Global medical lasers market is forecasted to attain a size of $12.1 billion by 2023, P&S Market Research
Some of the key factors driving the growth of the market are increasing demand of medical lasers from cosmetic industry, rise in the aging population, growing technological advancements and increasing prevalence of chronic diseases.
Access Report Summary with Detailed TOC on "Medical Lasers Market by Product (Solid-State (Ho:Yag, Er:Yag, Nd:Yag, Potassium Titanyl Phosphate, Alexandrite, Ruby), Gas (CO2, Argon, Krypton, Metal Vapor, Helium–Neon, Excimer), Dye, Diode), by Application (Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiovascular), by End Use (Surgical, Cosmetic, Dental), by Geography (U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Netherlands, Norway, Russia, Sweden, Switzerland, Japan, China, India, Australia, South Korea, New Zealand, Taiwan, Thailand, Brazil, Saudi Arabia, South Africa, Chile, Columbia, Egypt, Iran, Israel, Turkey, and Venezuela) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2016–2023" at: https://www.psmarketresearch.com/market-analysis/medical-lasers-market
Insights on market segments
Based on products offered, the medical lasers market is categorized as solid-state laser systems, gas laser systems, dye laser systems, and diode laser systems. Diode laser systems are expected to witness fastest growth in demand, at a CAGR of 16.6% during the forecast period. Among different types of solid-state laser systems, Ho:YAG systems, Er:YAG systems and potassium titanyl phosphate laser systems together held 39.8% share in 2016, which is still less than the contribution of Nd:YAG systems.
Among the different applications of medical lasers, dentistry is expected to witness fastest growth in demand, with an expected CAGR of 17.5% during the forecast period.Increasing number of tooth loss and dental caries, and high prevalence of periodontal diseases are the key factors driving the medical lasers market for dentistry, globally.
Asia-Pacific (APAC) is the fastest growing market for medical lasers
The APAC medical lasers industry is expected to witness the fastest growth in demand, at a CAGR of 15.2% during the forecast period, due to increasing healthcare expenditure, growing medical tourism, and increasing awareness on technologically advanced laser treatments. Emerging economies in Asia-Pacific are experiencing a significant increase in the use of cosmetic treatments driven by factors such as expanding middle class population with increasing disposable income and increasing awareness about skin treatments.
Some of the other factors driving the APAC medical lasers market are increasing geriatric population and increasing disposable income. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the share of people aged 65 years and above occupies approximately 11.4% of population in 2013 and is estimated to reach approximately 20.0% of the total population by 2050, in Asia-Pacific. According to the National Institutes of Health (NIH), approximately 110 million people in China were aged 65 years and above in 2011, and the number is expected to reach 330 million by 2050.
Key players focus on technological advancements and acquisitions to gain a larger market share
Globally, key players in the medical lasers industry are focusing on technological advancements and acquisitions to gain a larger share in the market. For instance, in May 2016, Syneron Medical Ltd.’s PicoWay picosecond laser received the USFDA clearance for ultra-short 785nm wavelength. Similarly, in the same month, Lumenis Ltd. launched Pulse 100H, Pulse 50H and Pulse 30H holmium laser solutions, providing a range of laser systems in urology treatments.
Some of the major players in the global market include Biolase Inc., Boston Scientific Corporation, Cryolife Inc., Ellex Medical Lasers Limited., Lumenis Ltd., Photomedex, Inc., The Spectranetics Corporation, Syneron Medical Ltd., Novartis AG and Valeant Pharmaceutical International, Inc.
GLOBAL MEDICAL LASERS MARKET SEGMENTATION
Market Segmentation by Product
Market Segmentation by Application
Market Segmentation by End Use
Market Segmentation by Geography