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Global Ophthalmic Lasers Market to Exhibit 5.3% CAGR and Hit USD 722.0 Million by 2026; Novartis Announces its FDA Approval to Perform Advanced Ophthalmic Surgeries: Fortune Business Insights™

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Pune, Nov. 26, 2020 (GLOBE NEWSWIRE) — Global Ophthalmic Lasers Market is expected to register a CAGR of 5.3% between 2019 and 2026. In addition to this, the global market was worth US$ 479.0 Mn in 2018 and is anticipated to reach US$ 722.0 Mn by 20226. The increasing incidence of ocular diseases, such as glaucoma, age-related macular degeneration, and refractive errors, is driving the ophthalmic laser market. As the drugs for treating ocular diseases is less, the demand for ophthalmic laser devices has come into existence.  North America is expected to grow at a considerable rate in the global ophthalmic lasers market during the forecast years. Moreover, the region was valued at US$ 139.3 Mn in the year 2018.Key Industry Developments:In March 2018, Novartis announced U.S. FDA approval in two new indications for its LenSx, one for creating tunnels enabling placement of corneal rings, and other indication for creating corneal pockets for placement of presbyopia-correcting inlays.In September 2016, Carl Zeiss Meditec AG, announced the U.S. FDA approval for its VisuMax femtosecond laser, enabling it to perform small-incision lenticule extraction.
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Technological Advancements Such as Selective Laser Trabeculoplasty Propels GrowthThe burgeoning population suffering from ocular diseases and technological advancements in ophthalmology are contributing to the growth of the market. “These technologies are expected to enhance the accuracy of ophthalmic laser treatment,” stated a lead analyst at Fortune Business Insights.Technologies such as Selective Laser Trabeculoplasty or SLT are used to reduce the eye pressure in glaucoma. Optical Coherence Tomography or OCT is an imaging technique used to identify retinal disorders using quantitative data.
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Carl Zeiss’s VisuMax Receives FDA Approval to Bring Innovation in Laser Eye SurgeryThe global ophthalmic laser market is semi-consolidated with the presence of three leading players. These players include Lumenis, TOPCON CORPORATION, and Ellex Medical Lasers, Ltd. covered the maximum share in the year 2018. These players are well-recognized and have a robust distribution network in the medical laser segment.Such factors are responsible for the dominance of these players. Several companies are focusing on to launch new products in order to strengthen their distribution channel. For instance, Novartis AG (Alcon) announced FDA approval for LenSx in March 2018. The product has two indications, one for creating tunnels allowing placement of corneal rings, whereas the other is to create corneal pockets for effective placement of presbyopia-correcting inlays.
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Market Registers Growth in North America as Increasing Number of the Patients Opt for LASIK SurgeryNorth America is expected to grow at a considerable rate in the global ophthalmic lasers market during the forecast years. Moreover, the region was valued at US$ 139.3 Mn in the year 2018. People in the U.S. are increasingly undergoing LASIK surgeries owing to the rising awareness about ophthalmic laser safety. Furthermore, healthcare providers are rapidly adopting ophthalmic lasers in the U.S. These factors are likely to enable growth in the market in North America.The market in Asia Pacific is yet to achieve growth as a large pool of patients are still dependent on contact lenses and eyeglasses. However, with the rising developments in technology, the healthcare providers in countries such as China, India among others will adopt ophthalmology lasers.
List of the leading players functioning in the global ophthalmic laser market:IRIDEX CorporationLumenisNIDEK CO., LTD.Carl Ziess Meditec AGEllex Medical Lasers Ltd.TOPCON CORPORATIONNoIR Laser Company, LLCLumibirdOther players
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Global Ophthalmic Lasers Market Segmentation:By Type •              Excimer Lasers•              Femtosecond Lasers•              Nd Yag Lasers•              Diode Lasers•              OthersBy Technology    •              Photodisruption•              Selective Laser Trabeculoplasty•              PhotocoagulationBy Application     •              Cataract Treatment•              Glaucoma Treatment•              Refractive Errors Treatment•              OthersBy End User         •              Ophthalmic Laser Centers•              Hospitals•              OthersBy Geography      •              North America (the USA and Canada)•              Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)•              Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)•              Latin America (Brazil, Mexico and Rest of Latin America)•              Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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SECONDARY DATA SOURCES THAT WE REFER TO:Annual reports, investor presentation, SEC filings, and press releases of companies operating in the marketStudies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, ClinicsIndustry journals and paid databasesSECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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