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Medical Lasers Market Is Expected to Grow Due Emerging Demand Surgical Procedures
In 2016, the market generated a revenue of $5.1 billion, and it is predicted to attain a size of $12.1 billion by 2023, progressing at a CAGR of 13.4% during 2017-2023 (forecast period). Medical lasers use sharp, focused light to remove or treat tissues. Laser is short for light amplification by stimulated emission of radiation.
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On the basis of application, the medical lasers market is mainly classified into dermatology, dentistry, urology, and gynecology. Among these, during the historical period (2013-2016), the dermatology classification led the market in terms of revenue, and it is expected to continue leading it during 2017-2023. This is ascribed to the growing volume of various esthetics treatments. Besides, the increasing patient awareness and rate of minimal and non-invasive treatments are predicted to contribute to the growth of this classification during the forecast period.
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The surging aging population is resulting in the growing occurrence of age-related eye disorders, such as diabetic retinopathy, presbyopia, macular degeneration, and cataract. As per the World Health Organization's latest estimate, approximately 51.0% or 20.0 million cases of blindness around the world are due to cataract. Based on the data collected from Medicare claims, nearly 61 out of every 1,000 people aged 65 and above go for cataract surgery. Furthermore, since past few years, the medical lasers market has grown because of the rising popularity of medical esthetics.
Thus, it can be concluded that the growing popularity of medical esthetics treatments and technological developments are playing a significant part in the growth of the market.
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