Ophthalmic Lasers Market is Expected to Grow up to US$1.44 bn by 2024, Says TMR

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Nov 19, 2018, 05:30 ET

ALBANY, New York, November 19, 2018 /PRNewswire/ --

As per expert analysis, ophthalmic lasers market had accumulated revenue worth US$0.97 bn in 2015, which is further expected to grow up to US$1.44 bn by 2024. This is decent increase considering the fact that the global ophthalmic lasers market will expand at a steady CAGR of 4.60% during the forecast period from 2016 to 2024. From the perspective of end users, this market showcased ophthalmic clinics holding a leading edge over other segments. This is further expected to continue in the next years too. Geography-wise, North America contributes maximum revenue in the market thanks to a strong medical infrastructure as well as rising cases of issues related to eyes in the region.

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Increasing Cases of Eye Issues Increases Demand for Ophthalmic Lasers

With increasing pollution and levels of harmful emissions, the number of eye problems is increasing rapidly all over the globe. This is primarily increasing the demand of quality treatment procedures that include the use of ophthalmic lasers, consequently boosting growth in the global ophthalmic lasers market. Moreover, the occurrence of partial and complete blindness has substantially risen in the past couple of years and could rise twice as much by 2020. Rising instances of disorders such as cataract, diabetes, and glaucoma is causing a dramatic increase in eyesight problems, which might lead to partial or complete vision loss. Such scenarios too are responsible for driving growth in the global ophthalmic lasers market.

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A rising number of ophthalmologists with a vast experience that can diagnosis and provide quality medical care in the form of laser surgeries to deal with serious eye conditions is a key factor stoking growth in the global ophthalmic lasers market. Moreover, with a rising awareness about the effectiveness of available laser treatment methods is also expected to augment adoption of ophthalmic lasers from a global perspective in the next few years.

Expensive Laser Devices Discourage Potential Patients from Opting for Treatments

However, high costs of such lasers is expected to discourage potential users with low disposal income from opting for their use in treatments, thereby restraining the global ophthalmic lasers market. Nonetheless, the market is expected to showcase a splendid growth during the forthcoming years thanks to the efforts taken by several manufacturers to produce cost effective ophthalmic laser devices. The restraints affecting the global ophthalmic lasers market are also expected to decrease as companies are focus on improving their geographical expansion in the healthcare industry.

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The global ophthalmic lasers market depicts the presence of a highly fragmented market, says Transparency Market Research on the basis of a recently published report. Such a diverse scenario mainly exists due to the presence of innumerable small, medium, and large-scale players in the market, thereby showcasing a notably distributed scenario. In spite of such a fragmented vendor landscape, the competition is substantially moderate. However, the next few years are expected to depict a burgeoning competition thanks to an increase in the number of new entrants in the market. These companies are also anticipated to help increase the number of advanced product launches. Some of the prime companies operating in the global ophthalmic lasers market are: Alcon, Ellex Medical Laser Ltd., Quantel Group, Lumenis Ltd., and Carl Zeiss. These top five businesses had held a notable share of 35.0% of total revenue generated.

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This review is based on the findings of a TMR report, titled, "Ophthalmic Lasers Market (Product - Diode Lasers, Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Argon Lasers, and SLT Lasers; Application - Glaucoma, Cataract, Refractive Error Corrections, Diabetic Retinopathy, and AMD; End User - Hospitals, Ambulatory Surgical Centers, and Ophthalmic Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024."

Key Takeaways:

The next few years are expected to depict a burgeoning competition thanks to an increase in the number of new entrants in the market.
A rising number of ophthalmologists with a vast experience that can diagnosis and provide quality medical care in the form of laser surgeries to deal with serious eye conditions is a key factor stoking growth in the global ophthalmic lasers market.

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