Market Overview:
According to the latest report published by Market Research Future (MRFR), the global laser therapy market is estimated to thrive at a CAGR of 9.40% during the forecast period. Laser therapy has developed various applications in the healthcare sector which is anticipated to aid global market proliferation.
Laser therapies have become an essential part of ophthalmology, and the increasing demand for non-invasive treatments is one of the key factors favoring the proliferation of the global laser therapy market growth. It is widely used in the treatment of diseases like arthritis and cataract. The National Eye Institute of the U.S. has estimated that the patient pool of cataract is expected to get doubled from 24.4 million in 2010 to 50 million by 2050-end. Furthermore, the exponential geriatric population is another factor responsible for fueling demand in the laser therapy market.
The market is set to exhibit tremendous potential in the foreseeable future. The application of laser therapy in treating commonly prevailing disorders such as kidney stones, detached retina, hair loss, etc. is expected to catalyze the market expansion over the next couple of years. The wide prevalence of cancer and the efficient use of the therapy in its diagnosis has further been estimated to catapult the laser therapy market on an upward trajectory. However, the high procedural cost associated with the treatment is likely to hold the market growth during the forecast period.
Market Segmentation:
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 laser therapy market is segmented into dermatology and aesthetics, surgery, dental, and others. The surgery segment is further sub-segmented into urology, ophthalmology, and others.
Regional Analysis:
By region, the global laser therapy market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America commands the most significant share of the global market. The growth of the region is attributable to increasing patient pool, rising health care expenditures, developed healthcare sector, changing lifestyle, and growing geriatric population among others.
Europe is expected to capture the second largest market share throughout the assessment period owing to investments in research, massive healthcare expenditure, government support for clinical trials & researches, etc.
Asia Pacific is set to exhibit a relatively higher growth owing to the presence of emerging markets such as India and China. Other factors favoring the growth of the region are exponential geriatric population, huge patient population, etc.
The Middle East & Africa region is poised to hold the least share of the global market. The poor economic conditions and stringent government policies remain impediments for the market. A substantial fraction of the market in the region is held by Middle East owing to the presence of a developed healthcare sector coupled with rising healthcare expenditure.
Competitive Dashboard:
Some of the key players profiled by MRFR in the report are Biolase Inc. (U.S.), Valeant (Canada), Coherent, Inc. (U.S.), Alma Lasers (Israel), Angiodynamics, Inc. (U.S.), IRIDEX Corp. (U.S.), and Cutera (U.S.) among others.
Industry Developments:
In July 2018, the Food and Drug Administration of the U.S. has set out a stern warning against the use of laser therapies for performing vaginal rejuvenation.
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