A research study titled, “Medical Lasers Market by Product and Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the medical lasers market is projected to be around $13 billion by 2025.
Medical lasers have significant applications in eye surgeries and cosmetic procedures worldwide. As per the UK-based Laser Eye Surgery Hub, more than 30 million eye related surgeries have been carried out across the world so far using lasers. During such surgeries, lasers are used to vaporize targeted parts of the cornea to reshape it in order to treat visual impairments. Every year, more than 120,000 people opt for laser eye surgery in UK. The use of lasers in eye surgeries helps in quick vision correction with less painful procedures, which is contributing to the market growth. Rising focus on aesthetic appeal is one of the major driving factors for the medical lasers market. According to the American Society for Aesthetic Plastic surgery (ASAPS), Americans spent more than $15 billion on aesthetic procedures in 2016, amounting to a rise of 11% from the previous year. Increasing demand for non-invasive procedures by the patients will further drive the demand for medical lasers. Lasers assist surgeons in performing complex tasks with reduced blood loss further minimizing the chances of wound infection.
Diode lasers segment holds a significant share of the global medical lasers market. These lasers have varied applications in different cosmetic procedures such as treatment of acne, wrinkles, and skin rejuvenation procedures. Solid state lasers are expected to grow at the highest CAGR during the forecast period. This high growth rate can be attributed to the compact designs and the low device cost along with their applications in skin treatments such as tattoo removal will further boost the market growth.
Cardiovascular diseases market is expected to grow at the high growth rate over the forecast period due to the presence of technologically advanced laser-based cardiovascular treatments such as laser angioplasty and laser thrombolysis. Rise in prevalence of cardiovascular diseases coupled with aging population is contributing to the market growth. Ophthalmology market will also register a promising growth owing to the rising applications of medical lasers in refractive surgeries.
North America held more than one-third share of the global medical lasers market in 2016. Rise in geriatric population leading to cardiovascular disorders is a key factor driving the market growth. Asia-Pacific holds huge growth opportunity, due to presence of a large patient pool of cardiovascular disorders, rapidly aging population, and prevalence of unmet medical needs coupled with increase in disposable income of the people.
Technology and innovation are driving the competitive medical lasers market. For instance, in April 2014, Lumenis expanded its product portfolio by introducing three new products LightSheer INFINITY, LightSheer DESIRE and Q-Switched Nd:YAG for laser and hair removal and skin rejuvenation to sustain its competitive position in the market. Similarly, in April 2016, BTL China launched the BTL 6000 high intensity laser. Some of the key payers in this market are Bausch & Lomb Holdings, Spectranetics Corporation, IRIDEX Corporation, Cardiogenesis Corporation, Inc., Biolase Inc., Syneron-Candela, Lumenis Ltd, Alcon Laboratories, Inc., Cutera, American Medical Systems, and PhotoMedex Inc.
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