Excimer and Femtosecond Ophthalmic Lasers Market is expected to reach a market value of US$ 666 Mn by 2026, with 5% CAGR | FMI Analysis Report
The global Excimer and Femtosecond Ophthalmic Lasers Market is expected to witness stable growth in 2016, reaching a value of US$ 666 Mn in terms of revenues. Excimer laser systems will continue to outsell femtosecond lasers. North America will remain the top market, whereas Asia Pacific (excluding China and Japan) is anticipated to create a lucrative market for excimer and femtosecond ophthalmic lasers globally.
Pronounced growth in geriatric population and significantly rising prevalence of diabetes will remain the key drivers fuelling the demand for excimer and femtosecond ophthalmic laser systems. Technological advancements in ophthalmic laser technology is anticipated to play a key role in catapulting their popularity and propelling their demand in market. With refractive and cataract surgeries growing in number, more number of hospitals and ophthalmology clinics are raising demand for ophthalmic laser systems. Rising healthcare awareness and expenditure among developing economies are also expected to drive the market.
High costs associated with ophthalmic laser systems may however hamper the market growth. In addition, post-LASIC complications are estimated to remain a longstanding challenge to mass adoption of excimer and femtosecond ophthalmic laser systems.
Based on product type, excimer laser systems will continue to dominate femtosecond lasers throughout 2016. The former is predicted to contribute over 60% to the total market share, whereas the latter will witness significant Y-O-Y growth in 2016. Despite considerable adoption due to persistent technological and functionality advancements, higher costs are expected to hold a negative impact on the femtosecond laser system sales.
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On the basis of application, refractive surgery segment is predicted to account for the maximum revenue share of around 70%, in 2016. It will also witness the fastest growth, compared to other segments, including cataract surgery, capsulotomy, trabeculoplasty, and diagnostics. Cataract surgery segment is projected to be the second largest application area, witnessing substantial demand for excimer and femtosecond laser systems.
By end-user, ophthalmology clinics segment accounted for the highest revenues of US$ 279 Mn in 2015. It is estimated to attract hefty revenues in 2016 as well, reaching US$ 291 Mn. Hospitals and ambulatory surgical centres will gain an uptick; whereas multi-chain ophthalmology hospitals are foreseen to gain prominence across the U.S., owing to soaring demand for refractive surgery.
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Based on region, North America will remain the leading market and contribute over 30% revenue share to total market revenues by 2016 end. In terms of revenues, the market for excimer and femtosecond ophthalmic laser systems in N. America is anticipated to reach a value of US$ 217 Mn in 2016, up from US$ 209 Mn in 2015. Western Europe will continue to witness significant adoption of excimer and femtosecond ophthalmic lasers, whereas Asia Pacific excluding China and Japan (APECJ) is projected to provide substantial growth opportunities. APECJ is expected to remain a major market, owing to rapid improvisation of healthcare infrastructure in the region. China, with the highest growth rate in 2016, will represent the most lucrative market for excimer and femtosecond ophthalmic laser systems.
Key players in the global excimer and femtosecond ophthalmic laser market include Alcon Inc. (Novartis AG), Abbott Medical Optics, Inc., NIDEK CO., LTD, SCHWIND eye-tech-solutions GmbH & Co. KG, ZEISS International, Bausch & Lomb Incorporated, Ziemer Ophthalmic Systems AG, LENSAR, LLC., and iVIS Technologies.
Long-term Outlook: Global excimer and femtosecond ophthalmic lasers market will expand at a CAGR of 5% over the forecast period, 2016-2026.
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