Medical lasers are sources of focussed light with precision and are used to treat different types of tissues found in the body. Due to the properties of laser light, which has a specific wavelength in a narrow beam, it creates a kind of high intensity light. Due to the cutting-edge innovations in the laser therapy, various types of lasers are being used to treat a variety of medical conditions, and this has proved to be a boon for the medical industry. Some of the application areas of laser therapy include in the areas of cosmetic dermatology for the resurfacing of the skin, revision of scars and removal of tattoos. Besides, laser therapy is also used in lithotripsy, treatment of cancer, in surgeries to treat tissues, ophthalmology and dermatology. The increasing number of diseases related to the growing geriatric population is one of the major drivers of the laser therapy devices market. In addition, there are a rising number of people using advanced laser based treatments for aesthetics treatment and this is also contributing to the market growth. Increasing disposable incomes and demand for laser treatment in emerging economies serve as lucrative opportunities in this market. However, strict safety regulations may hamper market growth of laser therapy devices.
According to the assessment of Future Market Insights, the global Laser Therapy Devices Market is forecasted to reach a figure of about US$ 1,900 Mn in 2022 and is poised to exhibit a moderate CAGR in the period of assessment.
North America Market Set to Dominate the Global Laser Therapy Devices Market in Terms of Revenue
The market in North America is set to dominate the global laser therapy devices market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America laser therapy devices market is the most attractive market, growing at a moderate CAGR over the forecast period.
Solid-State Laser Segment Slated to Touch a Value of More Than US$ 600 Mn in 2022
According to the projections of Future Market Insights, the solid-state laser segment is expected to reach a value of more than US$ 600 Mn in the year 2022. This signifies a sluggish CAGR during the forecast period of 2017-2022. The solid-state laser segment is estimated to account for more than one-third of the revenue share of the device type segment by the end of the year 2017 and is expected to lose market share by 2022 over 2017.
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Hospitals End User Segment to Exhibit a CAGR of More Than 4% During the Assessment Period
According to the assessment of Future Market Insights, the hospitals end user segment is poised to touch a figure of about US$ 420 Mn in the year 2022. This signifies a CAGR of more than 4% during the assessment period from 2017 till the year 2022. The hospitals end user segment is estimated to account for more than one-fifth of the revenue share of the end user segment by the end of the year 2017 and is projected to gain market share by 2022 over 2017.
The report also profiles companies that are expected to remain active in the expansion of global laser therapy devices market through 2022, which include Boston Scientific Corporation, IPG Photonics Corporation, Lumenis Ltd., Coherent, Inc., Biolitec AG, Hologic Inc., Alma Lasers, Ltd., Fotona d.d., Danaher Corporation and Thermo Fisher Scientific, Inc.