The global laser therapy devices market is poised for remarkable growth, with projections indicating a worth of US$ 3 billion by 2023 and an impressive surge to US$ 7 billion by 2033. This forecast is supported by a comprehensive analysis from Future Market Insights (FMI), a leading market research firm.
FMI’s latest report underscores a steady adoption rate for laser therapy devices, expected to grow at a Compound Annual Growth Rate (CAGR) of 8.8% over the forecast period. Notably, the market is anticipated to reach nearly US$ 2 billion in value by 2022, demonstrating a CAGR of approximately 4%.
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The rise in demand for laser therapy devices can be attributed to various factors, including advancements in technology, the increasing trend towards minimally invasive procedures, and significant investments in implementing laser treatment protocols.
Key Findings from FMI’s Report:
- Oncology and Aesthetics Lead Growth: Oncology and aesthetics treatments are projected to be primary drivers of market growth. The efficacy and precision of laser therapy in these fields contribute to their prominence.
- Ophthalmology Gains Traction: Ophthalmology applications are expected to witness a surge in demand, indicating a widening scope for laser therapy in eye care treatments.
- Rise of Low-Level Laser Therapy (LLLT): Preference for low-level laser therapy (LLLT) is on the rise, prompting major manufacturers to introduce innovative solutions. Notably, the FDA-approved Erchonia FX 635 has demonstrated a significant reduction in whole-body pain, enhancing its appeal among consumers.
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.
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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.
“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.
Competitive Landscape:
- Boston Scientific Corporation
- IPG Photonics Corporation
- Lumenis Ltd.
- Coherent Inc.
- Biolitec AG
- Hologic Inc.
- Alma Lasers Ltd.
- Fotona D.D
- Danaher Corporation
- 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.
Key Segments Covered:
Device Type:
- Solid-State Laser
- Gas Laser
- Liquid Laser
- Semiconductor Laser
End-User:
- Hospitals
- Specialized Clinics
- Ambulatory Surgical Centers
- Other End-Users
Application:
- Ophthalmology
- Dermatology
- Gynecology
- Urology
- Cardiovascular
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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