The global Cold Laser Therapy Market is anticipated to be worth US$ 117.1 million by the end of 2023 and to grow at a CAGR of 4.4% to be worth US$ 180.8 million by the end of 2033. In 2023, continuous laser devices are predicted to have the largest market share worldwide, with an estimated share of about 55.6%, according to a recent study by Future Market Insights.
Surging cosmetic & non-invasive surgeries and rise in number of aesthetic laser techniques are major factors boosting the market. Growing trend of having flawless skin, coupled with increasing influence of social media will spur the demand for cosmetic procedures. Thereby, increasing the adoption of cold laser therapy.
As prevalence of musculoskeletal disorders and number of dental surgeries are increasing, demand for cold laser therapy is expected to increase. Application of cold laser therapy in pain management and dermatology will spur the sales during the forecast period.
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Additionally, key players are increasing research and development expenditure of biotechnology companies is expected to create incremental growth opportunities for market players.
“Growing demand for aesthetic cosmetic procedures and penetration of social media platforms have increased the demand for non-invasive procedures and low-level laser devices. This is expected to increase the sales of cold laser therapy market,” says the FMI analyst.
Key Takeaways from Cold Laser Therapy Market Survey
- In terms of product, continuous laser devices will account for the largest market share of 57% market share in 2021
- Single wavelength cold laser therapy is expected to be the most preferred technology among end-users
- Application of cold laser therapy in dermatology will account for more than 35% of total market share in 2021
- Specialty clinics are expected to be the primary end-users owing to the growing patient pool for cosmetic treatment and pain management
- The U.S. cold laser therapy market will account for over 92% of sales in North America
- Germany is expected to witness incremental growth opportunities for cold laser therapy market owing to the high presence of numerous leading players
- China and India will register high growth across East and South Asia market, exhibiting 6% CAGR and 6.1% CAGR, respectively
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Key Drivers
- Increasing application of cold laser therapy in orthopedic injuries will push the sales over the forecast period
- Growing adoption of low-level laser devices among rising number of dental practitioners is expected to fuel the growth in the market
Key Restraints
- High deployment cost and lack of skilled professionals equipped with technical expertise is likely to hamper the sales.
Competitive Landscape
Key players in cold laser therapy market are focusing on strategic collaborations, coupled with product launches in order to retain their dominance in the industry. Some of the manufacturers are also expand their product portfolio through mergers and partnerships with other key players.
For instance,
- In 2020, Multi Radiance Medical announced the start of non-pharmaceutical clinical trial using photobiomodulation and cold laser therapy to treat intubated COVID-19 patients to improve critical care.
- Apira Science Inc. received approval from the KFDA (Korea Food and Drug Administration), the FDA Thailand, and the Singapore Health Sciences Authority (HSA), in 2018, to bring iGrow’s patented low-level light therapy (LLLT) technology to these markets.
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Leading players operating in the cold laser therapy market profiled by FMI include:
- Apira Science Inc.
- BioLight Technologies LLC
- B-Cure laser Australia
- Erchonia Corporation
- Theralase Inc.,
- THOR Photomedicine Ltd
- DJO Global, Inc.
- BTL
- Spectro Analytic Irradia AB
- Photomedex
- Others
Key Market Segments Covered in Cold Laser Therapy Industry Research
Product:
- Continuous Laser Devices
- Pulse Laser Devices
- Combination Laser Devices
Technology:
- Single Wavelength Cold Laser Therapy Devices
- Multiple Wavelength Cold Laser Therapy Devices
Application:
- Pain Management
- Arthritis
- Wound Healing
- Nerve Regeneration
- Dermatology
- Musculoskeletal
- Others
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End User:
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Homecare Settings
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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