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. 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.
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The Americas dominate the global laser therapy market owing to a large patient population, strong government support for research & development, high healthcare spending, and growing geriatric population. In 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion.
Europe is the second leading region in the global laser therapy market, which is followed by Asia Pacific. Asia Pacific is the fastest growing market for laser therapy. According to the Royal National Institute of Blind People in 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.
The presence of a huge patient population and continuously developing economies like India and China boosts the market growth within the region. Moreover, growing geriatric population within the region fuels the market growth. According to a study conducted by International Journal of Advanced Medical and Health Research in 2015, in India, the prevalence of blindness was 1.1%, the principal cause being cataract, affecting over 9 million people accounting for 62.6%.
The Middle East and Africa contribute the least to the growth of the global laser therapy market. The Middle East dominates the market in this region due to the presence of developed economies like Qatar, Kuwait, Saudi Arabia, and others within the region. Whereas, Africa holds the least share of the global market due to the limited availability of medical facilities, poor economic condition and stringent government policies.
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), and others.
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The global laser therapy market is segmented on the basis of type and application.
On the basis of type, the market is segmented into diode lasers, solid state lasers, gas lasers, dye lasers, and others.
On the basis of application, the market is segmented into dermatology and aesthetics, surgery, dental, and others. The surgery segment is further segmented into urology, ophthalmology, and others.
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.
Asia Pacific is the fastest growing region in the global market due to the presence of a huge patient population, continuously developing economies like India and China which are presenting great opportunities to the market. Moreover, growing geriatric population within the region boosts the market growth. According to the Economic and Social Commission for Asia and the Pacific, in 2016 about 12.4% of the population within the region aged 60 or more and this geriatric population is expected to reach 1.3 billion by 2050.
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List of Figure
FIGURE 1 GLOBAL LASER THERAPY MARKET BY APPLICATION, 2016 (%) 12
FIGURE 2 GLOBAL LASER THERAPY MARKET BY APPLICATION, 2016 (%) 12
FIGURE 3 GLOBAL LASER THERAPY: MARKET STRUCTURE 14
FIGURE 4 RESEARCH METHODOLOGY 15
FIGURE 5 PORTERS FIVE FORCES MODEL: GLOBAL LASER THERAPY MARKET 25
FIGURE 6 VALUE CHAIN: GLOBAL LASER THERAPY MARKET 27
FIGURE 7 GLOBAL LASER THERAPY MARKET, BY TYPE, 2016 & 2023 (USD MILLION) 33
FIGURE 8 GLOBAL LASER THERAPY MARKET, BY APPLICATION, 2016 & 2023 (USD MILLION) 38
FIGURE 9 GLOBAL LASER THERAPY MARKET, BY REGION, 2016 & 2023 (USD MILLION) 43
FIGURE 10 AMERICAS LASER THERAPY MARKET, BY REGION, 2016 (%) 46
FIGURE 11 EUROPE LASER THERAPY MARKET BY REGION, 2016 (%) 54
FIGURE 12 ASIA PACIFIC LASER THERAPY MARKET BY COUNTRY, 2016 (%) 69
FIGURE 13 MIDDLE EAST & AFRICA LASER THERAPY MARKET BY COUNTRY, 2016 (%
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