In a remarkable trajectory, the global excimer and femtosecond ophthalmic lasers market is on track to surpass expectations, projected to reach a valuation of US$ 1.18 billion by the close of 2022, marking a noteworthy increase from US$ 1.02 billion in 2021. This unprecedented growth is further fueled by a robust 8.0% Compound Annual Growth Rate (CAGR) in excimer and femtosecond ophthalmic laser sales from 2022 to 2032, anticipating a staggering market valuation of US$ 2.41 billion by the end of the forecast period.
The industry’s success is intricately woven with advancements in laser technology, revolutionizing vision correction procedures. Innovations such as wavefront-guided and topography-guided treatments have ushered in a new era of personalized and customized vision correction, addressing intricate higher-order aberrations and irregularities. The integration of cutting-edge eye tracking systems amplifies safety and precision, reducing potential errors during laser surgeries. Notably, femtosecond lasers have pioneered transformative possibilities in corneal refractive surgeries, playing a pivotal role in bladeless and predictably precise cataract surgeries. As technology continues its relentless evolution, the excimer and femtosecond ophthalmic lasers market are poised for further expansion, promising heightened outcomes for individuals grappling with diverse eye conditions.
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The prevalence of refractive errors and eye disorders, such as myopia, hyperopia, astigmatism, and cataracts, is increasing worldwide, primarily due to factors like aging populations and lifestyle changes. As more individuals seek effective solutions to correct vision impairments and maintain ocular health, the demand for Excimer and Femtosecond Ophthalmic Lasers is on the rise. These lasers offer precise, safe, and minimally invasive procedures, making them a preferred choice for both patients and ophthalmic surgeons. The ongoing research and development in the ophthalmic laser industry are directed towards enhancing treatment options and addressing a broader range of eye conditions, further bolstering the market growth.
The global Excimer and Femtosecond Ophthalmic Lasers Market was worth US$ 1.02 billion in 2021, and it is expected to be worth US$ 1.18 billion by the end of 2022. Furthermore, with the rising prevalence of eye diseases worldwide and the increasing adoption of ophthalmic lasers, overall sales of excimer and femtosecond ophthalmic lasers are expected to rise at an 8.0% CAGR from 2022 to 2032, reaching a market valuation of US$ 2.41 billion by 2032.
The growth in the global excimer and femtosecond ophthalmic lasers market is attributed to the increasing prevalence of eye diseases across the world and the surging adoption of ophthalmic lasers, the overall sales of excimer and femtosecond ophthalmic lasers are projected to rise.
An excimer laser is known as a form of ultraviolet laser which is commonly utilized in ophthalmic surgeries. Excimer laser photorefractive keratectomy and excimer laser in-situ keratomileusis (LASIK) are some of the most common procedures conducted using a laser which is used to rectify refractive errors of the eye, as excimer laser alters the refractive state of the eye by removing tissue from the anterior cornea.
On the basis of application, the refractive surgeries segment dominated the global Excimer and Femtosecond Ophthalmic Lasers Market with a total value share of nearly 69% in 2021.
The excimer and femtosecond ophthalmic lasers are prominently used in surgical care for treating numerous eye disorders on account of their safe, precise, and accurate nature. Attributing to such attractive benefits and technological advancements, excimer and femtosecond ophthalmic lasers have the potential to become the gold standard of eye surgeries.
The increasing prevalence of multiple eye disorders such as glaucoma, macular degeneration, and diabetic retinopathy along with a surge in the number of eye surgeries performed worldwide is expected to bolster the growth of the Excimer and Femtosecond Ophthalmic Lasers Market during the assessment period.
Key Takeaways
- An increase in the opening of ophthalmology clinics and hospitals in many nations all over the world is expected to propel growth in the market. Due to the rise in the number of elderly people visiting ophthalmology clinics and hospitals as well as the large numbers of diabetic people who have eye disease or are at risk of developing it. These aforementioned factors are anticipated to grow femtosecond and excimer ophthalmic laser market growth during the next ten years.
- The government and several other regulatory bodies are meticulously working in order to make eye care services a crucial part of universal health coverage and address the increasing impact of vision loss on sustainable development. This is expected to create lucrative growth prospects within the global excimer and femtosecond laser market.
- In order to provide ophthalmologists with some of the best equipment possible to efficiently perform delicate eye procedures, ophthalmic laser manufacturers are constantly improving their laser systems.
- In comparison to manual surgery, Femtosecond laser cutting is done with greater precision and accuracy. Growth in the global excimer & femtosecond ophthalmic lasers market is mainly driven by the increasing diabetic and aging population globally. This increase is resulting in a rise in the number of common ophthalmic disorders such as cataracts, glaucoma, etc.
- The surge in the prevalence of age-related macular degeneration (AMD), glaucoma, cataract, diabetic retinopathy, and presbyopia require surgical correction to restore normal vision. Therefore, the increased aging and diabetic population is a major factor expected to fuel the growth of the global Excimer and Femtosecond Ophthalmic Lasers Market over the forecast period.
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Competitive Landscape
The prominent market players in the healthcare sector are utilizing FLACS, or femtosecond laser-aided cataract surgery, as a safe and efficient therapy option for elderly patients, which is rapidly gaining ground. Hand-held surgical instruments in several procedures such as cataract fragmentation, anterior capsulotomy, and corneal incision are being drastically replaced by more efficient lasers resulting in increased accuracy and precision.
Key Companies Profiled: –
Medtronic Public Limited Company, Boston Scientific Corp, St Jude Medical LLC and Nevro Corp, Nuvectra Corporation and Stimwave, Neurosigma Inc., Synapse Biomedical Inc., Abbott Laboratories, Beijing PINS Medical Co., Ltd, Cirtec Medical Corporation, Gimer Medical, Bluewind Medical, Bioinduction, Greatbatch, Inc., Saluda Medical Pty Ltd.
Excimer and Femtosecond Ophthalmic Lasers Market Segments
Product:
- Excimer Laser
- Femtosecond Laser
Application:
- Refractive Surgery
- Cataract Surgery
- Capsulotomy
- Trabeculoplasty
- Diagnosis
End User:
- Hospitals
- Ambulatory Surgical Centers
- Ophthalmology Clinics
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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