Laser Therapy Market is Expected to Reach USD XX Million By 2027
Published | January 2021
According to BlueWeave Consulting, the global laser therapy market is estimated to have
reached USD XX million in 2020 and is further projected to reach USD XX million
by 2027, growing at a CAGR of XX% during 2021-2027 (forecast period).
Increasing demand for non-invasive cosmetic surgeries, growing awareness about
the safety of these procedures, and technological advancements in the process
are expected to drive the growth of the laser therapy market over the forecast
period. Furthermore, rising incidences of eye-related disorders, growing demand
for aesthetic appeal, along with rising application in gynecology, is
anticipated to propel the growth of the laser therapy industry over the next
seven years.
Growing Product Launches
Various medical device
manufacturers and start-ups are introducing the latest technologies in the
Laser Therapy market. The availability of various advanced products in the
market allows medical professionals to improve patients’ health by enhancing
their treatment efficiency. For instance, in February 2020, IRIDEX Corporation,
a manufacturer of ophthalmic laser-based medical products, launched an upgraded
second-generation version of the MicroPulse P3 Device to treat glaucoma, and
the upgrades made to the device is expected to substantially reduce intraocular
pressure suitable for glaucoma patients without incisions.
Surge in aesthetic and
cosmetic procedures
The surge in aesthetic
and cosmetic procedures propelled the demand for minimally invasive surgeries
worldwide. According to the International Society of Aesthetic Plastic
Surgery’s survey on aesthetic and cosmetic procedures performed in 2018, there
were 10,607,227 aesthetic and cosmetic surgical procedures performed across the
globe in 2018. Moreover, according to the American Society of Plastic Surgeons
(ASPS), in 2018, approximately 18 million individuals underwent surgical and
minimally invasive cosmetic procedures in the USA. Thus, the high usage of lasers
to perform minimally invasive aesthetic and cosmetic surgeries increases the
demand for lasers.
Ophthalmology segment
occupies the major share of the global Laser Therapy market
The ophthalmology segment
will hold a significant revenue size over the forecast years due to the growing
incidence of eye diseases, especially among the geriatric population. According
to the American Academy of Ophthalmology, about 24.5 million individuals are
suffering from blindness and cataract surgery remains the most effective way to
restore vision. Moreover, utilization of laser based-ophthalmology to improve
cornea focus, decrease intraocular pressure of glaucoma as well as increasing
usage in cataract surgeries will increase the application of laser therapy
devices in the ophthalmology segment in the coming years.
Global Laser Therapy
market: Regional insights
The North America laser
therapy market is estimated to foresee lucrative growth over the forecast
period due to the rapid rising acceptance of innovative laser therapy solutions
in this region. The increasing popularity and implementation of minimally
invasive laser procedures such as laser hair removal, removal of scars,
resurfacing of the skin, and liposuction among the population due to high
emphasis on aesthetics will enhance the laser therapy market growth. Moreover,
the rise in disposable income and supportive government initiatives to develop
advanced products for aesthetics treatment will augment the North America laser
therapy industry growth.
The
leading players” in the global laser
therapy market include Alma Lasers, Coherent, Inc., biolitec Group, IPG
Photonics Corporation, Boston Scientific Corporation, BTL, Meditech
International Inc. (BIOFLEX Laser Therapy), Baring Private Equity Asia Ltd
(Lumenis), Cutera, Angiodynamics, Biolase, Inc., Biolitec AG
UntereViaduktgasse, Fotona, Hologic, Inc., Iridex Corporation, Lumenis&
other prominent players. These industry players implement various strategies
such as mergers & acquisitions, partnerships, and new product launches to
enhance profitability and company growth.
The in-depth analysis of
the report provides information about growth potential, upcoming trends, and
statistics of global laser therapy market size & forecast. The report
promises to provide recent technology trends of the laser therapy market and
industry insights that help decision-makers to make sound strategic decisions.
Furthermore, the report also analyzes the growth drivers, challenges, and
competitive dynamics of the market.
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