Ophthalmic Lasers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Ophthalmic Lasers Market is projected to register a CAGR of 8.4% during the forecast period (2022 - 2027).

The healthcare system has witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to ​reduce the risk of viral transmission as most chronic therapies were regarded as non-urgent. An article titled “Eye Disorders in the Post-COVID Era” published in the Journal of Ophthalmic and Vision Research in December 2021 indicated that COVID-19 has caused ocular problems both directly and indirectly and the further causes of concern are side effects of COVID-19 treatment and indirect consequences of lockdowns and shelter-in-place orders. The article also showed that the huge morbidity and death toll imposed by the pandemic has led to the adoption of life-saving treatment protocols with the downside of complications. Such hindrances are affecting the growth of the ophthalmic laser market.

According to the World Health Organization Key facts on Blindness and vision impairment updated in October 2021, around the world, at least 2.2 billion people have a near or distant vision impairment. In at least around 1 billion or almost half of these cases, vision impairment could have been prevented or has yet to be addressed. The article also stated that vision impairment poses an enormous global financial burden with the annual global costs of productivity losses associated with vision impairment from uncorrected myopia and presbyopia alone estimated to be USD 244 billion and USD 25.4 billion. The large prevalence of ophthalmic disorders around the world is adding to the growth of the ophthalmic laser market.

Several initiatives taken by governments around the world are also aiding the growth of the ophthalmic laser market. For instance, at the 73rd World Health Assembly conducted by the World Health Organization held in May and November of 2020, the resolution on "integrated, people-centered eye care, including preventable blindness and vision impairment" was adopted. The key proposal of the report and resolution is to make integrated people-centered eye care (IPEC) the care model of choice and to ensure its widespread implementation. Such initiatives are expected to propel the growth of the ophthalmic lasers market in the forecast period.

In November 2020, Fluence launched a new Jasper Flex Femto laser, a 30W femtosecond laser with applications in ophthalmology. Also, in February 2020, IRIDEX Corporation, a provider of ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases, launched the second generation of the MicroPulse P3 Device, redesigned to deliver greater stability, visualization, coupling, and fit. The rise in the number of ophthalmic laser devices launched by the key market players is adding to the growth of the market.

However, the high cost associated with laser therapies and the low availability of skilled practitioners is restricting the growth of the studied market over the forecast period.

Scope of the Report

The ophthalmic laser is a medical device used to target ophthalmic cells, in order to operate the ophthalmic disorders. Ophthalmic lasers are used for treating a wide range of eye problems. It is used in a variety of ophthalmic disorder procedures that include cataract surgery, laser trabeculoplasty, retinal photocoagulation, and laser iridotomy. Significant accuracy, low-cost, safe procedure, and convenient ophthalmic tools have increased the demand for ophthalmic lasers in the market. The ophthalmic lasers market is segmented by product (diode lasers, femtosecond lasers, excimer lasers, Nd:YAG lasers, and other products), application (glaucoma, cataract removal, refractive error corrections, diabetic retinopathy, and other applications), end user (hospitals, eye clinics and other end users) and geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The Market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values in (in USD million) for the above segments.

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Key Market Trends

Refractive Error Corrections Segment is Expected to Hold a Major Market Share in the Ophthalmic Lasers Market

The refractive error corrections segment holds the major segment in the ophthalmic laser market. An article titled “Attitude toward refractive error surgery and other correction methods: A cross-sectional study” published in the journal of Annals of Medicine and Surgery in December 2021 indicated that refractive errors are the most common vision problem and prove to be a significant health issue. The article aimed to determine the awareness of refractive surgery. As per the article, Laser-Assisted in Situ Keratomileusis (LASIK) was the most commonly performed procedure among the surgical options. The increasing prevalence of ophthalmic lasers in the refractive error corrections is assessing the growth of the segment in the ophthalmic lasers market in the forecast period.

According to the October 2021 update of the World Health Organization, approximately 88.4 million people suffer blindness due to unaddressed refractive errors. Similarly, according to the research study published in May 2021, titled “Refractive errors and visual impairment among children and adolescents in southernmost China”, from the total participants, 23.0% presented uncorrected VA (UCVA) was worse than 20/40 in worse eye, 6.0% presented mild presenting visual acuity impairment (PVAI), 7.0% presented moderate PVAI, 0.2% presented severe PVAI in the better eye, and 46.9% presented abnormal UCVA. Hence, owing to the high prevalence of refractive errors, the segment is expected to grow over the forecast period.

An article by Cataract & Refractive Surgery Today in September 2021 discussed the future of refractive correction. The article showed that the development of procedures such as SMILE and technologies such as Contoura Vision and iDesign Refractive Studio has increased the number of treatment options and the level of customization that surgeons can offer to patients. The rise in the development of refractive corrective surgeries in recent years is adding to the growth of the ophthalmic lasers market in the forecast period.

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