Ophthalmic Laser Devices Market

Ophthalmic Lasers Market By Product Type (Argon Blue-Green Laser, Nd: Yag Laser, Krypton Red Laser, And Others), Application (Glaucoma, Diabetic Retinopathy, Cataracts, And Others), End-User (Hospitals And Clinics, Ambulatory Surgical Centers, Ophthalmic Centers, And Others), And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady CAGR forecast till 2030 owing to rise in the prevalence of ophthalmic diseases such as glaucoma, retinopathy, and others with the rising technological development activities among others

The ophthalmic lasers market was valued at USD 1.43 billion in 2023 and is likely to register a CAGR of 4.44% during the forecast period from 2024 to 2030 to reach USD 1.94 billion by 2030. The growing demand for ophthalmic lasers stems from several factors. Firstly, there's a rise in eye diseases like glaucoma and cataracts, which necessitate laser treatments. Additionally, advancements in technology and the introduction of new products are driving market growth by improving treatment options and outcomes in ophthalmology during the forecast period from 2024 to 2030.

Ophthalmic Lasers Market Dynamics:

According to latest available data provided by the World Glaucoma Association approximately 7.6 million individuals globally were identified with glaucoma in 2020. This figure is anticipated to skyrocket to 111.8 million by 2040. Notably, in developed countries, as much as 90% of glaucoma cases remain undiagnosed, and half of the population is oblivious to their condition. Glaucoma, often symptomatically silent, stands as a primary contributor to irreversible blindness on a global scale. The latest available projections from the World Glaucoma Association indicate that by 2040, over 11 million people will experience bilateral blindness due to glaucoma.

The increasing number of people with glaucoma worldwide will greatly impact the market for ophthalmic lasers. Ophthalmic lasers, especially in procedures like selective laser trabeculoplasty (SLT), are crucial for reducing eye pressure and controlling glaucoma. This growing demand will lead to advancements in laser technology, creating more specialized lasers for treating glaucoma. This will not only benefit glaucoma patients but also expand the use of lasers for other eye conditions. Additionally, improved laser technology may make treatments more affordable and accessible. As glaucoma cases increase, there will be more research into new laser therapies, providing patients with more treatment options and driving progress in the field. Overall, the increasing prevalence of glaucoma will lead to the growth of the ophthalmic lasers market globally.

Additionally, as per data provided by the International Agency for the Prevention of Blindness (IAPB) (2024), it was revealed that in the year 2020, approximately 20% of individuals diagnosed with diabetes exhibited symptoms of diabetic retinopathy (DR). Within this group, about 10% suffered from severe complications of the condition. This data highlights the staggering impact, with an estimated 103 million adults worldwide affected by diabetic retinopathy. Furthermore, among these individuals, over 47 million were confronted with vision-threatening forms of retinopathy, necessitating immediate intervention to preserve their eyesight. The increasing number of people with diabetic retinopathy (DR) is boosting the need for ophthalmic lasers. As more people worldwide develop diabetes and subsequently DR, effective treatments are required to prevent vision loss.

Ophthalmic lasers play a crucial role in managing DR by targeting problematic blood vessels in the eye. As advancements in laser technology, treatments are becoming more precise and safe, reducing the risk of side effects. Better awareness and screening programs also help detect DR early, driving the demand for laser treatments to protect vision and prevent blindness. In short, ophthalmic lasers are vital in addressing the growing problem of DR and preserving eyesight.

Another key factor behind the growth of the ophthalmic laser market is rise in product launch activities, and acquisitions, for example, in January 2024, the leading provider of laser-based medical equipment, IRIDEX Corporation, announced its next-generation platform, the IRIDEX 532 and IRIDEX 577 lasers, in the United States, for the treatment of retinal illnesses and glaucoma. Both lasers use a variety of treatment modes, such as continuous-wave and Iridex's exclusive MicroPulse technology, an intuitive touchscreen interface also provides access to several clinical control features and settings.

