Laser therapy is a non-invasive medical treatment that uses light of a specific wavelength to treat multiple diseases. Laser therapy is most commonly used to remove tumors or precancerous growths, remove kidney stones, repair a detached retina, treat hair loss, and various cancers. Laser treatment is also used to seal nerve endings after surgery, lymph vessels to reduce swelling, and blood vessels to help prevent blood loss. Lasers have become an essential part of the ophthalmology. In laser-based ophthalmology, a beam of light reshapes the cornea, thereby improves the corneal focusing. It can also be used to create a channel to relieve the intraocular pressure of glaucoma or cauterize tiny hemorrhages. Commonly used lasers in ophthalmology are Nd: YAG LASER, excimer LASER, femtosecond LASER, and others. Increasing prevalence of the diseases like cataract and arthritis is the major driver for the market growth. According to the National Eye Institute, the number of people in the U.S. with cataract is expected to double from 24.4 million in 2010 to 50 million by 2050. Moreover, in 2015, National Eye Institute stated that more than half of the Americans suffer from a cataract related problems in their life span. Moreover, growing demand for aesthetics and rising geriatric population followed by increasing demand for non-invasive procedures will boost the market growth. However, high procedural cost will restrain the market growth during the forecast period.
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The global laser therapy market is expected to grow at a CAGR of 9.2% during the forecast period.
- Pharmaceutical companies
- Laser therapyIndustry
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
The global laser therapy market is segmented on the basis of type and application.
On the basis of type, the market is segmented into diode lasers, solid state lasers, gas lasers, dye lasers, and others.
On the basis of application, the market is segmented into dermatology and aesthetics, surgery, dental, and others. The surgery segment is further segmented into urology, ophthalmology, and others.
America dominates the global laser therapy market owing to a well-developed healthcare sector. Moreover, huge patient population for medical conditions like arthritis and cataract, drives the market growth. According to the Centres for Disease Control and Prevention, about 78 million U.S. adults aged 18 years or older are projected to have doctor-diagnosed arthritis by 2040. Additionally, changing lifestyle, increasing healthcare expenditure, and growing geriatric population have boosted the growth of the market in America.
Europe is the second largest laser therapy market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, a well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period. According to the Royal National Institute of Blind People (2016), the number of people living with sight loss are expected to reach 2.7 million by 2030 due to possible cases of refractive error, cataract, glaucoma, and others.
Asia Pacific is the fastest growing region in the global market due to the presence of a huge patient population, continuously developing economies like India and China which are presenting great opportunities to the market. Moreover, growing geriatric population within the region boosts the market growth. According to the Economic and Social Commission for Asia and the Pacific, in 2016 about 12.4% of the population within the region aged 60 or more and this geriatric population is expected to reach 1.3 billion by 2050.
On the other hand, the Middle East & Africa hold the least share in the global laser therapy market due to presence of poor economy and stringent government policies, especially, in the African region. Majority of the market of this region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure.
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Key players for global laser therapy market
The key players for the global laser therapy market are Angiodynamics, Inc. (U.S.), Biolase Inc. (U.S.), Valeant (Canada), IRIDEX Corp. (U.S.), Cutera (U.S.), Coherent, Inc. (U.S.), Alma Lasers (Israel), and others.
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