Global Laser Therapy Market Size – Industry Trends & Forecast Report 2027
The global laser therapy market is estimated to have reached USD 1710.8 million in 2020 and is further projected to reach USD 2881 million by 2027, growing at a CAGR of 9.1% during 2021-2027 (forecast period). The growing prevalence of various diseases including cancer, dental disorders, cardiovascular disorders among others will positively impact the laser therapy industry growth during the forecast period. According to the American Academy of Dermatology (AAD), in the U.S., acne is the most common skin condition affecting up to 50 million individuals each year. Such dermatological diseases, needing effective and long-term treatment coupled with the increasing incidence of dermatological conditions will create significant demand for laser therapy during the estimation period.
Global Laser Therapy Market Overview:
Laser therapy is a non-invasive medical procedure that uses the light of a specific wavelength to remove tumors or abnormal growth, treat hair conditions, remove kidney stones, and repair a detached retina, among others. Laser therapy is considered an advanced aspect of medical therapeutics. In medicine, the laser allows surgeons to work at a high precision level by focusing on a definite area. This process involves less damage to the target compared with the traditional methods of surgery. The process of laser therapy is however costly and may require repetitive visits to surgeons.
Global Laser Therapy Market Forecast and Trends
Increasing consumer preference towards innovative laser-based technologies
Increasing consumer preference towards innovative laser-based technologies for aesthetics treatment will stimulate the global laser therapy devices' business growth in the coming years. High growth can be attributed to the rising demand for such devices due to better effectiveness, quick recovery to normal body functions, fast treatment duration, and high efficacy. Thus, a rising focus on body aesthetics will lead to the rapid adoption of medical lasers in cosmetic surgeries, thereby stimulating the laser therapy devices market growth over the projected timeframe.
Increasing prevalence of diseases like cataract and arthritis
The increasing prevalence of diseases like cataracts and arthritis is the major driver for market growth. According to the National Eye Institute, the number of people in the U.S. with cataracts is expected to double from 24.4 million in 2010 to 50 million by 2050. Moreover, in 2015, the National Eye Institute stated that more than half of the Americans suffer from a cataract related problem in their life span. Thus, the increasing prevalence of the diseases will boost the laser therapy market during the forecast period.
Risk of skin cancer and accelerated skin aging among patients
UV irradiation poses the risk of skin cancer and accelerated skin aging among patients. Hence, companies in the laser therapy market are increasing research to develop UV-free devices for the treatment of skin diseases. However, a limited number of quality reports justifying the efficacy of these devices poses a restraint for companies in the market. Hence, companies are increasing their research efforts to establish widespread adoption of lasers for the treatment of atopic dermatitis. Thus, the risks of skin cancers can limit the laser therapy market growth.
High and increasing cost of surgeries
The high cost of surgeries limits the growth of the laser therapy market. The high cost of treatments involving laser therapy limited the adoption and demand for lasers used to perform minimally invasive surgeries. For instance, the average cost of LASIK surgery performed in the USA was $2,246 per eye in 2019, higher than the cost of surgery in 2018, which was $2,199 in 2018. Therefore, the high and increasing cost of surgeries is likely to act as a restraint to the growth of the laser therapy market.
Impact of COVID-19 in the industry
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies to prevent the spread of this pandemic and provide optimum care to the infected also widens. The global laser therapy market is expected to decline at a higher rate. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover during the estimated timeframe.
Global Laser Therapy Market: By Type
Based on type, the market is categorized as solid, liquid, gas & diode. The diode laser segment held the largest share of the laser therapy market, based on type, in 2019, and it is expected to register the highest CAGR during the forecast period. This expected lucrative growth of the market for laser diodes is attributed to the rapid adoption of these devices in photodynamic treatments and aesthetic procedures. Additionally, diode laser devices are effectively used for treating conditions such as incision, hemostasis, and coagulation. Moreover, the use of this type of laser device involves minimal swelling, scarring, and postsurgical pain.
Global Laser Therapy Market: By Application
Based on application, the global laser therapy market is segregated into dermatology and aesthetics, dental, ophthalmology, urology, cardiovascular, oncology & other applications. The dermatology and aesthetics segment held the highest share of the laser therapy market in 2019, by the application. However, the market for the ophthalmology segment is anticipated to witness a significant CAGR during the forecast period. Moreover, among applications, the dentistry segment of the cold laser therapy market is anticipated for significant growth during the forecast period. Thus, companies are increasing the production capacities of cold lasers to offer healing and pain relief for patients with dental problems.
Global Laser Therapy Market: By End User
Based on end-users, the global laser therapy market is segregated into specialized clinics, hospitals, ambulatory clinics & others. In 2019, the specialized clinic's segment held the largest share of the market, and it is also expected to register the highest CAGR during 2020–2027. The hospital segment will show momentous growth over the projected timeframe due to the availability of advanced and innovative technology-based laser devices in these facilities. A growing number of hospitalizations for complex procedures such as cardiovascular disorders and cancer-related procedures, requiring less invasive and advanced therapies will escalate the demand for laser therapy devices. Furthermore, improving hospital infrastructure coupled with the availability of favorable reimbursement policies will drive segmental growth during the projection timeframe.
Global Laser Therapy Market: Regional insights
The global laser therapy market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Amidst this category, North America dominates the global laser therapy market owing to a well-developed healthcare sector. Moreover, the huge patient population for medical conditions like arthritis and cataract drives the market growth. According to the Centers for Disease Control and Prevention, about 78 million U.S. adults aged 18 years or older are projected to have doctor-diagnosed arthritis by 2040. Additionally, changing lifestyles, increasing healthcare expenditure, and the growing geriatric population have boosted the growth of the market in North America.
· In January 2020, Alma Lasers launched DermaClear 3-in-1 Skin Hydradermabrasion Platform. The system is used for deep cleansing, nourishment, and hydration of facial skin. It is available in three variants such as DermaClear EXFO, DermaClear CLEANSE, and DermaClear HYDRATE.
· In June 2019, iRestore Laser received the U.S. FDA approval for new iRestore Professional, an advanced low level laser therapy (LLLT) device used in the treatment of thinning hair and hair loss condition that is common in most of the Americans. This strategy will expand the company’s laser therapy devices portfolio along with its customer base.
Key players for the global laser therapy market includesAlma Lasers, Coherent, Inc., biolitec Group, IPG Photonics Corporation, Boston Scientific Corporation, BTL, Meditech International Inc. (BIOFLEX Laser Therapy), Baring Private Equity Asia Ltd (Lumenis), Cutera, Angiodynamics, Biolase, Inc., Biolitec AG UntereViaduktgasse, Fotona, Hologic, Inc., Iridex Corporation, Lumenis& other prominent players. Product approvals, product launches, expansions, and acquisitions are the most commonly adopted strategies by companies to expand their footprints worldwide and meet the growing demand by broadening their product portfolios.
Scope of the Report
By End User
Ø Specialized Clinics
Ø Ambulatory Clinics
Ø Dermatology and Aesthetics
Ø Other Applications
Ø Asia Pacific
Ø North America
Ø Middle East & Africa
Ø Latin America