Laser Therapy Devices Market to Reach US$ 1,900 Mn in 2022 - Future Market Insights
Valley Cottage, NY, November 20, 2017 (Newswire.com) - Future Market Insights (FMI) has come up with a new market intelligence study that thoroughly overviews the current scenario of the global market for laser therapy devices, wherein a small chunk of players are holding the major shares and keep the competitive landscape moderately consolidated. The report identifies Thermo Fisher Scientific, Inc., Boston Scientific Corporation, Lumenis Ltd., IPG Photonics Corporation, Coherent, Inc., Hologic Inc., Biolitec AG, Alma Lasers, Ltd., Danaher Corporation, and Fotona d.d. as some of the prominent companies currently ahead of the curve in the global laser therapy devices market. In the near future, most of these companies are expected to invest on research and development of new products to meet changing demands of the end users as well as concentrate on expanding their geographical presence in order to meet newer requirements.
According to the projections provided by the FMI report, the demand in the global laser therapy devices market will escalate a CAGR of 4.0% during the forecast period of 2017 to 2022. By the end of 2022, the opportunities in this market will translate into a revenue of US$1,900 mn.
Prevalence of Skin Diseases Driving Demand
The report attributes the sustained demand for laser therapy devices to changing lifestyles of urban populations. Tattoos are trending and are keenly adopted by the younger generation, especially when a large number of sports personalities are promoting it. These medical lasers are an important part of cosmetic dermatology, which is being used by aging consumers to enhance appearance. In addition to that, the global laser therapy devices market is also driven by the prevalence of several skin diseases, as they help in resurfacing of the skin and revision of scars.
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Laser therapy devices are also used for the treatment of cancer, lithotripsy, and surgeries pertaining to the treatment of tissues. Growing awareness in emerging economies regarding the availability of these advanced devices and skin-treatment procedures, increasing percentage of geriatric population who commonly suffer from various skin diseases, and technological advancements are some of the other factors augmenting the demand in the global laser therapy devices market. On the other hand, lack of information in potential country-wide markets, high cost of equipment, and tendency of consumers to prefer traditional and inefficient domestic procedures are a few restraints obstructing the prosperity of the global laser therapy devices market.
Solid-state Laser Segment to Produce a Revenue of US$600 mn in 2022
Based on device type, the FMI report segments the laser therapy devices market into gas laser, solid-state laser, semiconductor laser, and liquid laser. Among these, the solid-state laser segment is estimated to produce a revenue of US$600 mn by 2022. Though a slugging growth rate, the solid-state lasers are expected to remain the most prominent segment the forecast period, producing a demand share of more than one-third. On the basis of end-user, the market has been bifurcated into hospitals, specialized clinics, ambulatory surgical centers, and others. While hospitals current serve for the maximum demand and are projected to generate a revenue of US$420 mn by 2022, specialized clinics segment is exhibiting a stronger growth rate. Application-wise, the market has been classified into gynecology, ophthalmology, dermatology, dentistry, urology, cardiovascular, and others.
Geographically, the report takes stock of the potential of the market for laser therapy devices in the regions of North America, Europe, Latin America, Asia Pacific excluding Japan (APEJ), and the Middle East and Africa as well as in the country of Japan. Currently, North America dominates the demand and the inclination is expected to sustain. However, as the technology advances and key players look for new customers, vastly populated region of APEJ is expected to turn into a lucrative region.
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Source: Future Market Insights