Increasing Incidence Rate of Cataract to Augment the Ophthalmic Femtosecond Lasers Market Growth

 

Femtosecond laser is an infrared, ultrafast, ultrashort pulse laser with a wavelength of 1053 nm. Femtosecond lasers produce photoionization/photodisruption of the optically transparent tissue such as cornea. These layers have a wide range of applications in ophthalmic surgery. Ophthalmic femtosecond lasers are used to correct myopia (a common vision condition). The procedure involves making two lamellar cuts in the cornea that intersect in the periphery, thus creating a lenticule that is removed. Moreover, ophthalmic femtosecond laser allows doctor to select the flap thickness and flap diameter, as well as cutting angle, diameter, and position of the hinge.

 

Market Dynamics:

Increasing incidence rate of cataract and growing geriatric population worldwide is expected to propel the growth of the ophthalmic femtosecond lasers market. The leading causes of vision impairment and blindness are refractive errors and cataracts. For instance, worldwide, at least 1 billion people have a near or distance vision impairment that could have been prevented or has yet to be addressed, according to the World Health Organization (WHO).

Moreover, increasing prevalence of ophthalmic disorders, increasing regulatory approvals for ophthalmic lasers, and technological advancements are expected to aid in the growth of the ophthalmic femtosecond lasers market. For instance, in March 2018, Alcon received 510(k) clearance from the U.S. FDA (Food and Drug Administration) for LenSx Laser (a femtosecond laser) for the indication of intracorneal rings and pockets for presbyopia-correcting inlays.

Increasing prevalence of chronic diseases such as diabetes, especially in North America, and initiatives to control visual impairment are also expected to fuel the growth of the ophthalmic femtosecond lasers market. For instance, according to American Diabetes Association, in 2018, around 34.2 million Americans, or 10.5% of the population, had diabetes. However, high cost of equipment and therapy is expected to restrain the market growth.

Competitive Analysis:

Major players operating in the ophthalmic femtosecond lasers market are Ziemer Ophthalmic Systems, Carl Zeiss Meditec, Bausch & Lomb, Alcon, LENSAR, Abbott Medical Optics, Newport Corporation, and IMRA America, Inc.

Major players in the market are adopting various strategies, such as product launch, merger and acquisition, etc. to enhance their market share. For instance, in 2019, SCHWIND eye-tech-solutions introduced Schwind ATOS, a new femtosecond laser with smartsight procedure.

Moreover, in 2018, LENSAR announced the acquisition of Precision Eye Services. This acquisition consolidates the Company’s customer base for greater optimization, efficiency, and speed to market.