Market Trends of Ophthalmic Lasers Industry
Refractive Error Corrections Segment is Expected to Hold a Significant Market Share in the Ophthalmic Lasers Market
The refractive error corrections segment holds the major share in the ophthalmic lasers market. An article published in the journal of Annals of Medicine and Surgery in December 2021 indicated that refractive errors are the most common vision problem and prove to be a significant health issue. The article aimed to determine the awareness of refractive surgery. As per the article, Laser-assisted In Situ Keratomileusis (LASIK) was the most commonly performed procedure among surgical options. The increasing prevalence of ophthalmic lasers in refractive error corrections is expected to aid the growth of the segment in the ophthalmic lasers market during the forecast period.
According to the October 2021 press release by the World Health Organization, approximately 88.4 million people suffer blindness due to unaddressed refractive errors. Similarly, according to the research study published in May 2021, in the National Library of Medicine, from the total participants, 23.0% presented uncorrected VA (UCVA) was worse than 20/40 in worse eye, 6.0% presented mild presenting visual acuity impairment (PVAI), 7.0% presented moderate PVAI, 0.2% presented severe PVAI in the better eye, and 46.9% presented abnormal UCVA. Hence, owing to the high prevalence of refractive errors, the segment is expected to grow over the forecast period.
An article by Cataract & Refractive Surgery Today in September 2021 discussed the future of refractive correction. The article showed that the development of procedures such as SMILE and technologies such as Contoura Vision and iDesign Refractive Studio increased the number of treatment options and the level of customization that surgeons can offer to patients. The rise in the development of refractive corrective surgeries in recent years is adding to the growth of the ophthalmic lasers market over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The rise in the adoption of highly advanced techniques and systems in the manufacturing of ophthalmic lasers and the technological advancements made in ophthalmic lasers are expected to boost the growth of the market in the North American region. High awareness of the availability of innovative vision corrective surgeries in the medical field among the population contributes to the high market growth in the region.
A press release published in February 2022 by the Centers for Disease Control and Prevention (CDC) offered prevalence estimates for the most common eye disorders and eye diseases. Nearly 12 million adults in the United States who are 40 years and above of age have vision impairment, and about a million of them are blind. Every third American has astigmatism, which affects around 1 in 3 people. Over the age of 40, 8.4% of the population suffers from farsightedness (over 14.2 million people). A little over 23.9% of those over 40 have nearsightedness (about 34 million people). Another 7.3 million people experience visual issues brought on by massive drusen deposits, which are white or yellow deposits that develop behind the retina. Lipids, which are fatty proteins, make up drusen. Thus, such an increasing prevalence of eye diseases is expected to increase the demand for ophthalmic lasers for the treatment of such diseases.
Product approvals are another factor in market growth. For instance, in December 2021, LASEROPTEK Co., Ltd. received 510(k) clearance from the US Food and Drug Administration (FDA) for its PicoLO Premium picosecond pulse Nd: YAG laser. The approvals of such innovative products in the United States are expected to boost the growth of the market during the forecast period.
Thus the increasing necessity for surgeries involving ophthalmic lasers and increasing research and development in the healthcare department are known to propel the growth of the market in this region.
