Ophthalmic Medical Lasers Global Market Report 2020-30: COVID 19 Growth And Change

The Business Research Company’s Global Ophthalmic Medical Lasers Market Report 2020-30: COVID 19 Growth And Change

LONDON, GREATER LONDON, UK, August 27, 2020 /EINPresswire.com/ -- The global ophthalmic medical lasers market is expected to decline from $1.15 billion in 2019 to $1.09 billion in 2020 at a compound annual growth rate (CAGR) of -5.44%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The ophthalmic medical lasers market size is then expected to recover and reach $1.28 billion in 2023 at a CAGR of 5.44%.

The rising incidence of ocular disorders is driving demand in the ophthalmic medical lasers market. Ocular disorders affect vision and eye health in patients of all ages, and treatment with lasers helps reshape the eye cornea for better focus, which contributes to improved vision. According to a publication by the World Health Organization (WHO) in October 2019, 1 billion people lost vision that could have been kept in check, including those with mild to extreme distance vision deficiency or blindness, due to untreated refractive error (123.7 million), cataract (65.2 million), glaucoma (6.9 million), corneal distortion (4.2 million), diabetic retinopathy (3 million), and trachoma (2 million), as well as close vision loss (826 million) induced by unaddressed presbyopia. Thus, the rise in the incidence of ocular disease that requires laser treatment contributes to the growth of the ophthalmic medical lasers market.

Companies in the ophthalmic medical lasers market are investing in manufacturing devices that incorporate next-generation technology to treat ocular diseases. Following the trend, in October 2019, Norlase entered the ophthalmic market with a new single spot laser called LEAF, which is an ultra-compact green laser photocoagulator. Similarly, in June 2018, ZEISS - a medical technology business group - released a next-generation VISULAS green photocoagulation that helps enhance the experience of the clinician. In Feb 2020, IRIDEX Corporation, an innovative ophthalmic laser-based medical products provider for the treatment of glaucoma and retinal diseases, launched the second generation of the MicroPulse P3^® Device, that gives greater stability, visualization, coupling, and fit.

The ophthalmic medical lasers market consists of sales of ophthalmic medical lasers and related services by companies that manufacture them. Ophthalmic medical lasers are used for the pain-free treatment of diseases related to the eyes. The ophthalmic medical lasers market is segmented by product into diode lasers, femtosecond lasers, excimer lasers aromatherapy, ND:Yag Lasers, and others. By end user, the market is segmented into hospitals, specialty clinics, and ambulatory surgery centres. By application, it is segmented into refractive error correction, cataract removal, diabetic retinopathy, glaucoma, age-related macular degeneration, and others.

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