The report titled “Laser Probe Market Research Report – Global Forecast To 2023” provide overview of key players and their strategic profiling in the market, comprehensively analyzing their core competencies and drawing a competitive landscape for the market.
As per the analysis published by Market Research Future (MRFR), the global laser probe market is set to strike a CAGR of 9.11% during the forecast period 2018 to 2023. The valuation of the market is estimated to reach USD 1560.76 Mn by the end of 2023. The developments in the laser probe technology have paved its way across a wide spectrum of applications. Investments directed towards the technological innovations are prognosticated to boost the growth trajectory of the market.
The rising burden of chronic diseases such as diabetic retinopathy, non-melanoma skin cancer, barrette’s esophagus, prostate cancer, etc. have encouraged the governments and key players to accelerate research and funding. This, in turn, is likely to have a positive influence on the expansion of the laser probe market over the next couple of years.
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The improvements introduced in the reimbursement protocols have unleashed promising opportunities and are presumed to dominate the growth of the market in the foreseeable future. On the flip side, availability of alternative diagnostic techniques remains an impediment to the expansion of the global laser probe market.
The increasing occurrence disorders such as age-related macular diseases, diabetic retinopathy, non-melanoma skin cancer, barrette’s esophagus, and prostate cancer among other is driving the demand for advanced imaging technologies. In recent years, the prevalence rate of ophthalmic impairment has spiraled up. There are various reasons cited for development ophthalmic impairment, some of the primary ones include infection, genetic factors and chronic diabetes. A significant number of visual impairment cases are linked with chronic diabetes. According to the American Academy of Ophthalmology, diabetes was responsible for causing visual complications in approximately 4.5 million Americans in 2016. At the same time, increased occurrence of dental conditions such as caries and periodontal diseases is also driving the demand for medical procedures that entail laser probe.
Some of the notable players operating in the market include Alcon (Novartis), FCI, Reimers & Janssen GmbH, Transonic Systems Inc., OphthalMed LLC, Iridex Corporation, Bausch & Lomb Incorporated, ADInstruments, Quantel Medical, Omega Laser Systems Limited, Vitreq and Lumenis.
The segmental analysis of the Global Laser Probe market includes product type analysis, probe type analysis, application analysis, end user analysis and regional analysis.
Based on product type, the laser probes market is segmented into continuous-wave (CW) laser probes, pulsed laser probes, and others. Among these, the continuous-wave (CW) laser probe segment is expected to remain highly attractive during the assessment period. Continuous-wave (CW) laser probes are gas lasers in which the lasing medium is made-up of one gas or a mixture of gases or vapors. They are used for carrying out dermatological procedures minimizing scars, reducing wrinkles and removing marks. The pulsed laser probes segment is projected to capture highest CAGR over the assessment period.
Based on probe type, the laser probes market is segmented into single laser probe, cluster laser probe, and others. In 2017, the single laser probe segment stood at USD 455.3 Mn. Single laser probe is extremely common as they are run on an advanced technology. Meanwhile, cluster laser probes are expected to post a relatively higher CAGR during the assessment period. The mechanism used in cluster laser probes allows numerous beams of lights emit simultaneously.
Based on application, the market has been segmented into ophthalmology, dermatology, rheumatology, orthopedics, dentistry, and others. The ophthalmology segment currently accounts for the largest market share. In 2017, the segment stood at a valuation of USD 264 Mn and expected to retain its top position over 2023. The dermatology segment is likely to witness the strong CAGR during the forecast. Laser probe is an integral part of therapeutic alternatives in dermatology and aesthetics.Based on end-user, the laser probes market is segmented into tertiary hospitals, clinics, and others. The tertiary hospitals segment holds the top position. In 2017, the segment surpassed a valuation of USD 500 Mn and is expected to exhibit an impressive CAGR till 2023. Most tertiary hospitals in urbans areas have such medical devices owing to rising requirement of effective imaging diagnostic procedures.
On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). North America and Latin America collectively command the most dominant share of the global laser probe market. The increasing prevalence of diseases such as cataract and arthritis and the rising demand for aesthetics is supporting the growth market in these two regions.According to the American Society for Nutrition, in 2016, close to 47% of the adults in the US had periodontal disease. In the same years, 586,662 minimally-invasive cosmetic procedures were performed for laser skin resurfacing. The region will remain a key destination for market players throughout the assessment period.
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