The laser therapy devices market is projected to be worth US$ 3 billion in 2023 and US$ 7 billion in 2033. Over the course of the forecast period, the adoption of laser therapy devices is anticipated to grow at a CAGR of 8.8%. According to Future Market Insights’ (FMI) most recent report, the global laser therapy devices market is expected to grow at a healthy pace and reach nearly US$ 2 billion in value by 2022, with a compound annual growth rate (CAGR) of about 4%. The long-term outlook is also promising, as evidenced by the numerous significant investments being made to implement laser treatment procedures and the growing trend towards minimally invasive surgeries.
Oncology and aesthetics treatment are anticipated to emerge as major growth engines, with ophthalmology applications following suit, according to FMI’s analysis. Additionally, it is anticipated that preferences for low level laser therapy (LLLT) will grow, which will eventually lead major manufacturers to launch a wide range of cutting-edge laser therapy device solutions. The Erchonia FX 635 is an LLLT device that was approved by the US Food and Drug Administration in 2019 that reduces the incidence of whole-body pain by almost 50%.
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According to the Cancer Atlas, there were an estimated 18.1 million active cases, with over 9 million cancer deaths in 2018. Additionally, nearly 44 million individuals persons living with cancer that same year who were diagnosed within the previous’ five years. It is projected that this burden is expected to rise by over 60% by 2040. Hence, credible progress is expected to be made in this regard.
Key Takeaways from FMI’s Laser Therapy Devices Market Study:
By device type, gas laser therapy devices to account for more than a quarter of the revenue share through 2021 A fifth of the total laser therapy devices revenue is accounted for by hospitals, specialty clinics to generate over half of the total share Ophthalmology treatment is likely to account for the bulk of the revenue share in the laser therapy devices market.
US and UK to experience high sales amid surging popularity of low-level laser therapy (LLLT) High prevalence rates of dermatological disorders to fuel laser therapy device sales across Germany Robust healthcare research funding and a flourishing aesthetics industry to pivot French laser therapy devices market growth High plastic surgery rates to heighten China’s share in the laser therapy devices market.
“Prominent laser therapy devices manufacturers are introducing portable handheld devices in order to enhance the comfort factor for surgeons while administering the appropriate treatment, improving patient outcomes and success rates,” says the FMI analyst.
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Competitive Landscape:
- Boston Scientific Corporation
- IPG Photonics Corporation
- Lumenis Ltd.
- Coherent Inc.
- Biolitec AG
- Hologic Inc.
- Alma Lasers Ltd.
- Fotona D.D
- Danaher Corporation
- Thermo Fisher Scientific Inc.
Are some prominent laser therapy devices manufacturers as profiled by FMI’s report? New product launches, capacity expansion initiatives and securing regulatory approvals for specific techniques are some key growth strategies.
In 2018, Hologic Inc. received a medical device license issued by Health Canada to market Cynosure’s advanced non-invasive body contouring product called SculpSure®, a laser treatment device for treating back, inner and outer thighs, and submental area under the chin. This approach destroys fat cells by raising body fat temperature.
Recently, in April 2021, Alma Lasers Ltd. launched the Alma PrimeXTM platform, a non-invasive approach for body contouring and skin tightening in the abdomen, waist, thighs and buttock areas. It deploys a combination of ultrasound and radiofrequency technologies.
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Key Segments Covered:
Device Type:
- Solid-State Laser
- Gas Laser
- Liquid Laser
- Semiconductor Laser
End-User:
- Hospitals
- Specialized Clinics
- Ambulatory Surgical Centers
- Other End-Users
Application:
- Ophthalmology
- Dermatology
- Gynecology
- Urology
- Cardiovascular
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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