Dublin, July 28, 2023 (GLOBE NEWSWIRE) -- The "Ophthalmic Lasers Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global Ophthalmic Lasers market is anticipated to witness a Compound Annual Growth Rate (CAGR) of 4.70% during the forecast period from 2023 to 2028, with the market value expected to rise from USD 1.41 billion in 2023 to USD 1.78 billion by 2028.
The healthcare sector faced significant challenges due to the COVID-19 pandemic, leading to the postponement or restriction of outpatient treatments, including many chronic therapies considered non-urgent.
Ocular issues, both direct and indirect, were observed during the pandemic, with the side effects of COVID-19 treatments and the consequences of lockdowns and shelter-in-place orders causing concern. Despite these challenges affecting the ophthalmic lasers market, the industry is showing signs of recovery and growth as product launches and initiatives gain momentum.
The prevalence of ophthalmic disorders globally is contributing to the market's expansion. According to the World Health Organization (WHO) in 2021, around 2.2 billion people have near or distant vision impairment, with about 1 billion cases potentially preventable or unaddressed. The financial burden associated with uncorrected myopia and presbyopia is significant, amounting to USD 244 billion and USD 25.4 billion, respectively.
The rising rates of short-sightedness (myopia) are also propelling market growth. By 2050, half of the world's population is predicted to be short-sighted, making myopia a concerning issue. However, this trend opens opportunities for surgical treatments involving ophthalmic lasers.
Market players are driving growth through initiatives and innovations. In 2022, Nova Eye Medical launched its iTrack Advance, a next-generation canaloplasty device, in select markets in Europe and Asia-Pacific. The device's features include a proprietary illuminated fiber optic tip that allows continuous monitoring during surgery.
The refractive error corrections segment holds a major share in the ophthalmic lasers market, primarily due to the high prevalence of refractive errors. Laser-assisted In Situ Keratomileusis (LASIK) is one of the most commonly performed procedures among surgical options. Advanced technologies and procedures, such as SMILE, Contoura Vision, and iDesign Refractive Studio, offer increased treatment options and customization, bolstering market growth.
North America is expected to hold a significant market share during the forecast period due to the region's adoption of advanced ophthalmic laser technologies and high awareness of vision corrective surgeries among the population. The Centers for Disease Control and Prevention (CDC) reported that nearly 12 million American adults aged 40 and above suffer from vision impairment, with approximately one million being blind.
Product approvals are also contributing to market growth. In 2021, LASEROPTEK Co., Ltd. received 510(k) clearance from the US Food and Drug Administration (FDA) for its PicoLO Premium picosecond pulse Nd: YAG laser, enhancing the treatment options available in the United States.
However, the ophthalmic lasers market faces challenges in the form of high treatment costs and the scarcity of skilled practitioners, which may limit growth during the forecast period.
The market is moderately competitive, with a few major players currently dominating the industry. As ophthalmic cases increase and the geriatric population grows, smaller players are expected to enter the market. Key players include Novartis AG (Alcon Laboratories Inc.), Johnson & Johnson Surgical Vision Inc., Bausch Health Companies Inc. (Bausch & Lomb Incorporated), Ellex Medical Lasers Limited, and IRIDEX Corporation, among others.
The Ophthalmic Lasers market shows promising growth prospects, driven by advancements in healthcare technology, government support, and the need for improved efficacy and reduced healthcare costs. As the industry continues to overcome challenges posed by the pandemic, the market is poised for significant expansion in the coming years.
A selection of companies mentioned in this report includes
- Novartis AG (Alcon Laboratories Inc)
- Johnson & Johnson Surgical Vision Inc.
- Bausch Health Companies Inc. (Bausch & Lomb Incorporated )
- Topcon Corporation
- IRIDEX Corporation
- LIGHTMED
- Ziemer Opthalmic Systems AG
- SCHWIND eye-tech-solutions
- Lumenis
- Lumibird Group (Quantel Medical)
- Carl Zeiss Meditec AG
- NIDEK Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qngy4f
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