Laser Therapy Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Solid, Liquid, Gas, and Diode); Application (Dermatology and Aesthetics, Dental, Ophthalmology, Urology, Cardiovascular, Oncology, and Other Applications); End User (Specialized Clinics, Hospitals, Ambulatory Clinics, and Others), and Geography
The global laser therapy market is expected to reach US$ 3,514.02 million by 2027 from US$ 1,665.65 million in 2019;it is estimated to grow at a CAGR of 9.9% during 2020-2027.Factors such as broad range of medical applications and growing number of product launches drive the growth of the market. However, the high cost of laser therapy and devices is the major factor hindering the market growth.
Laser therapy is widely used in pain relief procedures, several surgeries, and retina or tissue repair procedures. It utilizes a strong light beam to cut, remove, or treat the affected tissue or organ. The wide adoption of this therapy in the medical field is ascribed to limited health risks associated with it compared with those with surgical procedures. Moreover, it is a minimally invasive procedure and has broad applications in oncology, ophthalmology, aesthetics, dental, cardiovascular, and pain management, among others. In oncology, laser therapy is used along with other treatments such as surgery, chemotherapy, or other radiation therapies. Vaginal cancer, vulvar cancer, basal cell skin cancer, cervical cancer, and penile cancer, among others, can be treated with laser therapy. In addition, technological advancements have enabled the painless sealing of nerves using laser therapy after surgery; its ability to seal the injured sites helps prevent blood loss. In addition, laser therapy is widely accepted in aesthetic applications such as removal of hair, tattoo, moles, birthmarks, warts, and sunspots. Further, the use of laser therapy in primary veincosmetic treatments, skin resurfacing, and hair removal has significantly increased. According to the American Society of Plastic Surgeons (ASPS) annual report, 218,929 laser treatments for veins, 587,903 laser skin resurfacing, and 1,086,830 laser hair removal procedures were performed in 2017 in the US.
The global laser therapymarketis segmented on the basis of type, application, end user,and geography.Global laser therapy market, based on type is segmented into, solid, liquid, gas and diode. In 2019, the diode segment held the largest share of the market, by type. Moreover, the same segment is expected to register the fastest CAGR during the forecast period. The laser diode market is expected to witness lucrative growth owing to its rapid adoption in photodynamic treatments and aesthetic procedures. On the basis of application, the market is segmented into dermatology and aesthetics, dental, ophthalmology, urology, cardiovascular, oncology, and other applications. Based on end user, the market is segmented into hospitals and specialized clinics, ambulatory surgical centers, and others.
A few of the crucial secondary sources referred to while preparing this report are the Food and Drug Administration (FDA), World Health Organization (WHO),Organization for Economic Co-operation and Development, American Dental Association (ADA), British Heart Foundation (BHF), International Trade Administration (ITA),and Spanish Heart Foundation (SHF).
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