The global excimer and femtosecond ophthalmic lasers market is expected to increase at a rate of nearly 4% in 2016 and reach US$ 666 Mn in revenues. North America, Europe, and Asia Pacific (excluding China and Japan) will remain the lucrative markets for ophthalmic lasers globally.
Increasing per capita income, especially in emerging countries, will continue to fuel adoption of excimer and femtosecond ophthalmic lasers. Growing health awareness and improving living standards will also play influencing roles in driving adoption. Technical advancements in development of ophthalmic lasers are also expected to play a key role in driving the growth of the market. However, high costs and concerns about post-LASIC complications—longstanding challenges for manufacturers—will continue to pose challenges to widespread adoption.
On the basis of product type, excimer lasers will continue to outsell femtosecond lasers, accounting for over 60% revenue share in 2016. However, femtosecond will continue to gain traction, witnessing higher year-over-year growth rate in 2016. While constant technological advancements in the functionality of femtosecond lasers is expected to drive adoption, high cost will negatively influence total sales.
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On the basis of application, refractive surgery will continue to dominate global revenues, accounting for nearly 70% share of the overall market in 2016. In addition to being the leading revenue contributor, refractive surgery will remain the fastest-growing segment as well.
Ophthalmology clinics will remain the largest end-users in the global excimer and femtosecond ophthalmic lasers market. Revenues from this segment are expected to reach US$ 291 Mn in 2016, up from US$ 279 Mn in 2015.
North America will continue to be leading market, accounting for over 30% revenue share of the global market in 2016. Global revenues in North America are expected to reach US$ 217 Mn in 2016, up from US$ 209 Mn in 2015. Adoption of excimer and femtosecond ophthalmic lasers will also remain strong in Western Europe and Asia Pacific (excluding China and Japan). China is expected to emerge as a lucrative market and witness highest growth rates in the long-term.
Key participants in the global excimer and femtosecond ophthalmic lasers market include Alcon Inc. (Novartis AG), NIDEK CO., LTD, ZEISS International, SCHWIND eye-tech-solutions GmbH & Co. KG,Abbott Medical Optics, Inc, Bausch & Lomb Incorporated, iVIS Technologies, Ziemer Ophthalmic Systems AG, and LENSAR, LLC.
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Long-term Outlook: The global excimer and femtosecond ophthalmic lasers market is expected to increase at a CAGR of 5% during the forecast period. North America will continue to be the largest market during the forecast period (2016-2026).