Furthermore, in April 2020, MERIDIAN AG a Swiss manufacturer of lasers in the field of ophthalmology acquired OPTHALL, an ophthalmic laser manufacturer in Slovenia. The acquisition will help both companies to strengthen their capabilities in research & development (R&D) and manufacturing, both companies are looking forward to maintaining the production of high-quality instruments for the ophthalmic laser community while obtaining more authority and resources in R&D and manufacturing. Therefore all the factors mentioned above are expected to push forward the growth of the ophthalmic lasers market during the forecast of 2024 to 2030.

However, the high cost of the ophthalmic lasers, and the risk of developing infection after treatment of ophthalmic disorder, may restrict the growth of the overall Ophthalmic Laser market.

Ophthalmic Lasers Market Segment Analysis:

Ophthalmic Lasers Market By Product Type (Argon Blue-Green Laser, Nd: YAG Laser, Krypton Red Laser, and Others), Application (Glaucoma, Diabetic Retinopathy, Cataracts, and Others), End-User (Hospitals and Clinics, Ambulatory Surgical Centers, Ophthalmic Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product type segment of the overall Ophthalmic Lasers market, the Argon Blue-Green Laser category is expected to hold the largest share in the year 2023. This can be attributed to the wide applications and advantages provided by the Argon Blue-Green laser. The Argon Laser contains argon gas which produces the visible blue-green light with a wavelength of 488 nm and 514 nm, this argon blue-green laser light is used in the retina because hemoglobin, melanin, and other pigments in the retina will absorb the argon green-blue light, the argon laser beam travels easily through a fiber optic bundle and because of that the end bronchial surgery is possible. The wavelength of argon blue-green light that doesn't harm the eye can travel through the fluids inside the eye. When compared to alternative therapies, the argon blue-green laser has a significant advantage because it targets a precise location during laser surgery, resulting in faster patient healing and a lower risk of infection. It is beneficial in treating diabetic retinopathy, glaucoma, cataracts, and other conditions.

Therefore, owing to the applications and advantages of argon blue-green laser, all of the above factors are expected to drive the growth of the argon blue-green laser, thereby propelling the overall growth of the Ophthalmic Lasers market during the forecast period from 2024 to 2030.

North America Is Expected To Dominate The Overall Ophthalmic Lasers Market:

Among all the regions, North America is expected to hold the largest share in the global Ophthalmic Lasers market in 2023. The ophthalmic lasers market in North America is witnessing growth due to several factors. Firstly, there's a rising incidence of eye disorders like diabetic retinopathy and glaucoma across the region. Additionally, the market benefits from the presence of prominent industry players and ongoing product development initiatives, including new launches and regulatory approvals. These factors collectively contribute to the expansion of the ophthalmic laser market in North America, catering to the increasing demand for advanced treatments and technologies in eye care.

According to the data provided by the Centers for Disease Control and Prevention (CDC) (2023), in 2021 it was estimated that in the United States, around 9.6 million people with diabetes, or 2.6%, have diabetic retinopathy (DR), and 1.84 million, or 5.1% of those with diabetes, have vision-threatening diabetic retinopathy (VTDR). Among people over 40 with diabetes, approximately 1 in 4 have diabetic retinopathy. The prevalence of DR is highest (28.4%) in the 65–79 age group and lowest (13.0%) in those under 25. Overall, there are 8.94 million cases of diabetic retinopathy and 1.71 million cases of vision-threatening diabetic retinopathy among people aged 40 and above. In males, the prevalence rates of DR (0.64% vs 0.47%) and VTDR (2.74% vs 1.94%) are higher compared to females. The increasing prevalence of diabetic retinopathy (DR) in North America, with 9.6 million cases in the US alone, is driving demand for ophthalmic lasers. These lasers, like photocoagulation, are crucial for managing DR by sealing off abnormal blood vessels in the retina. As diabetes rates rise, so does DR, further boosting the need for laser treatments. Technological advancements in ophthalmic lasers improve treatment precision and minimize side effects, making them more appealing. Early detection and heightened awareness also contribute to the demand for laser interventions to preserve vision. This growing market offers significant opportunities for innovation and expansion in addressing the rising burden of DR in North America.

Furthermore, recent mergers, acquisitions, and approvals among key market players in the region. For example, in September 2023, MERIDIAN AG got the approval from U.S. Food and Drug Administration (FDA) for their innovative Merilas product family which was developed by MERIDIAN AG for the treatment of retinal disorder and glaucoma.

