. as a result of the rising prevalence of diabetes worldwide. This is expected to create a conducive environment for the top manufacturers of ophthalmic laser devices during the forecast period.
Key Takeaways :
- The surging prevalence of eye diseases worldwide along with the growing demand for ophthalmic laser devices are prominent factors driving the growth in the ophthalmic laser market. The sales of ophthalmic lasers are significantly influenced by growing consumer preference for minimally invasive laser treatments and the rapid growth of the eye infections treatment market.
- Taking good care of eye health is crucial in order to maintaining impeccable eyesight has always been a priority among consumers. Rising spending on maintaining proper eye health combined with growing awareness about various ophthalmic diseases is improving the ophthalmic laser machines market size, creating lucrative opportunities for ophthalmic laser manufacturers.
- Rising inclination towards safe and effective procedures like laser vision correction (LVC) for eliminating the need for glasses or contact lenses is boosting the ophthalmic laser devices market. In addition to that, the growing popularity of minimally invasive surgeries and the flourishing laser therapy devices market are anticipated to create a favorable ground for the ophthalmic laser market during the assessment period.
- Dominant manufacturers in the market are expected to invest more in better product designs and technology upgrades in order to provide innovative products to ophthalmologists for application in common ophthalmic surgeries. This will further push demand for ophthalmic laser devices during the forthcoming period.
- During the second half of the projection period, several other market segments are predicted to perform objectively and profitably. However, correct segmentation of the retinal layers is still required for OCT accuracy certification, which can be difficult, especially when disease disrupts the normal retinal architecture, posing a challenge for the market for ophthalmic lasers.
- Moreover, technological advancements in ophthalmic laser systems and the widespread expansion of the ophthalmic diagnostic equipment market will further help ophthalmic laser manufacturers to increase their sales during the forthcoming years.
Competitive Landscape
The global Laser Eye Surgery market is expected to be highly competitive in nature owing to the presence of several well-established players in the ophthalmic lasers market. Key companies are continuously indulging in strategies such as new product launches, partnerships, agreements, collaborations, and the strengthening of distribution channels to increase their sales revenue in different countries.
Key companies:
- Abbott Medical Optics, Inc.,
- Alcon Inc. (Novartis AG),
- Bausch & Lomb Incorporated,
- LENSAR, LLC,
- NIDEK CO., LTD,
- iVIS Technologies,
- ZEISS International,
- Ziemer Ophthalmic Systems AG,
- SCHWIND eye-tech-solutions GmbH & Co. KG.
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More Insights into the Ophthalmic Lasers Market
In 2021, the U.S. possessed about 81.8% of the North American ophthalmic lasers market. This is attributed to the surging incidence of ophthalmic conditions, availability of advanced products and trained professionals, favorable government support, the heavy presence of leading market players, and rapid growth in the cataract surgery devices market.
Key Segments:
By Product:
- Excimer Lasers
- Femtosecond Laser
By Application:
- Refractive Surgery
- Cataract Surgery
- Posterior Capsulotomy
- Trabeculoplasty
- Diagnostic
By End User:
- Hospital
- 500 Bedded+
- 250-499 Bedded
- Less than 250
- Ambulatory Surgical Centers
- Ophthalmology Clinics
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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