Laser therapy is often regarded as an advanced paradigm of the medical therapeutics. In recent years, lasers have become an essential part of the ophthalmology and are extensively exploited to treat cataract. Laser is seen as a multidisciplinary therapeutic tool and its thrust application areas are inclusive of dermatology, dentistry, aesthetics, and others. The popularity of the lasers for aesthetics have increased. Lasers are now being used for hair removal, tattoo removal, hair treatment, besides others.
In recent years, the reported cases of diseases like cataract, arthritis, periodontal diseases have increased and a significant growth in the geriatric population was noted. According to the National Eye Institute, the number of people in the U.S. with cataract is expected to double from 24.4 million in 2010 to 50 million by 2050. Moreover, in 2015, National Eye Institute stated that more than half of the Americans suffered from a cataract related problem once in their life spans. Additionally, 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.
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Key players for global laser therapy market
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.
Diseases like cataract and arthritis can be easily treated by the application of lasers. The advantages of laser therapeutics are inclusive of minimally invasive procedures and ease in outpatient surgeries. Due these advantages, laser therapy is seen as a multidisciplinary tool. A number of other applications of lasers therapeutics includes 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. New products launched after extensive R&D and developing economies of the Asia Pacific region are the major revenue pockets of the laser therapy market.
The global players of the laser therapy market have increased their R&D expenditures, so as to improve their present laser products and launch new products. For instance, in 2014, Cutera. spent 13.5% of its total sales on research and development. This enabled Cutera. to introduce products like excel HR and enlighten. Such products enhanced the presence of Cutera. in the global market by meeting the unmet demands of aesthetics in the market. excel HR and enlighten are serving as effective tools for hair and tattoo removal.
The developing economies of the Asia Pacific region like India and China have increasing healthcare expenditure, huge patient population and favorable government policies facilitates 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 is 1.1%, the principal cause being cataract affecting over 9 million (62.6%) people. Thus, there is a huge scope for promoting the market growth within the region. The Asia Pacific region is a significant contributor to the global laser therapy market. For instance, in 2016, ~4.2% of the total revenue generated by the Coherent, Inc. was from Asia Pacific region. Thereby, tapping the unmet demands of the market can lead to the generation of a significant revenue pocket.
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Valeant. is the market leader in the global laser therapy market with a recorded share of 10.4% in 2016. The company has a huge brand image, broad product portfolio, and strong distribution network around the globe. In the last three years, the company adopted the organic strategy of product launches to cement its position in the highly dynamic laser therapy market. Further, the company has also invested heavily in various research & development activities to bring innovative products to the market and cater to the unmet market needs.
Coherent, Inc. held second position in the global laser therapy market with a share of 7.5% in 2016. The company recorded a positive growth in its total revenue in 2016 as compared to 2015. This growth in revenue can be attributed to strong sales in high potential emerging markets. Further, to sustain its place in the laser therapy market Coherent, Inc. follows strategic business alliances such as partnerships, collaborations, and acquisition to expand its product portfolio and to extend its geographical reach. For instance, in November 2016, Coherent, Inc. acquired Rofin, which is one of the world’s leading developers and manufacturers of high-performance industrial laser sources and laser-based solutions and components.
Cutera. is the third market leader in the global laser therapy market with a share of 6.3% in 2016. The company adopted the strategy of product launches to expand the market such as excel HR and enlighten to the laser therapy market to solidify its position. Additionally, the company has a huge product portfolio and good brand identity.
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The other prominent players in the market include Angiodynamics, Inc. (U.S.), Biolase Inc. (U.S.), and Alma Lasers (Israel). Other players accounted for a share of 71.2% in the market in 2016. Majority of the companies have adopted the strategy of acquisition and product launches for the market development. For instance, on January 2017, Biolase Inc. launched the fifth-generation Waterlase Express all-tissue laser system.
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