Medical Lasers Market Will Boost Global Value to $12.58 Billion, Worldwide by 2023
Global Medical Lasers Market was valued at $5,116 million in 2016, and is projected to reach $12,586 million by 2023, registering at a CAGR of 13.6% from 2017 to 2023.
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Laser is an acronym for light amplification by stimulated emission of radiation, which has a specific wavelength and creates high-intensity light. Medical lasers are devices used for the treatment of various diseases, such as eye-related diseases, cardiology-related diseases, urology diseases, and tissue removal leading to increased adoption of lasers for diverse medical applications including ophthalmology, dermatology, urology, and cardiovascular. Furthermore, application of lasers is expected to increase in the area of aesthetics and cosmetic surgery. Globally, around 1.1 million laser hair removal procedures were performed in 2015; such high adoption of medical lasers in cosmetic surgery is expected to propel the market growth during the forecast period.
The global medical lasers market is driven by rise in incidences of eye disorders related to the surge in elderly population, growth in number of patients using advanced laser-based treatments globally, and increase in importance of aesthetics. Stringent safety regulations and high rate of failure limit the market growth. Increased disposable incomes and demand for laser treatment in the emerging economies are expected to offer opportunities to the growth of medical laser system market during the forecast period.
The cosmetic segment accounted for the major share in the medical lasers market, and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at a CAGR of 14.9% from 2017 to 2023, owing to high adoption of medical lasers for cosmetic procedures globally.
Key Findings of the Medical Lasers Market:
• The dentistry segment is anticipated to grow at the highest rate during the forecast period.
• North America accounted for nearly half of the share of the total market and acquired a dominant position in 2016.
• In 2016, the ophthalmology segment accounted for a share of nearly one-fourth of the global medical lasers market.
• The solid-state laser systems segment accounted for a share of nearly one-third of the global market in 2016.
In 2016, North America held the leading position in the global medical lasers market, owing to the high prevalence of various diseases. Europe accounted for the second position in the global medical lasers market.
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The major companies profiled in the report includes Photomedex, Inc., Lumenis Ltd., Ellex, Medical Lasers Ltd., Spectranetics Corporation, Novartis AG, Cardiogenesis Corporation, Biolase Inc., Boston Scientific Corporation, Bausch & Lomb Holdings, Inc., and Syneron-Candela.
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