Global Medical Laser Market Outlook to 2024 - Bausch & Lomb, Koninklijke Philips and IRIDEX Corporation are Dominating - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Apr 1, 2019--The “Medical Laser Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The Medical Laser Market is expected to register a CAGR of nearly 13.4% during the forecast period, 2019-2024.
The growth of the medical laser market is attributed to the rising preference for minimally invasive procedures, increasing incidences of eye disorders, and an increase in the number of cosmetic procedures.
The rising demand for surgeries with faster recovery, fewer post-surgery infections, less pain, reduced scarring, better control on bleeding, and increased accuracy are anticipated to boost the demand for various endoscopy devices.
Technological advances in surgical techniques and enhancement in equipment handling have transformed surgical procedures, including the introduction of minimally invasive surgeries.
These procedures usually provide equivalent outcomes to traditional open surgery, along with offering significant benefits, such as less major bleeding, fewer post-op infections, fewer complications, shorter length of stay, quicker return to normal activities, less scarring, and comparable/lower cost, among other such benefits.
As a result, these procedures have become more popular in recent times. Aging patients are fragile, and thus, the use of minimally invasive devices (while performing surgeries) becomes important. Hence, the increase in the prevalence of geriatric population is also driving the market.
Globally, there is an increased demand for cosmetic surgery procedures, which include surgical and non-surgical procedures that improve the appearance by reshaping and enhancing the body structure.
For instance, as per a report published by the American Society of Plastic Surgeons in 2016, around 1.8 million cosmetic surgical procedures and 15.5 million cosmetic minimally invasive procedures were performed. This high adoption of medical lasers in the area of cosmetic surgery is also expected to propel the growth of the medical laser market.
Key Market Trends
Semiconductor is Expected to Hold the Largest Revenue in the Products Segment
The semiconductor segment held a maximum share in 2018, as these semiconductors are widely used in aesthetic procedures and photodynamic treatment.
Furthermore, semiconductor laser systems offer the deepest penetration levels and superior melanin absorption. These unique characteristics make the semiconductor laser the most suitable technology for laser hair removal, hence enabling safe and effective treatment of all skin and hair types in all body areas.
North America Region Holds the Largest Market Share of the Medical Laser Market Market Currently and is Believed to Follow the Same Trend Over the Forecast Period
The North American medical laser market dominated the global market and is estimated to show a similar trend during the forecast period. The increasing preference for cosmetic procedures and high adoption rate of novel technologies are the primary factors behind large market size.
Asia-Pacific is expected to grow at a rapid pace over the forecast period, owing to the increasing healthcare expenditure, rising awareness, and trend of medical tourism in the developing economies of the region.
The medical laser market consists of several major players, including Bausch & Lomb Incorporated, Koninklijke Philips, and IRIDEX Corporation, among many others. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help them in strengthening their market position. For instance, in February 2018, Lumenis launched Pico Fractional, a photoacoustic fractional laser system for skin resurfacing procedure.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Preference for Minimally Invasive Procedures
4.2.2 Increasing Incidences of Eye Disorders
4.2.3 Increase in the Number of Cosmetic Procedures
4.3 Market Restraints
4.3.1 High Installation Costs
4.3.2 Stringent Safety Regulations
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Solid State Laser Systems
22.214.171.124 Holmium Yttrium Aluminum Garnet Laser (Ho:Yag) Systems
126.96.36.199 Neodymium Yttrium Aluminum Garnet Laser (Nd:Yag) Systems
188.8.131.52 Potassium Titanyl Phosphate Laser Systems
184.108.40.206 Ruby Laser Systems
220.127.116.11 Other Solid State Laser Systems
5.1.2 Gas Laser Systems
18.104.22.168 CO2 Laser Systems
22.214.171.124 Argon Laser Systems
126.96.36.199 Krypton Laser Systems
188.8.131.52 Other Gas Laser Systems
5.1.3 Dye Laser Systems
5.1.4 Semiconductor Laser Systems
5.2 By Application
5.2.8 Other Applications
5.3.1 North America
5.3.4 Middle East & Africa
5.3.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bausch & Lomb Incorporated
6.1.2 Koninklijke Philips N.V.
6.1.3 IRIDEX Corporation
6.1.4 Biolase Inc.
6.1.6 Lumenis Ltd.
6.1.7 Alcon Laboratories Inc.
6.1.8 Cutera Inc.
6.1.9 American Medical Systems
6.1.10 PhotoMedex Inc.
6.1.11 Biolitec AG
6.1.12 AngioDynamics Corp.
6.1.13 Novadaq Technologies Inc.
6.1.14 Coherent Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/research/ntvksv/global_medical?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190401005637/en/
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Related Topics:Medical Devices,Lasers
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
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PUB: 04/01/2019 11:49 AM/DISC: 04/01/2019 11:50 AM