Global Laser photocoagulation Industry Outlook
According to the current analysis of Reports and Data, the global Laser photocoagulation market was valued at USD 135.7 million in 2018 and is expected to reach USD 229.5 Million by the year 2028, at a CAGR of 4.3%. The study covers the Laser photocoagulation, a device which used for the non-invasive surgical procedure of eyes using the laser beam. The Laser photocoagulation is an equipment used to treat ophthalmic disorders and to treat damaged cells present in the eye. It has great clinical significance and is a crucial therapy for numerous retinal diseases such as conditions including proliferative diabetic retinopathy, retinopathy of prematurity, retinal tears and detachments, branch retinal vein occlusion, and choroid neovascularization.
Photocoagulator cauterizes blood vessels with a high-intensity laser beam or any other source of light. The invention revolutionized retinal therapy by facilitating the more precise, reliable, and less painful application of photocoagulator. Photocoagulation can seal leaking blood vessels, as in case of diabetic retinopathy, or destroy diseased retinal tissue. Due to the effectively and non-invasive approach, the application of Laser photocoagulation has become the accustomed standard of care for many retinal conditions.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
Further key findings from the report suggest
- Technological advancements in the field of medical devices is the key factor contributing to the market growth. In line with this, key market players are focused on strategic collaboration for product development which are well equipped with the cutting edge technology.
- Retinal laser photocoagulation is the fastest growing segment with an expected CAGR of 6.3% due to the significant increase in the target disease such as diabetes. According to WHO, the incidences are expected to rise in the middle and low income developing countries and it is one of the major cause of the blindness.
- According to the National Diabetes Statistics Report one of ten is suffering from diabetes which is nearly 9.4% of the total U.S population Moreover, new diagnosed diabetes cases of type 1 and type 2 have increased among the youth and it is further expected to increase.
- According to International Diabetes Federation in 2017, approximately 425 million adults with the age group of 20-79 years were living with diabetes and it is expected to rise up to 629 million by the year 2045. This is anticipated to boost the Laser photocoagulation market during the forecast period.
- Laser Trabeculoplasty is the second largest segment in the application segment growing at the expected CAGR of 6.2% due to the rise in geriatric population in developing and developed nation. According to WHO, by 2020, the number of people aged 60 years and older will outnumber children younger than 5 year. The numbers are expected to rise especially in developing nation such as China and India therefore providing an extensive growth to the Laser photocoagulation market.
- The pace of population ageing all around the world is also dramatically increasing. For instance, by 2050, there will be nearly 120 million living in developing nation such as China alone
- North America is expected to have the largest market share of 34.6%.Considering the clinical condition, according to American Academy of Ophthalmology, Diabetic retinopathy affects nearly 7.7 million Americans age 40 and older. The number of people in the United States with diabetes is increasing rapidly and it is expected to rise further. More than 29 million Americans have diabetes. Therefore, it is anticipated to positively influence the market growth during the forecast period.
In-depth Study of the Competitive Landscape:
The global Laser photocoagulation market consists of various market players, which make this business sphere highly competitive. In this section of the report, the authors have provided authentic information on product portfolios, new product innovations, technological capabilities, and product pricing strategies of each of these players. Moreover, it discusses the key strategies implemented by these players, such as mergers & acquisitions, joint ventures, collaborations, partnerships and agreements, to build on their market presence.
Top companies profiled in the report include:
Quantel Medical, Alcon, ALMA, Lumenis, NIDEK, Meridian, Iridex Corporation, Valon Lasers, Ellex Medical Lasers, and Lombart
Key Market Regions Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Clinical Condition Outlook (Revenue, USD Million; 2018-2028)
- Diabetic Retinopathy
- Age related Macular Degeneration
End Use Outlook (Revenue, USD Million; 2018-2028)
- Ambulatory Services
- Ophthalmology Centers
- To provide a comprehensive analysis of the Laser photocoagulation Industry, thereby providing a detailed structure of the market.
- To provide detailed insights into factors driving and restraining the growth of the Laser photocoagulation Industry.
- To estimate the market size of each market segment which in turn is responsible for revenue generation of the respective countries.
To provide strategic profiling of key companies present across the globe, and comprehensively analyze their competitiveness/competitive landscape in this market
- To identify business opportunities in the Laser photocoagulation Market
- To provide a country-wise market forecast for market segments and sub-segments.
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