Ophthalmic Lasers Market - Growth, Trends, and Forecast (2020 - 2025)
Factors that are responsible for the growth of the ophthalmic lasers market include a high prevalence of ophthalmic disorders, increasing initiatives to control visual impairment, and increasing regulatory approvals for ophthalmic lasers.
There has been and continues to be a considerable amount of research activity in the ophthalmic lasers arena. Hence, several number of eye lasers are receiving regulatory approvals, which help in driving the ophthalmic lasers market.
In September 2019, SCHWIND eyetechsolutions launched the ATOS femtosecond laser, with capabilities for both femtoLASIK and innovative lenticule extraction with the SmartSight technology, in Europe. Thus, the increase in regulatory approvals helps in driving the growth of the ophthalmic lasers market.
Key Market Trends
Refractive Error Corrections are Expected to Hold the Highest Revenue in the Application Segment
In the application segment of the ophthalmic lasers market, refractive error corrections are projected to have the largest revenue during the forecast period. This is majorly due to factors, such as the escalating number of refractive error cases among both children and adults. Furthermore, an increase in the application of femtosecond lasers in refractive error surgeries is helping the growth of this segment.
Refractive error is a type of vision problem that makes it hard to see clearly. Nearsightedness (myopia), farsightedness (hyperopia), astigmatism, and presbyopia are the four different types of refractive errors.
According to the NIH National Eye Institute, more than 11 million Americans have common vision problems that can be corrected with the use of prescriptive eyewear, such as glasses or contact lenses. More than 150 million Americans use corrective eyewear, spending more than USD 15 billion on eyewear each year.
North America Dominates the Market and is Expected to do Same during the Forecast Period
Currently, North America dominates the market for ophthalmic lasers and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share, owing to the increasing incidence rates of ophthalmic problems and increasing healthcare expenditure in the country, as well as the development of sophisticated healthcare infrastructure in the country.
The ophthalmic lasers market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising incidence of ophthalmic cases and increasing geriatric population, few other smaller players are expected to enter the market. Some of the major players of the market are Alcon Laboratories Inc. (Novartis AG), Johnson & Johnson Surgical Vision Inc., Bausch & Lomb Incorporated (Valeant Pharmaceuticals International Inc.), Ellex Medical Lasers Limited, and IRIDEX Corporation, among others.
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