This MRFR Market Perspective Examines the Historical Trends and Current Scenario of the “Global Laser Therapy Market” to Deliver a Highly Pertinent Growth Forecast. The Report Includes Key Trends, Drivers And Restraints That Are Likely To Influence The Market Over The Next Five Years.
Laser Therapy Market – Synopsis
The Global Laser Therapy Market Is Expected To Grow At A CAGR Of 9.2% During The Forecast Period. 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.
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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.
Key Market Influencer:
Cutera and others.
Laser Therapy Market – Segments:
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.
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Laser Therapy Market – Regional Analysis:
The Americas dominate the global laser therapy market owing to a large patient population, strong government support for research & development, high healthcare spending, and growing geriatric population. In 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion.
Europe is the second leading region in the global laser therapy market, which is followed by Asia Pacific. Asia Pacific is the fastest growing market for laser therapy. According to the Royal National Institute of Blind People in 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.
The presence of a huge patient population and continuously developing economies like India and China boosts the market growth within the region. Moreover, growing geriatric population within the region fuels the market growth. According to a study conducted by International Journal of Advanced Medical and Health Research in 2015, in India, the prevalence of blindness was 1.1%, the principal cause being cataract, affecting over 9 million people accounting for 62.6%.
The Middle East and Africa contribute the least to the growth of the global laser therapy market. The Middle East dominates the market in this region due to the presence of developed economies like Qatar, Kuwait, Saudi Arabia, and others within the region. Whereas, Africa holds the least share of the global market due to the limited availability of medical facilities, poor economic condition and stringent government policies.
Major TOC of Laser Therapy Market Research Report – Global Forecast till 2023:
1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Laser Therapy Market, By Type
7 Global Laser Therapy Market, By Application8 Global Laser Therapy Market, by Region
9 Competitive Landscape
10 Company Profiles
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