Ophthalmic Lasers Market to Witness Diminished Demand Amidst Covid-19 Pandemic Owing to Restrictions on Elective Ocular Treatments, says Future Market Insights
The ophthalmic lasers market is expected to reach a US$ 1.3 billion by the end of the assessing period between the years 2020 and 2030. The coronavirus pandemic has resulted in a significant short-term downturn in the requirement for ophthalmic lasers. Lockdown restrictions have limited supply and distribution capabilities. In addition, restrictive guidelines on elective medical procedures will hurt demand in the near term. However, recovery is likely to be strong towards 2021.
“The rate of partial or complete blindness has risen substantially in the recent past and is expected to continue growing well into the coming decade. These issues are further compounded by growing cases of glaucoma, cataract, and diabetes, which will provide growth opportunities to ophthalmic laser manufacturers,” says the FMI report.
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Ophthalmic Lasers – Primary Takeaways
- Applications ophthalmic clinics are displaying high potential for growth, owing to growing number of facilities providing treatments for chronic ocular issues.
- YAG lasers are gaining user interest, with improvements in results for corneal, glaucoma, and retinal surgeries.
- Asia Pacific is a displaying high potential towards the adoption of ophthalmic lasers, owing to high incidence rates for diabetes and cataracts.
Ophthalmic Lasers – Growth Factors
- Growth in the regulatory approvals of new ophthalmic laser devices and treatments are beneficial for market prospects.
- Sustained growth in investments for healthcare infrastructure drives sales and use of ophthalmic lasers.
Ophthalmic Lasers – Major Constraints
- Lack of awareness about ophthalmic laser treatment options, particularly in rural areas are holding back market growth.
- High costs associated with ocular laser treatments is hindering adoption of related equipment.
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The Projected Impact of Coronavirus
Ophthalmic medical procedures and around the world have been postponed or severely curtailed in many parts of the world under lockdown regulations during the coronavirus pandemic. Further, supply and distribution channels for ophthalmic laser manufacturers are facing challenges in terms of logistics and transport. These factors are expected to hinder growth of the market in the short term. However, demand is likely to recovery steadily towards 2021 helping clear the backlog of ocular ailment treatments.
The ophthalmic lasers market comprises players including but not limited to NKT Photonics A/S, Zeiss International, iVIS Technologies, Nidek Inc., Lensar LLC, Bausch & Lomb Inc., Novartis AG, Abbott Laboratories, Zeimer Ophthalmic Systems AG, and SCHWIND Eye-Tech Solutions.
Players operating in the ophthalmic lasers market have been increasingly invested in widening their product portfolios with acquisition and long-term product development strategies, for a wider range of treatments.
For instance, ELT Sight has announced its acquisition of the IP and assets of excimer ophthalmic laser systems from MLase AG. Schwind eye-tech solutions has received the approval of European CE certification for its ATOS femtosecond laser. Further, the Fyodorov Eye Microsurgery Complex has unveiled a new laser-based artificial eye-lens replacement surgery, aimed towards improving regeneration.
More About the Study
The FMI study provides detailed insights on ophthalmic lasers. The market is broken down in terms of product type (excimer and femtosecond), application (refractive surgery, cataract surgery, capsulotomy, trabeculoplasty, and diagnostics) and end user (hospitals, ophthalmology clinics, and ambulatory surgical centers), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
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SOURCE: Future Market Insights