Market Size of Ophthalmic Lasers Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.49 Billion |
| Market Size (2029) | USD 1.86 Billion |
| CAGR (2024 - 2029) | 4.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ophthalmic Lasers Market Analysis
The Ophthalmic Lasers Market size is estimated at USD 1.49 billion in 2024, and is expected to reach USD 1.86 billion by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).
The healthcare system 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 published in the Journal of Ophthalmic and Vision Research in December 2021 indicated that COVID-19 had 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 stated 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 lasers market. However, the market is opening up, and with product launches and other initiatives, it is expected to grow during the forecast period.
According to the WHO 2021, around the world, at least 2.2 billion people have 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. As per the same source, vision impairment poses a global financial burden associated with vision impairment from uncorrected myopia (USD 244 billion) and presbyopia (USD 25.4 billion). The large prevalence of ophthalmic disorders around the world is adding to the growth of the ophthalmic lasers market.
Similarly, in January 2022, a press release by the World Economic Forum stated that rates of short-sightedness (myopia) are rising dramatically. By 2050, it's even predicted that half of the world's population would be short-sighted. These rates alone have risen in the past 50 years in Europe. According to the study, women were 24% more likely than men to develop myopia as children, but they were 12% less likely to do so as adults. It's unclear why this is the case, but it could be because men and women endure different hormonal shifts or different lifestyles. Thus, the increasing prevalence of myopia is expected to increase market growth during the forecast period as the patient often requires surgical treatments which involve ophthalmic lasers.
Initiatives by key market players are further expected to increase market growth during the forecast period. In April 2022, Nova Eye Medical launched its next-generation canaloplasty device, iTrack Advance, in select markets in Europe and Asia-Pacific. The iTrack Advance features include a proprietary illuminated fiber optic tip of the original iTrack device to allow the surgeon to continuously monitor the location of the device in Schlemm's canal. Thus, such initiatives are expected to increase market growth.
However, the high cost associated with laser therapies and the low availability of skilled practitioners are expected to restrict the growth of the studied market over the forecast period.
