Market Research Future (MRFR) anticipates strong CAGR of 9.2% in the global laser therapy market over the forecast period of 2017-2023. The expansion of the global laser therapy is the result of various market dynamics, out of which, the surging prevalence of diseases such as cataract and arthritis bears profound weightage. Laser therapy is the standard line of treatment in cases of cataract.
Laser-based ophthalmology is highly preferred over other methods of treatment. YAG LASER, excimer LASER, femtosecond LASER, and others are the most commonly used lasers in ophthalmology. The widespread prevalence of cataract, as well as arthritis, promote the growth of the global laser therapy market. Expanding base of old population complements this factor since the elderly populace is more prone to acquiring diseases such as arthritis and cataract which induces additional demand for laser therapy.
Heightened demand for minimally-invasive and non-invasive procedures is a major drive behind the growth of the market. Consumers are highly inclined towards medical procedures which do not involve incisions and cuts. Additionally, laser therapy is extensively used in dermatology and cosmetology. Skyrocketing demand for aesthetics also encourages the growth of the global laser therapy market. Use of laser therapy in dentistry is also a key market influencer. On the contrary, the growth of the global laser therapy market might be impeded by high costs associated with laser therapy.
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The key players in the global laser therapy market include Biolase Inc. (U.S.), Alma Lasers (Israel), Cutera (U.S.), IRIDEX Corp. (U.S.), Valeant (Canada), Coherent, Inc. (U.S.), and Angiodynamics, Inc. (U.S.).
The global laser therapy market has been segmented based on type and application.
- By Type, the global laser therapy market has been segmented into diode lasers, solid state lasers, gas lasers, dye lasers, and others.
- By Application, the global laser therapy market has been segmented into surgery, dermatology and aesthetics, dental, and others. The surgery segment is further segmented into urology, ophthalmology, and others.
The Americas, Asia Pacific (APAC), Europe, and The Middle East Africa (MEA) are the key markets for laser therapy.
The Americas is at the forefront of the global laser therapy market. A robust healthcare sector, high expenditure on healthcare, and widespread prevalence of chronic diseases in the region spur the growth of the global laser therapy market. In addition, the regions propensity to incorporate new and advanced technologies in the healthcare sector acts as a plus for the growth of the market. Other factors boosting the growth of the Americas market include growth in a number of aged populace and the presence of key players in the region.
Europe holds the second most significant share of the global laser therapy market. The region invests substantially in RD activities which coupled with the availability of funds creates a conducive environment for the growth of the laser therapy market in Europe. A broad base of the patient population, well-developed healthcare sector, and high government support contribute to the growth of the market.
APAC is the fastest growing market for laser therapy. Expanding patient pool, development of the healthcare sector in the developing countries of China and India present growth opportunities to the APAC market. Also, increased affordability due to rising disposable income, government endeavors towards the modernization of the healthcare sector are other boosting factors.
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The MEA market is likely to exhibit the least share of the global laser therapy market. Limited availability of healthcare facilities, lack of funds, and lack of awareness and dearth of skilled medical professionals constrain the growth of the market over the forecast period, especially in the Africa region. The Middle East accounts for the foremost share of the MEA market and is driven by high healthcare expenditure in the region.
In December 2018, TRUMPF GmbH, a company involved in laser technology, announced the acquisition of Photonics GmbH from Philips. Through the acquisition, TRUMPF intends to expand its foothold in the growing markets in the photonics and digital products sectors.