Ophthalmic Lasers Market is rising at a CAGR of 4.60% till 2024

TMR estimates that the global ophthalmic lasers market will exhibit a healthy CAGR of 4.60% over the period between 2016 and 2024 and witness a rise from a valuation of US$0.97 bn in 2015 to US$1.44 bn by 2024.

Increased Awareness Regarding Treatment Options for Ophthalmic Conditions to Boost Growth Opportunities

One of the chief factors leading to the increased need for niche medical devices such as ophthalmic lasers is the vast rise in population of patients with a number of eye diseases across the globe. Studies show that the rate of incidence of partial and complete blindness has significantly increased over the years and could rise to twice its present volume by 2020, chiefly owing to the rise in conditions such as diabetes, glaucoma, and cataract. The rising awareness regarding the fact that timely diagnosis and effective medical intervention such as laser surgeries could avoid these conditions is a key factor augmenting the global demand for ophthalmic lasers. Rising awareness among global population regarding the effectiveness of available treatment methods could also boost adoption of ophthalmic lasers globally.

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The rising population of geriatrics, a demographic more prone to ophthalmic disorders and vision defects, also provides significant scope for the development of the global ophthalmic lasers market. The market especially holds significant promise in regional markets such as Asia Pacific and Latin America with vast untapped growth opportunities and technologically maturing healthcare infrastructure.

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North America Market for Ophthalmic Lasers Anticipated to Continue to Dominate

Of the key end-use sectors that employ ophthalmic lasers, including ophthalmic clinics, ambulatory surgical centers (ASCs), and hospitals, the segment of ophthalmic clinics is presently the leading demand driver. The segment is also likely to remain the top demand driver as well as the leading revenue generator in the next few years.

From a geographical perspective, the global ophthalmic lasers market in North America is presently the dominant contributor of revenue to the global market and is expected to retain its dominant leading streak over the report’s forecast period as well; it accounted for a massive 40% of the global market in 2016. In the near future, the regional market will benefit from factors such as the presence of a large number of well-established ophthalmic laser companies, state-of-art healthcare infrastructure, and strong regulatory support to the medical devices industry.

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The global ophthalmic lasers market features a moderate level of competition and a largely fragmented vendor landscape with the top five vendors cumulatively accounting for a marginal 35% of the market in 2015, observes Transparency Market Research (TMR) in a new report. The high demand for effective surgical products to serve a rising global consumer base of ophthalmic conditions is expected to compel an increasing number of companies from the pharmaceutical sector to foray into the promising ophthalmic lasers market in the near future.

This could intensify the level of competition in the market, fuel development of new product varieties featuring advanced technologies, and lead the market towards maturity. Some of the leading vendors in the market presently are Ellex Medical Laser Ltd., Alcon, Quantel Group, Lumenis Ltd., and Carl Zeiss.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.