Laser Therapy Devices Market Projected to Grow at a CAGR of 4% For The forecast Period to 2031
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.
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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
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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.
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Key Segments Covered
- Solid-State Laser
- Gas Laser
- Liquid Laser
- Semiconductor Laser
- Specialized Clinics
- Ambulatory Surgical Centers
- Other End-Users
- North America (US and Canada)
- Latin America (Brazil, Mexico, Argentina and Rest of LATAM)
- Europe (Germany, UK, France, Spain, Italy, Nordics and Rest of Europe)
- APEJ (China, India, Malaysia, Thailand, Singapore, Australia and Rest of APEJ)
- Middle East & Africa (GCC, South Africa, Nigeria, Israel and Rest of MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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