Myriad Factors Including Demand for Minimally Invasive/ Noninvasive Treatment Procedures to Drive the Global Medical Lasers Market
The global market for Medical Lasers is projected to reach US$6.9 billion by 2024, driven by factors such as rise in geriatric population, increasing prevalence of ophthalmic diseases and dental disorders, increasing demand for non-invasive /minimally invasive aesthetic procedures, and technological advancements. Medical lasers enable smaller incisions, lesser pain and faster recovery as well as low cost compared to the traditional surgical procedures. Key application areas for medical lasers include ophthalmology, oncology, cosmetic surgery, dentistry, cardiology, gynecology, dermatology, gastroenterology, diagnostics and urology. Major factors driving growth of medical lasers include improved adoption in diagnostic applications and therapeutic procedures, technological advancements and rise in geriatric population that is resulting in higher prevalence of eye and various other conditions that require surgical intervention for treatment. In areas such as dentistry, lasers are gradually gaining prominence with increasing use in both dental surgical and diagnostic procedures. Aesthetic lasers are also witnessing significant growth driven by rapid increase in adoption in procedures such as hair removal and skin resurfacing treatments. In addition, the rising obesity rate is expected to increase the market for laser-assisted treatments such as skin tightening, skin rejuvenation and body-contouring treatments.
Years of progressive technological developments have made lasers more versatile, robust and compact thus expanding beyond existing applications. Over the past decades technology advancemenst brought significant improvements in laser parameters such as laser wavelength, laser beam size, pulse duration and laser delivery systems to address concerns such as collateral tissue damage, and patients’ discomfort. Miniaturization of lasers is further paving way for new applications and developments. Some of the most recent advancements emerge from capability to produce repeatable ultra-short picosecondpulses of energy. Surgical lasers have been undergoing continuous development over the years from large and complicated equipment to hand held diode lasers and even smaller lasers made of fiber. Transmyocardial laser revascularization (TMLR) is gaining wide interest for the treatment of surgically untreatable cardiovascular disease. Some of the developmenst in ophthalmic lasers in recent years include Pattern scanning laser photocoagulation (PASCAL®), Navigated laser systems, Micropulse and nanosecond pulse duration lasers. These advancements are expected to drive continued demand for ophthalmic lasers market despite the introduction of competing technologies.
As stated by the new market research report on Medical Lasers, the United States represents the largest market worldwide. Asia Pacific is forecast to emerge as the fastest growing market with a CAGR of 13.2% over the analysis period, led by factors such as increasing ageing population and concurrent rise in age-related eye diseases and surgical procedures, growing wellness market, strategic expansion of major vendors into the region and rise in healthcare spending of middle class population.
Major players in the market include AMD Lasers , AngioDynamics Inc., Bausch & Lomb Incorporated, BIOLASE Inc., Biolitec AG, Carl Zeiss Meditec AG, Cutera Inc., Hologic Inc., Danaher , Lumenis Ltd., Nidek Co. Ltd., Spectranetics Corporation, Syneron Cadila, and Topcon Corporation, among others.
The research report titled “Medical Laser Systems: Market Analysis, Trends and Forecasts” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of value for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America) and Rest of World. Product segments analyzed include Surgical Lasers, Aesthetic Lasers, Ophthalmic Lasers, and Dental Lasers.
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