SAN FRANCISCO, July 1, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Ophthalmic Lasers – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: April 2021
Executive Engagements: 798
Companies: 32 – Players covered 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 and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Diode Lasers, Other Product Types); Application (Refractive Error Correction, Glaucoma Treatment, Cataract Removal, Diabetic Retinopathy Treatment, Other Applications); End-Use (Hospitals, Specialty Clinics & Ambulatory Surgery Centers)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Ophthalmic Lasers Market to Reach $1.2 Billion by 2026
Lasers hold tremendous value to ophthalmologists given the power of the light beam to reshape cornea for enhancing its focus, creating a channel for easing intraocular pressure and cauterization of tiny hemorrhages. One of the major applications of lasers in the area has been the correction of nearsightedness, which has become a routine elective procedure in this area. Laser Blended Vision technique is another technique gaining growth for treatment of presbyopia. Application of lasers is also growing beyond vision correction, with significant research work paving its application in cataract surgeries and diagnostic retinal imaging among others. Use of ophthalmic lasers not only results in increased accuracy and efficacy of operations performed, but also enables treatment of patients on outpatient basis, thus avoiding both hospitalization as well as extended recovery time.
Amid the COVID-19 crisis, the global market for Ophthalmic Lasers estimated at US$934.2 Million in the year 2020, is projected to reach a revised size of US$1.2 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Femtosecond Lasers, one of the segments analyzed in the report, is projected to grow at a 5.3% CAGR to reach US$578.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Excimer Lasers segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 22.8% share of the global Ophthalmic Lasers market.
The U.S. Market is Estimated at $293.6 Million by 2021, While China is Forecast to Reach $134.1 Million by 2026
The Ophthalmic Lasers market in the U.S. is estimated at US$293.6 Million in the year 2021. The country currently accounts for a 30.37% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$134.1 Million in the year 2026 trailing a CAGR of 6.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.4% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European market (as defined in the study) will reach US$142.6 Million by the end of the analysis period. The market in these regions is expected to register steady growth over the coming years, largely driven by the growing aging population and increasing incidences of refractive error, cataract and glaucoma. The market growth is also supported by evolution of innovative technologies and procedures, especially in vision correction surgery. More than 84% of the population aged between 45-55 years require some form of vision corrective wear, while more than 95% of the population aged above 55 use either spectacles or contact lenses. Over 33% of Americans and Europeans aged over 40 years suffer from refractive errors
Nd:YAG Lasers Segment to Reach $197.3 Million by 2026
In the global Nd:YAG Lasers segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$115.2 Million in the year 2020 will reach a projected size of US$157.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$22.6 Million by the year 2026, while Latin America will expand at a 5.9% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.