The global ophthalmic lasers market size was worth USD 1.0 billion in 2016, which is anticipated to grow at a CAGR of more than 5.9% during the forecast period. Increase in incidence of chronic ophthalmic disorders is the major driving factor contributing to the growth of ophthalmic lasers market.
There is a rise in prevalence of ophthalmic disorders such as glaucoma, cataract, refractive errors, Age Related Macular Degeneration (AMD), retinal disorders and diabetic retinopathy. According to American Academy of Ophthalmology in 2014, 60.5 million people were estimated to be suffering from glaucoma globally. According to WHO, glaucoma is the second major cause of blindness in the world.
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Key Players:
Some of the major players of the market include Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Ellex Medical Lasers Limited, Abbott Medical Optics, Inc., Bausch & Lomb Incorporated, Topcon Corporation, IRIDEX Corporation, Lumenis, Ziemer Ophthalmic Systems AG, and NIDEK Co., Ltd.
Growth Drivers:
Based on the Journal of Ophthalmology, cataract is the leading cause of blindness in the world. According to New-Medical .Net, in 2015, 22 million people aged 40 years and above were affected with cataract. According to National Eye Institute, by 2050, the number of people in US with cataract is estimated to double from 24.4 million to around 50 million. Thus, with the rise in incidence of ophthalmic disorders the market is estimated to witness rapid growth during the forecast period.
According to a study conducted by PLOS, in UK approximately 54% of the people aged 40-69 years were affected by refractive error of which 27% of the people had myopia. Refractive error is a major health issue in UK. It is a genetic disorder, so the individuals whose parents are suffering from any form of refractive disorder are likely to be affected by similar disorder. Thus, the aforementioned factors are supporting the growth of the ophthalmic lasers market.
Increase in geriatric population is another key factor driving the growth of the market. This group of population is generally affected by various eye disorders. The most common eye disorders for this group are cataract and hyperopia.
Product Insights
In the product segment, femtosecond lasers held the largest revenue share in 2016. The rising number of people affected by refractive disorders along with its use during cataract surgeries has led to the growth of the market.
Rise in technological advancements, versatility, predictability, and the unique properties offered by the femtoseconds lasers has increased its demand. Thus, newer technologies are contributing to the growth of the market.
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This solid white odorless compound is a major component in energy drinks and stimulants such as Red Bull.
It is formed in the human body when glucose is converted in the liver.
It is a water-soluble crystalline component in several connective tissues in the body like cartilage, tendons, and ligaments.
The glucuronolactone market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
However, the side effects of glucuronolactone on health may restrain overall market growth in the years to come.
Liquid and powder sector accounted for the majority market share of glucuronolactone and is estimated to lead the overall market in the years to come.
Test Strip Market By Application (Diagnosis, Pregnancy Test), Type (Diabetic Strips, Fluorescein, Urine Test Strip) End Users, Key Players and Trend Analysis
Pune, India – August 21, 2019 —
Global Test Strip Market is expected to reach significant valuation at a 12.8% CAGR over the forecast period of 2017 to 2021.
Test strips are a type of diagnostic devices used primarily in Point of Care (PC) and for the effective and rapid diagnosis of multiple health disorders such as liver disease, kidney diseases, diabetes test, urinary tract infection (UTI), ophthalmic disease, among others.
Test strips are also extensively used for monitoring the blood glucose level in the diabetic patient pool, owing to its easy operability and large diabetes afflicted patient population.
Additionally, factors such as the growing geriatric population, technological advancements of test strips, changing lifestyle leading to the rising prevalence of diseases, and government initiatives towards research and development activities, is expected to drive the test strip market over the forecast period.
