Lasers have become an essential part of treatment modality for a number of practicing ophthalmologist. Ophthalmic lasers have gained prominence with the popularity of laser-assisted surgeries for rectifying nearsightedness or myopia. The increasing incidence of ophthalmic disorders and rise in geriatric population in various regions have boosted the application of different types of lasers in treating specific eye problems and improving vision. Technological advances have significantly increased the safety and accuracy of these devices.
In recent years, vision scientists studying naturally occurring retinal fluorescence discovered newer applications in diagnostic retinal imaging Combined with advances in adaptive optics and the adoption of automation technologies, physicians find ophthalmic lasers helpful in detecting glaucoma, diabetic retinopathy, and several other devastating vision-stealing diseases in the early stages. All these developments are expected to catalyze the demand for ophthalmic lasers. Expanding at 4.60% CAGR from 2016 to 2024, the market is projected to reach US$1.44 bn by the end of forecast period.
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Which end users are expected to offer promising opportunities for vendors of ophthalmic lasers?
Hospitals, ophthalmic clinics, and ambulatory surgical centers (ASCs) have emerged as primary end users of this ophthalmic lasers. A major demand for ophthalmic laser surgeries is expected to come from various ophthalmic clinics and they are expected to contribute a significant chunk of market revenue in the coming years. The substantial demand for laser-assisted surgical processes, such as the LASIK surgery, among a large number of patients is attributed to the preference of eye specialists and the increased convenience witnessed by caretakers in clinical environments. Physicians seeking a non-invasive and accurate method for diagnosing Alzheimer’s in the earliest stages find the use of lasers as a promising prospect.
BioLight Israeli Life Sciences Investments Ltd., signed a memorandum of understanding with Chengdu Kanghong Pharmaceuticals Group Co., Ltd., a Chinese company, in April, 2017 to dilute its stake in IOPtima, IOPtima has been developing laser surgery technology for the treatment of glaucoma. Under the MoU, currently non-binding in nature, the Chinese company will invest a sum of $7 million in IOPtima for garnering 19% of its shares at a $30 million company value. This will confer on the company exclusive rights for selling ophthalmic lasers in China. Such developments bode well for the market.
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Which regions are anticipated to exhibit significant uptake of ophthalmic lasers?
North America is expected to provide lucrative avenues for the ophthalmic lasers market. The substantial demand for ophthalmic lasers is driven by the presence of a large number of leading companies in North America. The regional market occupied a significant market share of 40% in 2016. The spiraling investments of private players in research and development and the presence of a robust healthcare infrastructure are key factors fuelling the demand for ophthalmic lasers. In addition, a well-organized regulatory infrastructure that expedites the approval of new products are expected to boost product innovations, thereby catalyzing the regional market.
On the other hand, Asia Pacific is fast emerging as a prominent regional market for ophthalmic lasers. In the forthcoming years, the growth of the regional market is expected to outpace others. The prevalence of various vision disorders in various countries such as China and India is a key factor bolstering the demand for ophthalmic laser surgeries.
The Middle East and Africa (MEA) and Latin America are expected to provide exciting opportunities for player in the ophthalmic lasers market. The impressive growth is attributed to the soaring medical tourism and the inexpensive eye care treatments.
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