Ophthalmic Laser Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Product (Nd:YAG Laser, Excimer Laser, Femtosecond Laser, Cyclodiode Laser), By Application (Corneal And Cataract Surgery, Glaucoma, Diabetic Retinopathy, Others), By End Users (Hospitals And Clinics, Ambulatory Surgery Centers, Eye Research Institutes), And By Geography - Forecasts From 2021 To 2026

The ophthalmic laser market is projected to grow at a CAGR of 5.59% to reach US$831.986 million by 2026, from US$568.534 million in 2019

Ophthalmic laser refers to a device used to target ophthalmic cells using a laser beam source for the treatment of ophthalmic disorders. In various clinical therapeutic procedures and diagnostic procedures, laser beams are used that consists of a source of coherent, monochromatic, and directional light that precisely focuses on a minor spot. The growing prevalence of ophthalmic diseases such as cataracts, glaucoma, and other vision-related diseases and the growing government initiatives regarding visual impairment is anticipated to drive the market for ophthalmic laser during the forecast period. The ever-growing geriatric population coupled with technological advancement in the ophthalmic laser sector is leading to its growing adoption across people who are more susceptible to eye disorders or eye disease.

Moreover, the increasing cases of diabetes and the rising regulatory approvals for new products will bolster the market growth of the ophthalmic laser market during the forecast period. According to a study conducted by the World Health Organization (WHO), globally nearly 2.2 billion people have a distance or near vision impairment, and in more than 1 billion or half of these cases visual impairment could have been prevented by taking early measures or has yet to be addressed. The leading cause of visual impairment in the study was observed to be cataracts and uncorrected refractive errors. This has led to the increasing adoption of ophthalmic laser treatments and is expected to increase the market growth for the same. Major key players in the ophthalmic laser market are focusing on research and development to improve efficiency and to improve the outcome of the treatment with the growing geriatric population.

The increasing incidences of ocular diseases coupled with the efficiency of ophthalmic lasers in the treatment of ocular diseases are anticipated to drive the growth of the ophthalmic laser market during the forecast period. A large population around the globe is suffering from ocular diseases such as age-related muscular degeneration, cataract, and glaucoma. The increasing demand for ophthalmic lasers in the treatment of ocular diseases owing to the limited efficiency of drugs has fueled the market growth of ophthalmic lasers in the global market.

Growth Factors

• The increasing prevalence of visual impairment around the globe will boost the ophthalmic laser market

The increasing prevalence of visual impairment-related diseases caused by amblyopia, cataract, diabetic retinopathy, glaucoma, age-related macular degeneration, and cancer of the eyes has proved to be a major factor for the adoption of ophthalmic lasers. The increasing geriatric population with eye disorders and eye diseases is further anticipated to fuel the ophthalmic lasers market during the forecast period. Visual impairment has also proved to be a prime factor for an enormous global financial burden. According to a study conducted by World Health Organization (WHO), the annual global cost of the loss associated with visual impairments from presbyopia and myopia is estimated to be around US$ 244 billion and US$ 25.4 billion respectively. The surging demand and use of ophthalmic lasers in the treatment of visual impairment are projected to fuel the market growth for ophthalmic lasers during the forecast period.

Restraints

• Lack of awareness among the patient population and high costs associated with ophthalmic lasers will hinder its market growth

A major restraint in the growth of the ophthalmic laser market is the lack of awareness among the patient population suffering from chronic eye diseases and the high cost associated with ophthalmic lasers is anticipated to limit the market growth of ophthalmic laser during the forecast period. The adoption of ophthalmic lasers in many nations has been limited due to the lack of awareness among the patient population and the high cost associated with ophthalmic lasers had further led to the limited adoption of ophthalmic lasers by middle and low-income patients.

Key Developments

• In the year 2020, NIDEK CO., LTD., a worldwide leader in the distribution and design of ophthalmic equipment’s announced the addition of Mirante Scanning Laser Ophthalmoscope to the Mirante portfolio of diagnostic multimodal imaging devices
• In the year 2021, Iridex Corporation a global provider of innovative ophthalmic laser-based medical products announced a collaboration with Topcon's distribution which will help the company's portfolio an upper hand from Topcon's distribution network in the Asia Pacific region by merging Topcon's treatment and diagnostic products for retina and glaucoma customers.

Impact of COVID19 on the Ophthalmic Laser Market

The COVID-19 pandemic led to a decline in the market growth of ophthalmic lasers due to lockdown measures implemented by the governments in various countries, along with trade restrictions. The COVID-19 impact on the ophthalmic laser market has been negative owing to the halt in production by industries due to the temporary lockdown implemented by several governments to curb the spread of coronavirus. The supply chain disruptions caused by travel and transport restrictions harmed the market growth as well. However, in the post COVID scenario, the ophthalmic sensor market is expected to rebound and continue growing due to the increasing geriatric population suffering from eye diseases and its surging demand from the healthcare sector.

Ophthalmic Laser Market Scope:

Segmentation

• By Product
  • Nd:YAG Laser
  • Excimer Laser
  • Femtosecond Laser
  • Cyclodiode Laser
• By Application
  • Corneal and cataract surgery
  • Glaucoma
  • Diabetic retinopathy
  • Others
• By End Users
  • Hospitals and Clinics
  • Ambulatory Surgery Centers
  • Eye Research Institutes
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the ophthalmic laser market size by 2026?
A1. The ophthalmic laser market is projected to reach a market size of US$831.986 million by 2026.

Q2. What is the size of the ophthalmic laser market?
A2. Ophthalmic Laser Market was valued at US$568.534 million in 2019.

Q3. What are the growth prospects for the ophthalmic laser market?
A3. The global ophthalmic laser market is projected to grow at a CAGR of 5.59% during the forecast period.

Q4. How is the global ophthalmic laser market segmented?
A4. The ophthalmic laser market has been segmented by product, application, end-user, and geography.

Q5. What factors are anticipated to drive the ophthalmic laser market growth?
A5. The increasing prevalence of visual impairment around the globe will boost the ophthalmic laser market.