The global therapeutic laser market is projected to surge at a CAGR of 8.02 percent during the forecast period 2019-2024therapeutic laser market covers in-depth analysis of the market on the basis of therapy, by application, and by geography. The report also covers the country level analysis within the regions as well. In addition, the report covers the key trends in the market along with drivers and restraints during the forecast period 2019-2024. According to the report titled “Global Therapeutic Laser Market - Forecasts From 2019 to 2024”, the market is expected to increase from US$104.361 billion in 2018 to US$165.769 billion by 2024, growing with a CAGR of 8.02% during the projected period. The report has segmented the global therapeutic laser market by therapy as Carbon Dioxide Laser, YAG (yttrium aluminum garnet) Laser, Pulsed Dye Laser, Argon Laser, and Low level laser therapy (LLLT); by application as LASIK or Laser Eye Surgery, Teeth Whitening, Cosmetic Scar, Tattoo or Wrinkle Removal, Tumor Removal, and Others; and by geography as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The market demand for the global therapeutic laser market is growing owing to the growing healthcare expenditure, growing incidences of cancer, rising disposable income, decreasing length of hospital stays, and growing geriatric population worldwide. Furthermore, technological advancements and growing awareness regarding self-care and self-management will provide an opportunity for market growth during the forecast period and beyond. However, the lack of specialized training may restrain the market growth during the forecast period.
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Growing geriatric population is driving the market growth during the forecast period.
There is a continuous year on year rise in the population of the geriatric population worldwide. According to the World Bank, the population above 65 years of age or older rose from 556,980,467 in 2012 to 654,567,936 in 2017. The market is poised to grow in the forecast period due to the growing prevalence of elderly people suffering from age-associated diseases which include cataract as well. Additionally, with the increasing the life expectancy at birth and declining fertility rates are contributing to accelerating the aging population, thus, emanating the market growth during the forecast period.
North America is expected to hold a significant market share.
The North America therapeutic laser market is expected to hold the largest market share during the forecast period on account of the dedicated R&D investment in healthcare especially by independent and volunteer organizations and early adoption of innovations. Also, healthcare spending of the United States is the highest among all the industrialized nations worldwide. This is due to the fact that the United States spend heavily on healthcare services which include doctors, pharmaceuticals and administration. The healthcare spending in the United States in 2017 grew by 3.9 percent. This made up to $3.5 trillion, which is equivalent to $10,739 per person. The health spending accounted for 17.9 percent share of the nation’s Gross Domestic Product (source: U.S. Centers for Medicare & Medicaid Services).
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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