Albany, NY -- (SBWIRE) -- 12/21/2018 -- The global market for ophthalmic lasers is considered to have a fragmented nature, owing to the presence of several players engaged in the market worldwide, states a new study that has been recently offered by Transparency Market Research. The competitive environment of the market is likely to get intense with the participation of new players in the coming years. In addition to this, the key players in the market are emphasizing on technological developments and innovations in the field of ophthalmology, which is likely to support the development of the overall market in the coming few years. Also, the rise in the number of strategic collaborations and mergers is estimated to ensure the development of the overall market in the next few years. The key players engaged in the ophthalmic lasers market across the globe include Meditec AG, Ellex Medical Lasers Ltd., Carl Zeiss, Ziemer Ophthalmic Systems AG, NIDEK Co. Ltd., IRIDEX Corp, Lumenis Ltd., Novartis AG, and Abbott Laboratories Inc.
As per the market study by TMR, the global market for ophthalmic lasers stood at US$0.97 bn in 2015. The market is likely to attain a value of US$1.44 bn by 2024 and further exhibit a healthy 4.60% CAGR between 2016 and 2024. The presence of some leading players and the availability of advanced infrastructure are anticipated to encourage the development of the North America market in the next few years. Moreover, the rising investments for research and development activities is another factor that is predicted to support the market growth in the next few years.
Technological Developments to Ensure Growth of Global Ophthalmic Lasers Market
The growing prevalence of several ophthalmic disorders is considered as the prime factor that is estimated to encourage the development of the overall market in the next few years. A significant rise in the geriatric population and the technological developments are further anticipated to accelerate the growth of the global ophthalmic lasers market in the forecast period. In addition to this, the growing cases of chronic disorders, such as diabetes is predicted to positively accelerate the development of the market over the next few years.
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Furthermore, the rising regulatory approvals required for the ophthalmic lasers is estimated to accelerate the growth of the overall market in the next few years. Also, the key players in the market are spending heavily for research activities in order to introduce new products, which is anticipated to ensure the overall development of the market in the coming years.
High Cost of Devices to Curb Market Growth in Near Future
The global market for ophthalmic lasers is expected to experience a slight downfall in the growth of the market, owing to the several challenges that are being faced by the leading players. The high cost of therapy and equipment is one of the major aspects that is estimated to curtail the market growth in the near future. Also, the easy availability of alternative treatments is another factor that is estimated to inhibit the growth in the near future. Nonetheless, the developing economies is expected to offer lucrative opportunities, owing to the rising consumer awareness, thanks to which, the market is projected to witness high growth in the coming few years. In addition, the growing support from government for creating an awareness is predicted to ensure a market growth in the forecast period.
This information is based on the findings of a research report published 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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The North America market for ophthalmic lasers market to hold a substantial share of the market in the coming few years.
The advent of new technology and devices to encourage the growth of the global ophthalmic lasers market in the coming years.
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