Global Laser Therapy Market Booming Worldwide: Expected to Reach USD 3.4 Billion by 2027
Published | 16 October 2021
The global laser therapy market is growing at a high CAGR because of the increasing demand for non-invasive cosmetic surgeries, growing awareness about the safety of these procedures, and technological advancements in the process..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global laser therapy market was worth USD 1.8 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 9.4%, earning revenue of around USD 3.4 billion by the end of 2027. Over the forecast period, the growth of the global laser therapy market will be fueled by increasing demand for non-invasive cosmetic surgeries, growing awareness about their safety, and technological advancements in the process. Moreover, increasing incidences of eye-related disorders, growing demand for aesthetic appeal, and rising application in gynecology are likely to propel the growth of the laser therapy market in the coming years.
Growing Product Launches Is Expected to Boost the Global Laser Therapy Market
Various medical device manufacturers and start-ups are introducing the latest technologies in the laser therapy market. The availability of various advanced products 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. The upgrades made to the device is likely to substantially reduce intraocular pressure suitable for glaucoma patients without incisions.
Surge in Aesthetic and Cosmetic Procedures Anticipated to Drive the Global Laser Therapy Market Growth
The surge in aesthetic and cosmetic procedures is propelling 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, such as botulinum toxin injections increases the demand for lasers worldwide.
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The ophthalmology segment occupies the major share of the global Laser Therapy market
The ophthalmology segment holds 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 rapidly 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 are 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 players implement various strategies to increase profitability and company growth, including mergers & acquisitions, partnerships, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global laser therapy market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global laser therapy market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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