Medical Lasers Market Size, Share, Development, Growth and Demand

Global medical lasers market is forecasted to attain a size of more than $12 billion by 2023.
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.

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Among the different applications of medical lasers, dentistry is expected to witness fastest growth in demand, with the CAGR ranging between 17% to 20% 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.

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The APAC medical lasers industry is expected to witness the fastest growth in demand, at a CAGR of 15% 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.

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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.

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., and Valeant Pharmaceutical International, Inc.

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