Albany, New York, May 13, 2019 (GLOBE NEWSWIRE) -- The global Ophthalmic Lasers Market is anticipated to expand at a decent CAGR of 4.60% within the forecast period from 2016 to 2024. The market in 2015 was valued around worth of US$0.97 bn. This figure is likely to surpass the worth of US$1.44 bn by 2024 end.
On the basis of end users the global ophthalmic lasers market is categorized into hospitals, ambulatory surgical centers, and ophthalmic clinics. Owing to the rising demand, the segment of ophthalmic clinics is foreseen to lead in terms of revenue in the global ophthalmic lasers market in the forthcoming years. Geography-wise, North America region is likely to dominate the global market due to emergence of several players in the region. In 2016, the region accounted for more than 40% share of ophthalmic lasers market.
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Supportive Regularity Policies to Bolster Market Development
Owing to increased focus on R&D activities by the major players in the region has resulted in the top class healthcare frameworks and highly supportive policies. This helps in preventing the delays in product approvals to contribute in North America market growth.
Increasing prevalence of people suffering from eye ailments, rising awareness regarding effective health care, along with timely diagnosis are some of the contributing factors augmenting the growth in global ophthalmic lasers market in the future. Besides, increasing number of efficient eye treatment is another factor bolstering the global market demand for ophthalmic lasers.
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Ophthalmic lasers treatment can be availed easily in the market. Owing to this pain free procedure and its convenience, the ophthalmic lasers market is foreseen to witness a staggering demand in forthcoming years. Moreover, technological advancements, rising cases of chronic ailments, and surging population are among the factors driving the global ophthalmic lasers market. The inclusion of advanced technologies in the ophthalmology field improves the precision of ophthalmic laser operations. For example, advanced technology in ophthalmology, like optical coherence tomography (OCT) supports in diagnosis of retinal ailment via quantitative data. Furthermore, increasing initiatives taken regarding vision impairment treatment, and increasing legal approvals of upcoming products are expected to accelerate growth of the global ophthalmic lasers market.
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Expensive Equipment for Treatment to Hamper Market Growth
Nevertheless, increasing adoption of optional treatment methods over the ophthalmic lasers owing to their low cost and easy availability is among the key factors hindering the global ophthalmic lasers market. Apart this, the staggering prices of the equipments and the treatment is affecting the growth of ophthalmic lasers market negatively. However, increasing backup from the governments to spread awareness among the consumers is likely to pick up the market growth in the coming years.
The global ophthalmic lasers market is prognosticated to witness a fragmented landscape due to the presence of several big and small players in the market, globally. The competition among the players is foreseen to grow owing to rising advancements in technology in the ophthalmology sector. Product innovation is one of the leading strategies that is paying off to the players in the market to flourish significantly. It is helping them have an edge over their competitors in the long run, and is in turn boosting the development of global ophthalmic lasers market. The players are also investing notably in research and development activities, says TMR analyst. The key players operating in global ophthalmic lasers market include Novartis AG,Carl Zeiss, IRIDEX Corp, Ziemer Ophthalmic, Abbott Laboratories, and Ellex Medical Lasers.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Ophthalmic Lasers Market (Product - Diode Lasers, Femtosecond Lasers, Excimer Lasers, Nd:YAG Lasers, Argon Lasers, and SLT Lasers; Application - Glaucoma, Cataract, Refractive Error Corrections, Diabetic Retinopathy, and AMD; End User - Hospitals, Ambulatory Surgical Centers, and Ophthalmic Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 – 2024.”
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