Ophthalmic Lasers Market

Global Ophthalmic Lasers Market:

The global ophthalmic lasers market size reached US$ 1.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032. Increasing demand for minimally invasive procedures, growing adoption of femtosecond lasers for cataract surgery, and rising prevalence of ophthalmic disorders are some of the key factors driving the market growth.

Ophthalmic Lasers Market Analysis:

• Major Market Drivers: The increasing prevalence of eye disorders such as cataracts, glaucoma, and diabetic retinopathy, coupled with an aging population worldwide, is augmenting the demand for ophthalmic laser procedures. Furthermore, the rising geriatric population, who are more prone to developing such conditions, is also contributing to the market growth. 
• Key Market Trends: Ongoing advancements in laser technology, particularly in areas such as precision, speed, and safety, are driving the adoption of ophthalmic lasers for various eye conditions. Moreover, new laser systems with improved targeting capabilities and reduced side effects are expanding treatment options for ophthalmologists, leading to an increased demand for these devices in both surgical and therapeutic applications.
• Competitive Analysis: Some of the leading ophthalmic laser companies include Alcon Laboratories Inc. (Novartis AG), Johnson & Johnson Surgical Vision Inc., Bausch + Lomb, Ellex Medical Lasers Limited, IRIDEX Corporation, Lumenis, Topcon, A.R.C. Laser, Abbott Medical Optics, Calmar Laser, Carl Zeiss Meditec, Meridian, Nidek, Optos, Quantel, and Ziemer, among others. 
• Geographical Trends: According to the report, North America currently dominates the global market. The rise in the adoption of highly advanced techniques and systems in the manufacturing of ophthalmic lasers and the technological advancements made in ophthalmic lasers are primarily bolstering the growth of the market in the North American region. Moreover, the rising cases of eye disorders in the region are creating lucrative growth opportunities for the market.
• Challenges and Opportunities: Challenges in the ophthalmic laser market include regulatory hurdles for new technologies, such as approval processes and compliance with safety standards. Additionally, market saturation in developed regions poses a challenge for growth. However, opportunities lie in emerging markets where there's a growing demand for advanced eye care treatments, as well as in the development of innovative laser technologies addressing unmet medical needs and expanding applications beyond traditional indications.
   

Ophthalmic Lasers Market Trends:

Increasing Prevalence of Eye Disorders

The increasing cases of vision-related disorders are primarily driving the growth of the market. For instance, according to the WHO 2021, at least 2.2 billion people had near or distant vision impairment across the globe. WHO also stated that vision impairment poses a global financial burden associated with vision impairment from uncorrected myopia (US$ 244 Billion) and presbyopia (US$ 25.4 billion). In January 2022, a press release by the World Economic Forum indicated that rates of short-sightedness (myopia) rose significantly. By 2050, it's even predicted that half of the world's population will be short-sighted. Moreover, according to the October 2021 press release by the World Health Organization, approximately 88.4 million people suffered blindness due to unaddressed refractive errors. Besides this, the rising geriatric population across the globe, who are more prone to developing eye disorders, is further catalyzing the ophthalmic lasers market demand. For instance, there are currently roughly 62 million adults aged 65 and older living in the U.S., accounting for 18% of the population. By 2054, 84 million adults aged 65 and older will make up an estimated 23% of the population.

Technological Advancements

Ongoing advancements in laser technology, particularly in areas such as precision, speed, and safety, are driving the adoption of ophthalmic lasers for various eye conditions. Moreover, the increasing adoption of femtosecond laser technology for precise and minimally invasive procedures such as LASIK, cataract surgery, and corneal transplantation is offering lucrative growth opportunities to the overall market. In line with this, various key market players are launching ophthalmic lasers with advanced technologies for enhanced diagnostics, treatment planning, and personalized patient care. For instance, in April 2022, Nova Eye Medical launched its next-generation canaloplasty device, iTrack Advance, in Europe and Asia-Pacific. The iTrack Advance features include a proprietary illuminated fiber optic tip of the original iTrack device to allow the surgeon to continuously monitor the location of the device in Schlemm's canal. Similarly, in the same month and year, Lumibird Group launched the Capsulo Nd: YAG laser. The device is designed to be a fully integrated, versatile laser platform, enabling efficient and accurate capsulotomy and iridotomy treatments. Thus, such initiatives are expected to propel the ophthalmic lasers market revenue in the coming years.

Expanding Product Application Beyond Traditional Vision Correction

The diversification of ophthalmic laser applications beyond traditional vision correction, including treatment of retinal disorder, such as diabetic retinopathy, age-related macular degeneration (AMD), and retinal vein occlusion, is also catalyzing the growth of the global ophthalmic lasers market. In diabetic retinopathy, laser photocoagulation is commonly used to seal leaking blood vessels or to destroy abnormal blood vessels that may be causing vision loss. Moreover, the rising cases of diabetic retinopathy are propelling the ophthalmic lasers market share. For instance, according to IMARC, the global diabetic retinopathy market size reached US$ 8.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032. Similarly, the escalating utilization of ophthalmic lasers in AMD to target and seal abnormal blood vessels, reducing the risk of further vision deterioration, is also contributing to the market growth. For instance, according to a research article published in the British Journal of Ophthalmology in August 2020, in Europe, age-related macular degeneration (AMD) is the main cause of visual impairment and blindness. About 67 million people in Europe are affected by age-related macular degeneration (AMD). As per the ophthalmic lasers market forecast, the increasing number of individuals with retinal disorders is directly proportional to market growth.

