Laser Therapy Devices Market to Reach US$ 5.8 bn by 2031, driven by growing adoption of cold laser therapy for the stimulation of healing by using low levels of light: Global Insight Services
New York, November 2022: According to a new research study by Global Insight Services (GIS), the global Laser Therapy Devices Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 5.8 Billion by 2031.
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Laser Therapy Devices Market: Key Trends and Drivers
Rising consumer preference for innovative and non-invasive laser based technologies will foster the demand for laser therapies across the globe. Increasing number of geriatric population will further induce inn the demand for this technology as it helps to reduce pain and inflammation in the body. Rising eye disorders too will bolster the Laser Therapy market growth. Increase in the personal disposable income and increased demand for cosmetic surgeries will further create more lucrative opportunities for growth of laser therapy market.
Laser Therapy Devices Market: Restraints & Challenges
High costs involved in the installation and maintenance of the technology will dampen the growth of the market. Further, stringent regulations imposed by the government on the acquisition and installation of the technology will slow down the market growth rate. High rate of failure of laser based surgical procedures coupled with the side effects of undergoing a laser therapy will further come as an obstruction in the way of growth of the market.
The liquid/dye laser system segment is likely to hold a dominant Laser Therapy Devices market share and grow at a substantial CAGR during the forecast period.
By product, the market is segmented into gas laser systems, liquid/dye laser systems, semiconductor/diode laser systems, and others. The liquid/dye laser system segment accounted for the largest share of the global revenue in 2021, owing to the wide usage of these products on account of their rapid treatment results. They have proven to be safer for all skin tones & hair colors and facilitate less painful treatment procedures. With technological advancements, these products are expected to dominate the market even during the forecast period. Laser devices are sub-segmented into Nd: YAG, diode, and alexandrite laser systems.
The ophthalmology segment is anticipated to hold a majority of the Laser Therapy Devices market size throughout the study period.
By application, the Laser Therapy Devices market is classified into dermatology, cardiovascular, oncology, and others. The ophthalmology segment is estimated to register considerable expansion through 2031. This is because ophthalmic lasers enable the precise treatment of an array of eye issues with minimal risk of infection. It is noteworthy that a number of laser processes are relatively pain free and can be performed on an outpatient basis. Besides, these provide the advantages of relatively low cost, high accuracy, and safety and essentially destroy the targeted tissue for a beneficial impact on the eye. These aspects are expected to propel the usage of laser therapy for eyes during the forecast period.
The hospital pharmacies segment is anticipated to hold a majority of the Laser Therapy Devices market size throughout the study period.
The end-user segment of the market is bifurcated into Hospitals, Ambulatory Surgical Centers, Specialized Clinics, and Others. The hospitals segment is projected to account for a lucrative share in the laser therapy devices market by 2028. This growth is attributed to the availability of innovative and advanced technology-based laser devices in these settings. The product demand is further slated to rise with an increase in hospitalizations for complex procedures such as cancer-related processes and cardiovascular disorders. The availability of favorable reimbursement policies and improving hospital infrastructure are poised to boost the market expansion through the analysis period.
The North America region is estimated to exhibit the highest growth rate during the Laser Therapy Devices market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America Laser Therapy Devices market revenue is poised to grow significant CAGR during the forthcoming years. This is owing to an increase in the provision of patents in the region. For instance, in July 2021, Aspen Laser LLC, a major medical solutions company, has been awarded a new patent by the USPTO (U.S. Patent and Trademark Office). The patent will cover particular laser devices that will be manufactured by the company and sold in the veterinary and medical markets..
Competitive Landscape
The global laser therapy devices market report includes players such as 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., among others.
Recent Developments in the Laser Therapy Devices Market:
· In October 2022, Dexcom has begun the global rollout of its G7 continuous glucose monitoring system by making the device available in the U.K., Ireland, Germany, Austria and Hong Kong. The device is designed to be smaller, easier to use and have a better mobile application than its predecessor, while also powering up faster than rival CGM systems. Still the U.S. launch has been delayed, until late 2022.
· In August 2022, Teladoc Health, the announced the addition of a home A1C testing program to its Livongo by Teladoc Health chronic care solution, making it easier for members to manage and control their diabetes
· In September 2021, Know Labs Inc, a US-based company that manufactures glucose monitoring devices launched a new portable medical-grade glucose monitoring device named KnowU that utilizes Bio-RFID technology. This device is a non-invasive glucose monitoring machine that has a base that powers the device and displays readings and, a battery a powered monitor with Bio-RFID sensors that can be carried by the users to check sugar levels on the go.
· In May 2021, Roche collaborated with Eli Lilly and Company, to work towards enhancing the management of insulin pen therapy. With this collaboration, Roche follows its ambition to create an open ecosystem including its own and partner devices, solutions, and services, across the continuum of care in diabetes.
Laser Therapy Devices Market Report Coverage
· The report offers a comprehensive quantitative as well as qualitative analysis of the current global Laser Therapy Devices market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
· A thorough analysis of market trends and restraints is provided.
· Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
· The forecasts in this report are made by examining the recent trends along with future Laser Therapy Devices market potential from 2021 to 2031 in terms of revenue.
· Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Laser Therapy Devices market are also analyzed.
· Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global kidney stones management market.
Global Laser Therapy Devices Market Segmentation
By Type
· Self-monitoring Blood Glucose Meters
· Continuous Glucose Monitors
· Testing Strips
· Lancets
By Application
· Type 1 Diabetes
· Type 2 Diabetes
· Gestational Diabetes
By End-user
· Hospital Pharmacies
· Retail Pharmacies
· Online Sales
· Diabetes Clinics & Centers
By Region
· North America
o The U.S.
o Canada
o Mexico
· Europe
o UK
o Germany
o France
o Spain
o Rest of Europe
· Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
· Rest of World
o Latin America
o Middle East
o Africa
Key Players
• Boston Scientific Corporation
• IPG Photonics Corporation
• Lumenis Ltd.
• Coherent Inc.
• Biolitec AG
• Hologic Inc.
• Alma Lasers Ltd.
• Fotona D.D
• Danaher Corporation
