Therapeutic laser therapy is the most preferred technology for the treatment of various diseases like cataract and arthritis. Moreover, other applications of lasers in therapeutics includes the branches of dentistry, dermatology, aesthetics, and others. The global market for laser therapy is expected to grow at an exponential rate owing to an increase in the demand for advanced technology for minimally invasive therapeutics, rising geriatric population, and increasing prevalence of cataract, arthritis, periodontal diseases, and others.
The Global Laser Therapy Market is expected to grow at a CAGR of 9.2% during the forecast period 2018-2023.
As per the Arthritis Foundation, as the world’s population continues to age, it is estimated that disorders such as osteoarthritis will impact at least 130 million individuals around the globe by the year 2050. Moreover, in 2016, according to the American Society of Plastic Surgeons, 586,662 minimally-invasive cosmetic procedures were performed for laser skin resurfacing.
The key players for the global laser therapy market are
- Angiodynamics Inc. (U.S.),
- Biolase Inc. (U.S.),
- Valeant (Canada),
- IRIDEX Corp. (U.S.),
- Cutera (U.S.),
- Coherent, Inc. (U.S.),
- Alma Lasers (Israel)
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America dominates the global laser therapy market owing to a well-developed healthcare sector. Moreover, huge patient population for medical conditions like arthritis and cataract, drives the market growth. According to the Centres for Disease Control and Prevention, about 78 million U.S. adults aged 18 years or older are projected to have doctor-diagnosed arthritis by 2040. Additionally, changing lifestyle, increasing healthcare expenditure, and growing geriatric population have boosted the growth of the market in America.
Europe is the second largest laser therapy market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, a well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period. According to the Royal National Institute of Blind People (2016), the number of people living with sight loss are expected to reach 2.7 million by 2030 due to possible cases of refractive error, cataract, glaucoma, and others.
List of Figure
Figure 1 Global Laser Therapy Market by Application, 2018 (%)
Figure 2 Global Laser Therapy Market by Application, 2018 (%)
Figure 3 Global Laser Therapy: Market Structure
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Figure 4 Research Methodology
Figure 5 Porters Five Forces Model: Global Laser Therapy Market
Figure 6 Value Chain: Global Laser Therapy Market
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