Therapeutic laser therapy is the most preferred technology for the treatment of various diseases like cataract and arthritis. Moreover, other applications of lasers in therapeutics includes the branches of dentistry, dermatology, aesthetics, and others. The global market for laser therapy is expected to grow at an exponential rate owing to an increase in the demand for advanced technology for minimally invasive therapeutics, rising geriatric population, and increasing prevalence of cataract, arthritis, periodontal diseases, and others. As per the Arthritis Foundation, as the world’s population continues to age, it is estimated that disorders such as osteoarthritis will impact at least 130 million individuals around the globe by the year 2050. Moreover, in 2016, according to the American Society of Plastic Surgeons, 586,662 minimally-invasive cosmetic procedures were performed for laser skin resurfacing.
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Key Players
The key players for the global laser therapy market are Angiodynamics, Inc. (U.S.), Biolase Inc. (U.S.), Valeant (Canada), IRIDEX Corp. (U.S.), Cutera (U.S.), Coherent, Inc. (U.S.), Alma Lasers (Israel), and others.
The Americas dominate the global laser therapy market owing to a large patient population, strong government support for research & development, high healthcare spending, and growing geriatric population. In 2015, according to the Centres for Disease Control and Prevention, in the U.S. the total healthcare expenditure accounted for 17.8% of the total gross domestic product (GDP), which accounted for USD 3.2 trillion.
Europe is the second leading region in the global laser therapy market, which is followed by Asia Pacific. Asia Pacific is the fastest growing market for laser therapy. According to the Royal National Institute of Blind People in 2016, the number of people living with sight loss are expected to reach 2.7 million by 2030 due to possible cases of refractive error, cataract, glaucoma, and others.
The presence of a huge patient population and continuously developing economies like India and China boosts the market growth within the region. Moreover, growing geriatric population within the region fuels the market growth. According to a study conducted by International Journal of Advanced Medical and Health Research in 2015, in India, the prevalence of blindness was 1.1%, the principal cause being cataract, affecting over 9 million people accounting for 62.6%.
The Middle East and Africa contribute the least to the growth of the global laser therapy market. The Middle East dominates the market in this region due to the presence of developed economies like Qatar, Kuwait, Saudi Arabia, and others within the region. Whereas, Africa holds the least share of the global market due to the limited availability of medical facilities, poor economic condition and stringent government policies.
Laser skin resurfacing reduces facial wrinkles, scars and blemishes. Till date, numerous laser platforms are present that rejuvenate the skin by resurfacing its upper layers. In 2016, according to the American Society of Plastic Surgeons, 586,662 minimally-invasive cosmetic procedures were performed for laser skin resurfacing.
From the above description, it is clear that the driving force for the laser therapy market will rejuvenate from time to time, providing the necessary fuel for the market growth. Additionally, it is expected that the development of the laser technology and the need of advancements in medical practices will always generate a diversified market for laser therapeutics.
Besides such predictions, the fact that high procedural costs for laser therapy impacts the market to an extent, remains intact. This is indicative of the barriers in the expansion and growth of laser therapeutics. This can been seen in terms of economic disparities and uneven distribution of the technology over the regional boundaries.
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Huge demand for laser therapeutics makes the market to grow across the globe. Since, every market grows along with the demands, there are regional disparities on the basis of demands, patient population, prevailing technology, and others. Conclusively, it is estimated that the largest share of the market is held by the Americas. In recent years, within the region the prevalence of the arthritis, periodontal disease have increased which fuels the market. Moreover, the healthcare sector of the Americas is strengthened by the presence of the developed economies within the region. All this has led to the Americas, holding approximately more than 50% of the market share. The second largest market is held by the Europe which have similar technological advancements, healthcare sector and patient population.
Europe is followed by Asia Pacific and the least share of the market is held by the Middle & Africa region. Asia Pacific region have the developing economies like India and China which are increasing their investments for the development of the healthcare sector, so as to meet the growing demands. According to the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.87% per cent during the review period 2015-20 to reach USD 280 billion by 2020.
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A large number of the companies are present in the laser therapy market. However, the four major companies are inclusive of Valeant., Coherent, Inc., Cutera., and Angiodynamics, Inc. About 10% of the market share is held by Valeant. which making this company the leading manufacturer. A trend of increasing R&D expenses is witnessed amongst the global players, which lead to the development and launching of the new products followed by the FDA approvals. This increased the competition amongst the players to launch new and improve the present product lines. In 2016, the R&D expenses for Valeant., Coherent, Inc., Cutera., and Angiodynamics, Inc. were 4.0%, 9.5%, 9.5% and 7.1% respectively, of their total global sales.
Conclusively it can be said that the laser therapy market is growing rapidly. With the innovative development in the research objectives, new types of lasers are expected to come. Additionally, based on the current scenario, increasing demand for minimally invasive therapeutic procedures and rising number of patients suffering from arthritis, cataract, periodontal disease, and others in the developing countries will act as an opportunity for the laser therapy market to expand and grow. The Global Laser Therapy Market is expected to reach USD 1641.8 million till 2023 from USD 968.2 million in 2017 at a CAGR of 9.2%.
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