Laser Materials Market Expected To Surpass USD 1.7 Billion By 2024

Laser Materials Market is forecast to cross a revenue of USD 1.7 billion by 2024, registering a CAGR of 5.5% over 2017-2024.

Considering the potential contribution of laser technology in medical space, it is no surprise that laser materials market demand will upscale in the coming years. A paradigm transformation in the therapeutic model with regard to medical facilities have acted in favor of the business growth. Extensive use of these materials for the detection of malignant tumors coupled with the significant prevalence of cancer has immensely affected later materials market commercialization lately.

Technological interferences have not only upgraded the product portfolio of laser materials industry but also have widened its application horizon. This is quite evident from the recent trend of replacing non-laser based detection methods in various medical fields which include neurology, dentistry, oncology, and gynecology.

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For instance, medical lasers are replacing traditional X rays that were so far being deployed in mammography. Dentists are also extensively using lasers for cavity drilling, gum surgery, and tooth desensitization.

Asia Pacific has established strong grounds enhancing the overall industry outlook. Robust developments in healthcare infrastructure along with an expanded manufacturing base are the two major factors driving the regional laser materials industry augmentation. As per market experts, the product demand is notably high in some of the emerging economies of the continent which include China, Taiwan, South Korea, and India.

Growing healthcare expenditure which has of late become a global concern is a major factor driving the laser materials market trends in APAC. Accounting for a significant revenue contribution toward the global share in 2016, APAC laser materials market is projected to continue to be a strong participant in the global industry.

Plastic processing is one of the most thriving applications of laser technology, which undeniably makes the domain equally significant for laser materials market as well. Over the years, the advancements in laser materials configurations have increased the laser technology deployment across various applications such as cutting, engraving, welding, drilling, polishing etc. Subject to the fact these applications are closely linked to a variety of domains including medical devices, automotive sectors, electrical circuitry, and various industrial domains, the scope of laser materials market in terms of commercialization is enormous.

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With global digital disruptions, the influx of data has been increasing exponentially across various industries. Laser technology has witnessed a proliferating penetration in communication sector post this digitization wave, subsequently driving laser materials market demand. With advancements in fiber optics, modern lasers can transmit high-speed data more securely than any other communication medium.

Nowadays, laser diode enabled fiber optics are extensively deployed in high-speed internet services. Procuring over 33% of the overall laser materials industry share in terms of volume, communication application is forecast to experience appreciable growth over 2017-2024.

Laser technology is one of the most beneficial innovations of the twentieth century, and the momentum at which this technology is penetrating in diversified utility domains including healthcare, communication, military, and defense etc., it is certain that laser materials market demand will witness a remarkable surge in the coming years. Comparatively reduced-price trends of the raw materials along with reliability and enhanced life span is further pushing its market value.

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Market players are continuously investing in research activities to expand the product portfolio to win a competitive advantage over the business landscape. Some of the biggies involved in the laser materials market include Asahi Glass Co., BASF SE, Mitsubishi Chemical Holdings Corp, Morgan Advanced Materials, Anglo American plc., Norilsk Nickel, Universal Laser Systems, and Corning Inc.

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