The growth of the excimer & femtosecond ophthalmic lasers market is attributed to the factors such as a rise in elderly population, and increase in the number of cataract and refractive surgeries. However, the high cost of ophthalmology surgeries and devices hampers the growth of the market.
Rise in geriatric population in countries such as the US, the UK, Canada, Japan, China, India, and South Korea is driven by the modernization of healthcare facilities and improvements in healthcare services, which boosts the life expectancy in these countries. According to the data by the WHO in February 2018, the geriatric population is estimated to rise from 12% in 2015 to 22% by 2050. According to the US Census Bureau, the number of people in the US with age 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060, while their population share would grow from ~15% to ~24% during this period. As per the United Nation’s World Population Ageing 2017 report, in 2017, Europe had the world’s highest percentage (i.e., 25%) of people aged more than 60 years. Further, by 2050, all regions of the world, except Africa, would have ~25% or more of their populations aged 60 and above, and underdeveloped and developing countries would account for ~80% of this growth.
The loss of vision is a major health problem among the elderlies. Age-related macular degeneration, glaucoma, cataracts, and diabetic retinopathy are among the most common causes of vision loss among people from this age group. Age-related macular degeneration results in the loss of central vision. Optic nerve injury and visual field loss can occur as a result of primary open-angle glaucoma. As this ailment can be asymptomatic at first, elderly people need regular check-ups. Although cataracts are the common source of visual issues in these people. However, cataracts can usually be removed through surgical procedures. Diabetic retinopathy is also common among older people during the early stages of diabetes or at the time of diagnosis. A mydriatic examination is recommended when a patient is diagnosed with diabetes, followed by once a year visit thereafter.
According to the American Institute of Ophthalmology, ~24.4 million people of age below 40 undergo cataract surgery, and ~5% of all Americans undergo cataract surgery by the age of 75. Furthermore, glaucoma cases are on the rise, and the condition affects over 2.7 million Americans of age 40 and above. New eye diseases, such as age-related macular degeneration, which affects over 2.1 million Americans of age 50 and above, can cause serious vision loss. Thus there is a significantly high adoption of new technologies, such as femtosecond lasers, in cataract surgery, which involves a large upfront investment but promises improvements in patient outcomes. Thus, the rise in geriatric population fuels the growth of the excimer & femtosecond ophthalmic lasers market.
Based on product type, the excimer & femtosecond ophthalmic lasers market is segmented into excimer laser and femtosecond laser. The femtosecond laser segment is expected to lead the market in 2021, and it is expected to retain its dominance during 2021–2028. In addition, the same segment is also expected to grow at the fastest rate during the coming years.
Based on application, the excimer & femtosecond ophthalmic lasers market is segmented into refractive surgery, cataract surgery, capsulotomy, trabeculoplasty, and diagnostics. The refractive surgery segment is projected to hold the largest share of the market in 2021, whereas the cataract surgery segment is estimated to register the highest CAGR in the market during the forecast period.
Based on end user, the excimer & femtosecond ophthalmic lasers market is segmented into hospitals, ophthalmic clinics, and ambulatory surgical centers. The hospitals segment is estimated to hold the largest share of the market in 2021. However, the ophthalmic clinics segment is estimated to register the highest CAGR in the market during the forecast period.
Product launches and approvals are the commonly adopted strategies by companies to expand their global footprints and product portfolios. Companies in the excimer & femtosecond ophthalmic lasers market focus on the collaboration strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world.
The regional trends and factors influencing the Excimer & Femtosecond Ophthalmic Lasers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Excimer & Femtosecond Ophthalmic Lasers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021` | US$ 795.68 Million |
| Market Size by 2028 | US$ 1,118.64 Million |
| Global CAGR (2021 - 2028) | 5.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Excimer & Femtosecond Ophthalmic Lasers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Excimer & Femtosecond Ophthalmic Lasers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The excimer & femtosecond ophthalmic lasers market majorly consists of the players such as Bausch Health Companies Inc., Alcon Inc., ZEISS International, NIDEK CO., LTD, IVIS TECHNOLOGIES, EXCELSIUS MEDICAL GMBH, Ziemer Ophthalmic Systems, SCHWIND EYE-TECH-SOLUTIONS, LENSAR, Inc., and NKT Photonics A/S among others.
Factors such as the significant rise in elderly population and increase in the number of cataract and refractive surgeries are driving the market growth.
The excimer & femtosecond ophthalmic lasers market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the US holds the largest size of the excimer & femtosecond ophthalmic lasers market. North America held a prominent position in the global market due to growing healthcare expenditure in the US and the development of world-class healthcare infrastructure. Further, the growing prevalence of ophthalmic disorders is anticipated to underpin the demand for these products in the regions. The Asia Pacific region is expected to account for the fastest growth in the excimer & femtosecond ophthalmic lasers market. The market in the Asia Pacific region is expected to grow at a quicker pace due to factors such as rapid growth in the geriatric population, the rise in healthcare awareness about the importance of eye health, and the increase in the number of cataracts refractive surgeries.
The refractive surgery segment dominated the global excimer & femtosecond ophthalmic lasers market and held the largest revenue share in 2021. However, the cataract surgery segment is expected to grow at the fastest rate during the coming years.
Excimer Laser eye surgery is a treatment to correct nearsightedness, farsightedness, or astigmatism. The surgery reduces or eliminates the need to wear contact lenses or glasses. In this surgery, the rays of invisible ultraviolet light from the excimer laser remove a minimal quantity of tissue from the cornea to correct the curvature. This process is known as photo ablative decomposition. Similarly, a femtosecond laser, an infrared laser, emits bursts of laser energy at a high-speed rate. A femtosecond laser has a pulse span in the femtosecond range or one quadrillionth of a second. Femtosecond Lasers are widely used for cataract surgery. The U.S. Federal Drug Administration (FDA) approved Femtosecond Lasers Assisted Cataract Surgery (FLACS) in 2010. According to the WHO, cataract is the leading cause of blindness globally, and nearly 18 million people are bilaterally blind from cataract.
Hospitals, ambulatory surgical centers, and ophthalmology clinics are key end users of excimer & femtosecond ophthalmic lasers. Hospitals offer various treatments for different eye conditions. An ophthalmologist in these hospitals treats thousands of patients with a wide variety of eye conditions. Thus, the hospitals segment led the market in 2021 and is expected to retain its dominance during the forecast period.