Therefore, increasing product approvals, and launches of the product along with the presence of key players, among others is expected to boost the growth of the ophthalmic lasers market in the North American region during the forecast period from 2024 to 2030.

Ophthalmic Lasers Market Key Players:

Some of the key market players operating in the Ophthalmic lasers market include Alcon Inc., IRIDEX Corporation, Alna-Medicalsystem AG & Co. KG, BAUSCH + LOMB INCORPORATED, Lumenis Be Ltd., Abbott, NIDEK CO., LTD, MERIDIAN AG, Johnson & Johnson Vision, LIGHTMED, ZEISS, Navilas Academy, Aeon Meditec, Quantel Medical, Lumibird Medical, Ziemer Ophthalmic Systems AG, and others.

Recent Developmental Activities In The Ophthalmic Lasers Market:

• In January 2024, MERIDIAN AG got the U.S. Food and Drug Administration (FDA) approval for their MR Q series, this product provided a high-quality and inventive healthcare solution that required the needs of patients and physicians around the world.
• In April 2023, Johnson & Johnson Vision, a global leader in eye health and part of Johnson & Johnson MedTech received U.S Food and Drug Administration FDA 510(k) approval on their ELITA Femtosecond Laser.
• In March 2021, IRIDEX Corporation, a provider of innovative ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases, announced that they were collaborating with Topcon Corporation a Japanese manufacturer and distributor of the eye care business. To expand their market of ophthalmic lasers in Asia-Pacific also.

Key Takeaways From The Ophthalmic Lasers Market Report Study

• Market size analysis for current ophthalmic lasers market size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global ophthalmic lasers market.
• Various opportunities available for the other competitor in the ophthalmic lasers market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current ophthalmic lasers market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for ophthalmic lasers market growth in the coming future?

Target Audience Who Can Be Benefited From This Ophthalmic Lasers Market Report Study

• Ophthalmic Laser products providers
• Research organizations and consulting companies
• Ophthalmic lasers related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in Ophthalmic lasers
• Various end-users who want to know more about the ophthalmic lasers market and the latest technological developments in the ophthalmic lasers market.

Frequently Asked Questions For The Ophthalmic Lasers Market:

1. What are Ophthalmic Lasers?

Ophthalmic lasers allow precise treatment of a range of eye problems with little risk of infection many laser procedures are relatively pain-free and can be performed on an outpatient basis.

2. What is the market for global Ophthalmic Lasers?

The ophthalmic lasers market was valued at USD 1.43 billion in 2023 and is likely to register a CAGR of 4.44% during the forecast period from 2024 to 2030 to reach USD 1.94 billion by 2030.

3. What are the drivers for the global Ophthalmic Lasers market?

The growing demand for ophthalmic lasers stems from several factors. Firstly, there's a rise in eye diseases like glaucoma and cataracts, which necessitate laser treatments. Additionally, advancements in technology and the introduction of new products are driving market growth by improving treatment options and outcomes in ophthalmology during the forecast period from 2024 to 2030.

4. Who are the key players operating in the global Ophthalmic Lasers market?

Some of the key market players operating in the Ophthalmic lasers market include Alcon Inc., IRIDEX Corporation, Alna-Medicalsystem AG & Co. KG, BAUSCH + LOMB INCORPORATED, Lumenis Be Ltd., Abbott, NIDEK CO., LTD, MERIDIAN AG, Johnson & Johnson Vision, LIGHTMED, ZEISS, Navilas Academy, Aeon Meditec, Quantel Medical, Lumibird Medical, Ziemer Ophthalmic Systems AG, and others.

5. Which region has the highest share in the Ophthalmic Lasers market?

The ophthalmic lasers market in North America is witnessing growth due to several factors. Firstly, there's a rising incidence of eye disorders like diabetic retinopathy and glaucoma across the region. Additionally, the market benefits from the presence of prominent industry players and ongoing product development initiatives, including new launches and regulatory approvals. These factors collectively contribute to the expansion of the ophthalmic laser market in North America, catering to the increasing demand for advanced treatments and technologies in eye care.