Owing to technological inventions, the high number of common vision problems along various regulatory approvals, the ophthalmic laser industry is bound to grow at an optimistic pace.
Ophthalmic Lasers Surgery Segment Analysis- By Application
The ophthalmic lasers surgery market is subjugated into four elements namely- Glaucoma, Cataract Removal, Refractive Error correction and Diabetic Retinopathy. Dominant demand in the year 2020 was contributed by cataract removal. A cataract is a medical condition that causes cloudy vision in the affected eyes, and if the said eye is left unattended, a patient might completely lose his eyesight. Age and inherited genes are the primary reason for developing cataracts. The cost for cataract laser surgeries has reduced multifold over the years that have been a primary driver for the ophthalmic laser industry.
The segment demand is shifting towards the use of lasers to treat diabetic retinopathy, and the segment is poised to grow at the fastest CAGR of 5.4% over the forecast period of 2021-2026. The reason for the sustained demand is the gradual increase of the diabetic population in the majority of the regions worldwide. Diabetes can cause a patient to lose his vision or see flashes of dark color. If the condition is left undiagnosed or untreated, it has the potential to cause permanent vision loss.
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Ophthalmic Lasers Surgery Segment Analysis- By End Use
The ophthalmic lasers market can be distinguished into sub-categories namely- Hospitals and other Eye Clinics. The former segment, that is the Eye Hospitals dominated the market in the year 2020. The associated reason for the demand in the given segment is owing to the fact that hospitals provide better medical attention, along with qualified doctors at their disposal. By opting for government hospitals, the patient can save thousands of dollars.
The latter segment, Eye Clinics, are set to dominate the ophthalmic lasers market and grow at the swiftest CAGR of 5.3% over the forecast period of 2021-2026. The associated factor leading to the shift is primarily because of increasing eye-clinics set up across the regions. Owing to the large competition, the costs have been kept low, and the in-care facilities have ramped up from the previous decade. Owing to the rapid adoption of modern technology, the eye clinic segment will maintain an optimal growth rate.
Ophthalmic Lasers Surgery Segment Analysis- By Geography
Amongst all the regions, North America constituted the maximum share of ophthalmic lasers surgery with a share of 37.1% in the year 2020. The reason associated with the use of laser surgery is attributed to the growing cases of eye ailments that are spread across all age groups. Refractive Error correction surgeries through laser have become a trend amongst the youth, and the rising cases of diabetes are further leading to the increase in cases of diabetic retinopathy. Owing to the following considerations, the market will continue to grow.
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Ophthalmic Lasers Surgery Drivers
Prevalence of eye-ailments across the age groups
An increase in the number of eye-ailments has been prevalent across regions. Owing to this, the ophthalmic lasers surgery market will get momentum. For example, Glaucoma is affecting 4 million people in the North American region. 9-12% of the blindness associated in the Unites States are owed to Glaucoma. Glaucoma is prevalently treated by the use of ophthalmic lasers hence it will act as a driver.
Decrease in costs for treatment
The average cost of a laser machine has significantly lowered down, which in turn has reduced the cost of treatment. The following reason will give the market a vital push. The average costs have been reduced effectively by up to 15% from the year 2018. It is owing to a shift in the manufacturing plants, and has, in turn, reduced the per eye cost of treatment.
Ophthalmic Lasers Surgery Market Challenges
Incessant Fear of treating eyes for surgery is affecting the patients and thus it is restraining the ophthalmic laser surgery demand
A majority of the population affected by the listed eye-ailments avoid any laser surgery, owing to the fear of losing sight of suffering from a new ailment. Patients face worries owing to their eyes being touched, and blindness which leads to fear of losing their sight. In Canada, almost 90% of adults aged who aged above 60+ who undergo cataract surgery realized that their worries about recovery from the surgery are unfounded. Laser Eye Surgery is not something that was built-in isolation in some labs and designed for inanimate objects; it was designed by and with humans well and truly in mind. And so, from the skill of the surgeon to the technology thats used, everything is specifically created to deal with movement and any potentiality that could arise. This, in turn, is set to restrain the growth of the market
Ophthalmic Lasers Surgery Market Landscape
The companies operating in this industry use mergers, acquisitions and product launches to gain dominance. The top 10 companies for ophthalmic lasers surgery include:
Abbott Medical Optics, Inc.
Alcon Laboratories Inc.
Bausch & Lomb Incorporated.
Carl Zeiss Meditec AG.
Ellex Medical Lasers Limited.
IRIDEX Corporation.
Lumenis Ltd.
NIDEK Co. Ltd.
Topcon Corporation.
Ziemer Ophthalmic Systems AG.
Product Development
In September 2019, SCHWIND, an eye tech solution company launched a new product. The solution is known as Atos Femtosecond Laser, which will, in turn, give the company an edge- as it works efficiently with both Femto-LASIK and innovative lenticular extraction, and also Smart Sight Technology.
Key Takeaways
North America constitutes the maximum share for the year 2020, owing to the rising number of eye impairments. Diabetic Retinopathy has seen a recent surge, due to a multifold increase in diabetes.
Asia-Pacific regions such as China and India is poised to grow at a speed faster than North America, owing to the rising disposable income and other eye-related ailments.
Strengths, Weaknesses, Opportunities and Threats will be provided in the premium report.
A major hurdle for the industry to grow is the associated fear the population has for laser surgery.
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