As per the study published by Market Research Future (MRFR), the global laser probe market is ready to pose a CAGR of 9.11% for its development during the forecast period 2018 to 2023. The market is on the verge of achieving a valuation of USD 1560.76 Mn by the end of 2023. The approach to the growth of the market is attributed to the developments in the laser probe technology that have paved ways across a broad spectrum of applications. Also, investments directed towards technological innovations are prognosticated to enhance the growth trajectory of the market.
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Market Drivers & Trends
The growth trajectory of the global laser probe market is mainly attributed to the factors such as the rising burden of chronic diseases such as diabetic retinopathy, non-melanoma skin cancer, barrette’s esophagus, prostate cancer, and more. The expansion of the market has also been encouraged by the governments and key players to accelerate research and funding. This has likely to have a positive influence on the expansion of the laser probe market over the next couple of years.
Furthermore, factors such as the improvements introduced in the reimbursement protocols have unleashed promising opportunities and are assumed to lead the growth of the market in the foreseeable future. On the other hand, more factors such as the escalating prevalence of chronic diseases, an increasing number of cataract and glaucoma surgeries, and growing number of medical emergencies are likely to compel the development of the global laser probe market.
On the flip side, the ease of use of alternative diagnostic techniques is reported to remain as an obstacle to the expansion of the global laser probe market.
The global laser probe market has been segmented into product type, probe type, application, and end-user.
In terms of product type, the market has been segmented into, continuous-Wave (CW) Laser Probe and pulse laser probe.
In terms of probe type, the market has been divided into a single laser probe and cluster laser probe.
By application, ophthalmology, dermatology, rheumatology, orthopedics, dentistry are the segments.
By end-user, the segments are tertiary hospitals and clinics.
A comprehensive geographical analysis of the global laser probe market spans across the Americas, Europe, Asia Pacific, and the Middle East & Africa.
North America and Latin America collectively command the most leading share of the global laser probe market with the increasing prevalence of diseases such as cataract and arthritis and the rising demand for aesthetics are sustaining the expanding market share in these regions. As per the American Society for Nutrition, in 2016, around 47% of the adults in the US suffered periodontal disease. In the equivalent years, 586,662 minimally-invasive cosmetic procedures were performed for laser skin resurfacing. The region will remain a substantial destination for market players throughout the assessment period.
The prominent players working in the global laser probe market are Alcon (Novartis), Bausch & Lomb Incorporated, FCI, Omega Laser Systems Limited, Reimers & Janssen GmbH, ADInstruments, Transonic Systems Inc., Lumenis, OphthalMed LLC, Vitreq, Iridex Corporation, and Quantel Medical.
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