Ophthalmic Medical Lasers Global Market Report 2021: COVID 19 Growth And Change to 2030

Ophthalmic Medical Lasers Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071075 •
  • Format: PDF
Major players in the ophthalmic medical lasers market are 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, and Johnson & Johnson Surgical Vision Inc.

The global ophthalmic medical lasers market is expected to grow from $1.091 billion in 2020 to $1.141 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.412 billion in 2025 at a CAGR of 5%.

The ophthalmic medical lasers market consists of sales of ophthalmic medical lasers and related services by companies that manufacture them. Ophthalmic medical lasers are used for the pain-free treatment of diseases related to the eyes.

In June 2020, Lumibird, a leading France-based laser technologies specialist acquired all of Ellex’s laser and ultrasound activities for $70 million.Through this acquisition, the Lumibird group aimed to strengthen its current product portfolio with complimentary high-quality products, and extending its geographical presence, particularly in the US and Japan, as the acquisition included Ellex’s R&D and production site in Adelaide and the commercial subsidiaries based in Australia, Japan, the US, France and Germany.

Ellex is a leading Australia-based ophthalmic equipment manufacturer.

The ophthalmic medical lasers market covered in this report is segmented by product into diode lasers; femtosecond lasers; excimer lasers aromatherapy; ND:Yag lasers; others. It is also segmented by end user into hospitals; specialty clinics and ambulatory surgery centres, and by application into refractive error correction; cataract removal; diabetic retinopathy; glaucoma; age-related macular degeneration; others.

The availability of alternative therapies for vision correction is expected to hinder the ophthalmic medical lasers market.The alternatives for lasers in ophthalmology include using a lens for correcting the vision using techniques such as Phakic Intraocular Lens Implants, and Refractive Lens Exchange Surgery.

According to the statistics by the American Society of Cataract and Refractive Surgery (ASCRS), 95% of patients who choose to have a standard IOL procedure, which is considered safe for cataract surgery, experience fully restored vision. Therefore, the availability of alternative therapies to correct vision is expected to hamper the ophthalmic medical lasers market.

The rising incidence of ocular disorders is driving the demand for ophthalmic medical lasers market.Ocular disorders are the ones that affect vision and eye health in patients of all ages and treatment with lasers helps reshape the eye cornea for better focus, which contributes to an improved vision.

According to a publication by the World Health Organization (WHO) in October 2019, 1 billion people have lost the vision that could have been kept in check, including those with mild to extreme distance vision deficiency to blindness due to untreated refractive error (123.7 million), cataract (65.2 million), glaucoma (6.9 million), corneal distortion (4.2 million), diabetic retinopathy (3 million), and trachoma (2 million) as well as close vision loss (826 million) induced by unaddressed presbyopia. The rise in the incidence of ocular disease that requires laser treatment contributes to the growth of the ophthalmic medical lasers market.

Companies are investing in manufacturing devices that incorporate next-generation technology to treat ocular diseases.Following the trend, in October 2019, Norlase had entered the ophthalmic market with a new single spot laser called LEAF, which is an ultra-compact green laser photocoagulator.

Similarly, in June 2018, ZEISS a medical technology business group has released a next-generation VISULAS green photocoagulation that helps enhance the experience of the clinician. In Feb 2020, IRIDEX Corporation, an innovative ophthalmic laser-based medical products provider for the treatment of glaucoma and retinal diseases has launched the second generation of the MicroPulse P3® Device that gives greater stability, visualization, coupling, and fit.