The laser therapy market is expected to reach US$ 3,514.02 million by 2027 from US$ 1,665.65 million in 2019; it is estimated to grow at a CAGR of 9.9% from 2020 to 2027.
Laser therapy is a noninvasive medical procedure that uses light of a specific wavelength to remove tumors or abnormal growth, treat hair conditions, remove kidney stones, and repair detached retina, among others. Laser therapy is considered as an advanced aspect of medical therapeutics. In medicine, laser allows surgeons to work at high precision level by focusing on definite area. This process involves less damage to the target compared with the traditional methods of surgery. The process of laser therapy is however costly and may require repetitive visits to surgeons.
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Various medical device manufacturers and start-ups are introducing 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 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.
Similarly, in January 2019, Gaksung Company Ltd, a South Korean company, launched its product Champ Beam in the Indian market. The laser beams penetrate deep inside the body and help in improving the life cycle of cells by regulating blood flow and removing toxins from the blood vessels. In addition, the rising trend of fitness and beauty has increased the demand for beauty devices. Therefore, technological advancements have encouraged several companies to innovate devices that promote healthy skin. For instance, Belle51, a Los Angeles-based company, launched its laser-based device—Solèy—in June 2019. The device is designed for home care and can be easily used to remove dark spots, melasma, unwanted moles, stretch marks, and acne scars. The device is available for sales in the US and is distributed globally. Such products launches are expected to continue to drive the market growth during the forecast period.
Type-Based Market Insights
The diode laser segment held the largest share of the laser therapy market, based on type, in 2019, and it is expected to register the highest CAGR during the forecast period. This expected lucrative growth of the market for laser diodes is attributed to rapid adoption of these devices in photodynamic treatments and aesthetic procedures. Additionally, the diode laser devices are effectively used for treating conditions such as incision, hemostasis, and coagulation.
Application-Based Market Insights
The global laser therapy market, based on application was segmented into dermatology and aesthetics, dental, ophthalmology, urology, cardiovascular, oncology, and other applications. The dermatology and aesthetics segment held the highest share of the laser therapy market in 2019, by application. However, the market for the ophthalmology segment is anticipated to witness a significant CAGR during the forecast period.
End User-Based Market Insights
The global laser therapy Market, based on end user,is segmented into hospitals and specialized clinics, ambulatory surgical centers, and others. In 2019, the specialized clinics segment held the largest share of the market, and it is also expected to register the highest CAGR during 2020–2027.
Product approvals, product launches,expansions, and acquisitions are the mostcommonly adopted strategiesby companies to expand their footprints worldwide and meet the growing demand by broadening their product portfolios. For instance, in January 2020, Alma Lasers launched DermaClear 3-in-1 Skin Hydradermabrasion Platform. The system is used for deep cleansing, nourishment, and hydration of facial skin. It is available in three variants such as DermaClear EXFO, DermaClear CLEANSE, and DermaClear HYDRATE.
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