Global Ophthalmic Lasers Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global ophthalmic lasers market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on product, indication, and end-user.

Breakup by Product:

• Diode Lasers
• Femtosecond Lasers
• Excimer Lasers
• Nd: YAG Lasers
• SLT Lasers
• Others
   

Femtosecond lasers account for the majority of the global market share

The ophthalmic lasers market report has provided a detailed breakup and analysis of the market based on the product. This includes diode lasers, femtosecond lasers, excimer lasers, Nd: YAG lasers, SLT lasers, and others. According to the report, femtosecond lasers account for the majority of the global market share.

Femtosecond lasers are ultrafast laser systems that emit pulses lasting femtoseconds (10^-15 seconds). They find extensive use in various fields, such as ophthalmology for LASIK surgery, where they precisely reshape corneal tissue, leading to improved vision correction outcomes. Furthermore, femtosecond lasers are pivotal in scientific research, facilitating studies on ultrafast phenomena, such as molecular dynamics and quantum interactions. Their unique properties, including high peak power and ultrashort pulses, make them indispensable tools across diverse applications, promising advancements in medicine, technology, and fundamental science.

Breakup by Indication:

• Glaucoma
• Cataract Removal
• Refractive Error Corrections
• Diabetic Retinopathy
• Others
   

Refractive error corrections currently exhibit a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the indication. This includes glaucoma, cataract removal, refractive error corrections, diabetic retinopathy, and others. According to the report, refractive error corrections currently exhibit a clear dominance in the market.

Ophthalmic lasers play a crucial role in correcting refractive errors, such as myopia, hyperopia, and astigmatism. In procedures like LASIK (Laser-Assisted In Situ Keratomileusis) and PRK (Photorefractive Keratectomy), these lasers reshape the cornea to adjust its focusing power, thereby improving the vision. An article published in the Journal of Annals of Medicine and Surgery in December 2021 indicated that refractive errors are the most common vision problem and prove to be a significant health issue. Similarly, according to the October 2021 press release by the World Health Organization, approximately 88.4 million people suffer blindness due to unaddressed refractive errors. Such rising cases of refractive errors are anticipated to propel the ophthalmic lasers market’s recent price in the coming years.

Breakup by End-User:

• Hospitals
• Eye Clinics
• Others
   

Hospitals hold the largest market share

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes hospitals, eye clinics, and others. According to the report, hospitals hold the largest market share.

Hospitals serve as a crucial hub for the adoption and utilization of these advanced technologies. Moreover, hospitals invest in state-of-the-art ophthalmic laser systems to offer cutting-edge treatments for various eye conditions such as cataracts, glaucoma, and refractive errors. Additionally, hospitals provide a platform for ophthalmologists and eye surgeons to perform surgeries and procedures involving ophthalmic lasers, ensuring access to comprehensive eye care for patients. The presence of these advanced technologies in hospitals contributed to improved patient outcomes, enhanced surgical precision, and expanded treatment options in the field of ophthalmology.

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Middle East and Africa
• Latin America
   

North America currently dominates the global market

The report has provided a detailed breakup and analysis of the market based on the region. This includes North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. According to the report, North America currently dominates the global market.

The rise in the adoption of highly advanced techniques and systems in the manufacturing of ophthalmic lasers and the technological advancements made in ophthalmic lasers are primarily bolstering the growth of the market in the North American region. Moreover, the rising cases of eye disorders in the region are offering lucrative growth opportunities to the market. For instance, a press release published in February 2022 by the Centers for Disease Control and Prevention (CDC) offered prevalence estimates for the most common eye disorders and eye diseases. Nearly 12 million adults in the United States who were 40 years and above of age had vision impairment, with about a million of them being blind. Besides this, the concerned regulatory authorities are also expediting the approval process for laser technologies, which is further creating a positive outlook for the market. For instance, in December 2021, LASEROPTEK Co., Ltd. received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its PicoLO Premium picosecond pulse Nd: YAG laser. The approvals of such innovative products in the United States are positively impacting the ophthalmic lasers market outlook.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players listed below:

• Alcon Laboratories Inc. (Novartis AG)
• Johnson & Johnson Surgical Vision Inc.
• Bausch + Lomb
• Ellex Medical Lasers Limited
• IRIDEX Corporation
• Lumenis
• Topcon
• A.R.C. Laser
• Abbott Medical Optics
• Calmar Laser
• Carl Zeiss Meditec
• Meridian
• Nidek
• Optos
• Quantel
• Ziemer
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Ophthalmic Lasers Market Recent Developments:

• January 2024: Iridex Corporation, a global leader in innovative laser-based medical systems for the treatment of eye diseases, announced the U.S. launch of its next-generation platform Iridex 532 and Iridex 577 Lasers alongside its 35th-anniversary celebration.
• January 2024: Bausch + Lomb Corporation, a leading global eye health company dedicated to helping people see better to live better, announced that the U.S. Food and Drug Administration (FDA) approved the TENEO Excimer Laser Platform for laser-assisted in situ keratomileusis (LASIK) vision correction surgery for myopia and myopic astigmatism (nearsightedness and nearsightedness with astigmatism).
• December 2023: VISTA Eye Specialist (VISTA) announced the successful introduction of CLEAR (Corneal Lenticule Extraction for Advanced Refractive Correction), an advanced version of the Lenticule Extraction treatment used to correct short-sightedness and Astigmatism, marking a significant leap for refractive surgery in Malaysia.

Global Ophthalmic Lasers Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the ophthalmic lasers market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global ophthalmic lasers market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the ophthalmic lasers industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.