Veterinary Lasers Market to a value worth US$ 336.5 Million by the end of 2028

The global veterinary lasers market is predicted to take a leap from US$ 123.2 Mn (2017) to a value worth US$ 336.5 Mn by the end of 2028. According to the latest market research report published on the global market for veterinary lasers by Future Market Insights, the global veterinary lasers market is projected to register a robust CAGR of 9.7% in terms of value during the forecast period 2018-2028. The report, titled "Veterinary Lasers Market - Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028" provides detailed analysis of the market over the next decade.

Pet Ownership Prevails and Availability of Pet Healthcare Widens

Significant rise in the percentage of pet owners and increasing spending on pets by owners have been the key factors driving the demand for veterinary lasers over the years. Furthermore, a rising number of government and private collaborations to provide quality care to pets will also provide an impetus to the global market for veterinary lasers in near future. Upgradation of veterinary hospitals and clinics that has been creating significant impact on the overall market scenario, coupled with an increasing number of healthcare facilities, will reportedly push the veterinary lasers market a little farther.

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Pet Owners Continue to Look for Non-invasive Treatment Options Through Insurance Cover

Improving implementation of pet insurance coverage is identified to act as a value-driver to market growth during the assessment period. The demand for non-invasive procedures is increasing among pet owners and a majority of them have already accepted laser therapies as a better, efficient, and less painful treatment alternative for pets. This factor will continue to play a crucial role in strengthening the market conditions in upcoming years.

High Costs and Lack of Favorable Reimbursement Policies to Remain Longstanding Challenges

Although probable health risks and expensive costs associated with laser therapies may hamper the penetration of lasers worldwide, Future Market Insights estimates promising growth prospects for the market over 2018-2028. A few other restraints to the growth of market include inadequacy of reimbursement policies in emerging economies, dearth of trained and skilled specialists and professionals, and absence of top notch healthcare infrastructure in certain regions of the world.

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Therapeutic and Class 3 Lasers Dominate, Hospitals Continue to Record Maximum Consumption

By product type, therapeutic lasers segment accounted for more than 44% share of the total market revenue in 2017. Future Market Insights estimates continued dominance of this segment and rapid emergence of therapeutic and surgical lasers segment during the forecast period. Based on laser type, class 3 lasers segment is expected to win over class 2 and class 4 lasers segments, accounting for more than 46% share of the market value by 2028 end. Hospitals will reportedly remain the largest end-user of veterinary lasers, capturing over 40% market value share throughout the assessment period.

The Americas Remain the Leading Region, Developing Economies Witness Healthy Growth

The North American market for veterinary lasers is anticipated to continue dominance over all other regional markets throughout the forecast period. With an estimated CAGR of 10.8% in terms of value, North America will possibly reach a value beyond US$ 99 Mn by the end of 2028. Latin America, although a developing country, will register a significant CAGR over the forecast period and remain the second largest as well as second fastest growing regional market for veterinary lasers. The Americas will be followed by the European market, in terms of both value and growth rate. According to the report, emerging economies are presumed to experience robust growth over the projection period.

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Some of the Key Players Competing in the Global Veterinary Lasers Market, Profiled in the Report:

Cutting Edge Laser Technologies
Aesculight Llc
LiteCure LLC
Respond Systems, Inc.
Pivotal Health Solutions
ERCHONIA CORPORATION,
Technological Medical Advancements, Inc.
BIOLASE, Inc.

More from FMI's Healthcare, Pharmaceuticals and Medical devices Market Intelligence:

Veterinary Ultrasound Scanners Market Veterinary Ultrasound Scanners Market Segmentation By Product Type - Portable/Hand Held, Cart Based Ultrasound Scanner; By Market Size - Veterinary Hospitals, Veterinary Clinics, Animal Breeding and Farms; By Technology - Digital Imaging, Analog Imaging, Others
Veterinary Vaccines Market Veterinary Vaccines Market Segmentation By Product - Attenuated Live Vaccines, Conjugate Vaccines, Inactivated Vaccines, Subunit Vaccines, Toxoid Vaccines, DNA Vaccines and Recombinant Vaccines; By Disease Application Type - Anaplasmosis, Canine Parvovirus, Foot and Mouth Disease, Newcastle Disease, Distemper Disease, Influenza, PRRS and Others; By Animal Type - Companion Animals, Livestock Animals and Equine; By Distribution Channel - Veterinary Clinics, Veterinary Hospitals, and Others

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.