Cold Laser Therapy Market is poised to expand at a CAGR of 4.4% between 2021 and 2031
According to a recent study by Future Market Insights (FMI), the cold laser therapy market is expected to witness high growth during the forecast period. Sales of cold laser therapy are set to reach US$ 165.4 Mn by 2031. This reflects a CAGR of around 4.4% over the forecast period (2021-2031).
Increasing awareness about various benefits of cold laser therapy is encouraging the adoption of cold laser or low-level laser therapy devices. Application of cold laser therapy in pain relief, treatment of musculoskeletal conditions, and nerve regeneration is increasing the sales in the market. These devices are increasingly installed in home care settings to offer relief from pain or inflammation to patients.
Due to increasing penetration of social media, people of all age groups are becoming overtly anxious about improving their appearance. Hence, the cold laser therapy market is rapidly growing owing to the growing interest in surgically improving appearance.
According to the World Health Organization (WHO), the global population of those above 65 years of age is expected to increase from nearly 1.0 billion in 2018 to around 2.1 billion by 2050 across the world.
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With increasing demand from elder population as their skin is more prone to wrinkles, fine lines, flaccid skin, and other conditions, demand for cosmetic procedures is expected to surge.
Emerging nations such as India, China, Brazil, Russia, Mexico, and South Africa are offering ample of growth opportunities for cold laser therapy devices market. One of the major factor for increased growth is rising prevalence of chronic diseases in the countries.
Exhibiting high demand for cold laser therapy to treat chronic pains, developing nations are likely to emerge as hotspot for cold laser therapy devices manufacturers.
Increasing research and development activities for innovation of novel technology and implementation of favorable reimbursement schemes in most developed countries is another factor fueling sales.
As per the report, key manufacturers are strengthening their supply chains particularly in regions such as Asia Pacific, Latin America and Middle East & Africa. Agreements, partnerships, and collaborations have emerged as key growth strategies adopted by leading players to expand their regional expansion and product portfolio.
For instance, in September, 2019, MedShift announced the 5-Year Strategic collaboration with BTL Aesthetics. The partnership will boost the presence of Emsculpt® device, the first and only technology to non-invasively harness high-intensity electromagnetic energy to firm muscle for a more toned figure.
Key Takeaways from Cold Laser Therapy Market Study
- In terms of product, continuous laser devices will account for the largest market share in 2021.
- Single wavelength technology will hold the lion’s share in cold laser therapy market. The segment will account for more than 65% of total market share in 2021.
- Application of cold laser therapy devices in dermatology will generate highest revenue. As per FMI, the application is expected to account for more than 35% of value share in 2021.
- Specialty clinics are expected to be the primary end-users on the back on increasing demand for cold laser therapy for cosmetic procedures. The segment will contribute over 42% of market revenue in 2021.
- North America is expected to account for dominant 40.0% in the global market in 2021, with the U.S. spearheading growth in the region.
Some of the leading manufacturers of cold laser therapy market are focusing on product launches, collaborations, and expansion strategies to enhance their market presence.
The key market players profiled by FMI include Apira Science Inc., BioLight Technologies LLC, B-Cure laser Australia, Erchonia Corporation, Theralase Inc., THOR Photomedicine Ltd, DJO Global, Inc., BTL, Spectro Analytic Irradia AB, Photomedex.
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