PORTLAND, Oregon and PUNE, India, November 2, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Medical Lasers Market by Product Type, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global medical lasers market was valued at $5,116 million in 2016, and is projected to reach at $12,586 million by 2023, registering a CAGR of 13.6% from 2016 to 2022. The cosmetic end use segment dominated the global market and accounted for a share of nearly half of the total market in 2016.
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Laser is an acronym for light amplification by stimulated emission of radiation, which has a specific wavelength and creates high-intensity light. Medical lasers are devices used for the treatment of various diseases, such as eye-related diseases, cardiology-related diseases, urology diseases, and tissue removal leading to increased adoption of lasers for diverse medical applications including ophthalmology, dermatology, urology, and cardiovascular. Furthermore, application of lasers is expected to increase in the area of aesthetics and cosmetic surgery. Globally, around 1.1 million laser hair removal procedures were performed in 2015; such high adoption of medical lasers in cosmetic surgery is expected to propel the market growth during the forecast period.
The global medical lasers market is driven by rise in incidences of eye disorders related to the surge in elderly population, growth in number of patients using advanced laser-based treatments globally, and increase in importance of aesthetics. Stringent safety regulations and high rate of failure limit the market growth. Increased disposable incomes and demand for laser treatment in the emerging economies are expected to offer opportunities to the growth of medical laser system market during the forecast period.
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The cosmetic segment accounted for the major share in the medical lasers market, and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at a CAGR of 14.9% from 2017 to 2023, owing to high adoption of medical lasers for cosmetic procedures globally.
Key Findings of the Medical Lasers Market
- The dentistry segment is anticipated to grow at the highest rate during the forecast period.
- North America accounted for nearly half of the share of the total market and acquired a dominant position in 2016.
- In 2016, the ophthalmology segment accounted for a share of nearly one-fourth of the global medical lasers market.
- The solid-state laser systems segment accounted for a share of nearly one-third of the global market in 2016.
In 2016, North America held the leading position in the global medical lasers market, owing to the high prevalence of various diseases. Europe accounted for the second position in the global medical lasers market.
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The major companies profiled in the report includes Photomedex, Inc., Lumenis Ltd., Ellex, Medical Lasers Ltd., Spectranetics Corporation, Novartis AG, Cardiogenesis Corporation, Biolase Inc., Boston Scientific Corporation, Bausch & Lomb Holdings, Inc., and Syneron-Candela.
Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research