PUBLISHER: The Business Research Company | PRODUCT CODE: 1387737
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387737
“Ophthalmic Medical Lasers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ophthalmic medical lasers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ophthalmic medical lasers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ophthalmic medical lasers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Ophthalmic medical lasers are specialized devices used for the treatment of various eye-related diseases and conditions.
The primary products within the field of ophthalmic medical lasers include diode lasers, femtosecond lasers, excimer lasers for aromatherapy, ND:YAG lasers, and other laser systems. Diode lasers are semiconductor devices that generate coherent radiation with the same frequency and phase, typically in either the visible or infrared spectrum, through the use of a p-n junction. These ophthalmic medical lasers find applications in a range of medical procedures, including refractive error correction, cataract removal, the treatment of diabetic retinopathy, glaucoma, age-related macular degeneration, and other ophthalmic conditions. These lasers are employed by various healthcare facilities, including hospitals, specialized ophthalmology clinics, and ambulatory surgery centers, to provide effective eye care and treatment.
The ophthalmic medical lasers market research report is one of a series of new reports from The Business Research Company that provides ophthalmic medical lasers market statistics, including ophthalmic medical lasers industry global market size, regional shares, competitors with an ophthalmic medical lasers market share, detailed ophthalmic medical lasers market segments, market trends and opportunities, and any further data you may need to thrive in the ophthalmic medical lasers industry. The ophthalmic medical lasers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ophthalmic medical lasers market size has grown strongly in recent years. It will grow from $1.2 billion in 2023 to $1.29 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed during the historic period in the field of ophthalmic medical lasers can be attributed to several key factors, including the aging population, a growing demand for minimally invasive eye surgeries, rising disposable incomes, increasing awareness of the benefits of ophthalmic medical lasers, and the global increase in cases of myopia. These factors have contributed to the expanding adoption and use of ophthalmic medical lasers for various eye treatments and procedures.
The ophthalmic medical lasers market size is expected to see strong growth in the next few years. It will grow to $1.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The expected growth in the forecast period in the field of ophthalmic medical lasers can be attributed to various factors, including the continued increase in the prevalence of eye diseases, a rising incidence of diabetes leading to diabetic retinopathy, the development of regenerative medicine approaches, a growing focus on preventive eye care, and government initiatives aimed at improving eye health. Notable trends anticipated during the forecast period encompass advancements in laser technology, innovations in ophthalmic medical laser systems, the integration of gene therapy with laser treatments, and the incorporation of optical coherence tomography (OCT) technology to enhance diagnostic and treatment capabilities in ophthalmology.
The rising prevalence of ocular disorders is fueling the demand for the ophthalmic medical lasers market. These disorders can impact individuals' vision and overall eye health, and laser treatments play a crucial role in reshaping the cornea, enhancing visual focus, and improving eyesight. For instance, as of December 2022, data from the US-based Centers for Disease Control and Prevention reveals that over 20.5 million Americans aged 40 and older have cataracts in at least one eye, accounting for 17.2% of the population. Projections suggest that around 30 million individuals will develop cataracts by 2028. This increase in ocular conditions requiring laser treatments is a driving force behind the growth of the ophthalmic medical lasers market.
The expanding elderly population is expected to be a significant driver of the ophthalmic medical lasers market in the coming years. The elderly population encompasses individuals aged 65 years and older who frequently require ophthalmic medical lasers for procedures such as cataract surgery, glaucoma management, age-related macular degeneration (AMD) treatments, diabetic retinopathy interventions, and refractive lens exchanges. As per the World Health Organization's data from October 2022, it is projected that by 2030, one in six people globally will be 60 years or older, and by 2050, this age group will double to reach 2.1 billion individuals. Moreover, data from the UK Parliament's House of Commons Library in June 2021 predicts that by 2043, the UK's elderly population will make up 24% of the total population, equivalent to 17.4 million people. Hence, the growing elderly demographic is propelling the expansion of the ophthalmic medical lasers market.
Despite these opportunities, the availability of alternative therapies for vision correction presents a challenge to the ophthalmic medical lasers market. Alternative methods for vision correction include using various types of lenses and employing techniques like Phakic Intraocular Lens Implants and Refractive Lens Exchange Surgery. According to statistics from the American Society of Cataract and Refractive Surgery (ASCRS), 95% of patients who opt for a standard intraocular lens (IOL) procedure, a safe approach for cataract surgery, experience complete restoration of their vision. This availability of alternative options for vision correction may hinder the growth of the ophthalmic medical lasers market.
Key players in the ophthalmic medical lasers market are dedicated to developing innovative products like Xipere to deliver reliable services to their customers. Xipere, featuring triamcinolone acetonide, is a corticosteroid administered suprachoroidally to treat macular edema resulting from ocular inflammation. For example, in January 2022, Clearside Biomedical Inc., a US-based biopharmaceutical company specializing in advanced drug delivery solutions for eye diseases, obtained its first FDA approval for treating macular edema linked to uveitis. Xipere is a sterile, preservative-free treatment designed for suprachoroidal administration, utilizing Clearside's patented microinjector for the suprachoroidal space (SCS).
Companies are actively investing in manufacturing devices that incorporate cutting-edge technology for the treatment of ocular diseases. In April 2022, Lumibird Medical, a France-based company renowned for producing ophthalmic medical lasers, launched the Nd:YAG Laser Capsulo. This platform is a fully integrated and flexible laser system designed for precise capsulotomy and iridotomy procedures. Capsulo is equipped with advanced optics that provide crystal-clear visibility into both the anterior and posterior eye segments.
In September 2021, Boston Scientific Corporation, a US-based leader in medical devices and biotechnology, acquired Lumenis Ltd for an undisclosed sum. This strategic acquisition enhances Boston Scientific's portfolio with Lumenis' laser technologies, including the innovative MOSESTM technology, used in kidney stone management and the treatment of benign prostatic hyperplasia. The acquisition also extends Boston Scientific's global reach, accelerating its growth in the field. Lumenis Ltd., based in Israel, is a prominent manufacturer of ophthalmic medical lasers.
Major companies operating in the ophthalmic medical lasers market include Alcon Laboratories Inc., Abbott Medical Optics Inc., Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, Topcon Corporation, Ziemer Ophthalmic Systems AG, IRIDEX Corporation, NIDEK Co. Ltd., Lumenis Ltd., Johnson & Johnson Surgical Vision Inc., Lumibird Medical, Quantel Inc., Coherent Inc., Ocular Instruments Inc., Ellex Medical Lasers Limited, LENSAR LLC, LIGHTMED Corporation, Menicon Co. Ltd., Novartis AG, Omeros Corporation, Oxurion NV, Pfizer Inc., Recipharm AB, Regeneron Pharmaceuticals Inc., Roche Holding AG, Rohto Pharmaceutical Co. Ltd., Santen Pharmaceuticals, SCHWIND eye-tech-solutions GmbH & Co. KG, Staar Surgical Company, Teva Pharmaceutical Industries Ltd., ThromboGenics NV, Veeva Systems Inc.
North America was the largest region in the ophthalmic medical lasers market in 2023. Asia-Pacific was the second-largest region in the ophthalmic medical lasers market report. The regions covered in the ophthalmic medical lasers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the ophthalmic medical lasers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The ophthalmic medical lasers market consists of sales of instruments such as SLT lasers, excimer lasers, cyclodiode lasers, and femtosecond lasers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.