Laser Therapy Market is Expected to Reach USD XX Million By 2027
Published | 12 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.
Blue Weave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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