Future Market Insights’ (FMI) latest report on the global laser therapy devices market expects a healthy growth trend, reach a value of almost US$ 2 billion by 2022, registering a CAGR of around 4%. Long-term prospects also appear bright, with numerous large-scale investments underway to adopt laser treatment procedures, amid rising inclination towards minimally invasive surgeries.
As per FMI’s analysis, oncology and aesthetics treatment are expected to emerge as key growth engines, followed by ophthalmology applications. Furthermore, preference for low level laser therapy (LLLT) is expected to increase, prompting key manufacturers to introduce a slew of innovative laser therapy devices solutions in the long-run. In 2019, the US Food & Drug Administration approved the Erchonia FX 635, a LLLT device to address whole-body pain, reducing the incidence by nearly 50%.
According to the Cancer Atlas, there were an estimated 18.1 million active cases, with over 9 million cancer deaths in 2018. Additionally, nearly 44 million individuals persons living with cancer that same year who were diagnosed within the previous’ five years. It is projected that this burden is expected to rise by over 60% by 2040. Hence, credible progress is expected to be made in this regard.
Key Takeaways from FMI’s Laser Therapy Devices Market Study
- By device type, gas laser therapy devices to account for more than a quarter of the revenue share through 2021
- A fifth of the total laser therapy devices revenue is accounted for by hospitals, specialty clinics to generate over half of the total share
- Ophthalmology treatment is likely to account for the bulk of the revenue share in the laser therapy devices market
- US and UK to experience high sales amid surging popularity of low-level laser therapy (LLLT)
- High prevalence rates of dermatological disorders to fuel laser therapy device sales across Germany
- Robust healthcare research funding and a flourishing aesthetics industry to pivot French laser therapy devices market growth
- High plastic surgery rates to heighten China’s share in the laser therapy devices market
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“Prominent laser therapy devices manufacturers are introducing portable handheld devices in order to enhance the comfort factor for surgeons while administering the appropriate treatment, improving patient outcomes and success rates,” says the FMI analyst.
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. are some prominent laser therapy devices manufacturers as profiled by FMI’s report. New product launches, capacity expansion initiatives and securing regulatory approvals for specific techniques are some key growth strategies.
In 2018, Hologic Inc. received a medical device license issued by Health Canada to market Cynosure’s advanced non-invasive body contouring product called SculpSure®, a laser treatment device for treating back, inner and outer thighs, and submental area under the chin. This approach destroys fat cells by raising body fat temperature.
Recently, in April 2021, Alma Lasers Ltd. launched the Alma PrimeXTM platform, a non-invasive approach for body contouring and skin tightening in the abdomen, waist, thighs and buttock areas. It deploys a combination of ultrasound and radiofrequency technologies.
More Insights on the Global Laser Therapy Devices Market
In its latest report, FMI offers an unbiased analysis of the global laser therapy devices market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of device type (solid-state laser, gas laser, liquid laser and semiconductor laser), end-user (hospitals, ambulatory surgical centers, specialized clinics and other end-users), application (ophthalmology, dermatology, gynecology, dentistry, urology, cardiovascular and others) and region (North America, Latin America, Europe, Japan, APEJ and Middle East & Africa).
Key questions answered in the report
- How will the laser therapy devices market expand in 2021 and beyond?
The global laser therapy devices market is anticipated to experience credible gains through 2021, attributed to a shift towards minimally invasive yet high precision-based surgeries, with a high inclination towards low level laser therapy
- Which key factors shall drive the automotive hinges market growth?
Rising applicability across the oncology, aesthetics medicine and ophthalmology segments as well as the constant endeavor towards incorporating advanced therapeutic approaches by key healthcare settings are all anticipated to propel the laser therapy devices market growth forward
- Which is the most likely laser therapy devices manufacturing hub through 2021?
The US is anticipated to experience high growth, owing to growing emphasis to incorporate laser surgeries for ophthalmic procedures. Also, France is likely to emerge as a prominent manufacturing hub, given its apex position in healthcare research which is spawning numerous clinical and research studies for laser therapies
- Which prominent players operate within the global laser therapy devices market?
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. are some leading laser therapy devices market players