Propelled by age-associated eye defects, rising disposable earnings in developing regions, and awareness about aesthetics, the medical laser systems market is predicted to record around 12.5 percent CAGR during 2012 to 2018. Lasers generate monochromatic, parallel, and coherent rays of light (of definite frequency) by stimulated emission. The market would achieve a size of around USD 12.5 billion by 2022, in terms of sales.
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Demand for non-invasive and minimally invasive surgeries will steer market sales during the forecast period. Moreover, old populace, use of these systems & instruments for detecting illnesses, demand for plastic surgeries, and state-of-the-art innovations in existing laser systems are the other vital drivers of the medical laser systems market. Medical lasers are significantly used in ophthalmology, cardiology, and urology.
Thus, escalation in ophthalmic, cardiac, and urology incidences positively impact the market. The use of laser systems in gynecology is also predicted to propel market revenues. On the other hand, dangers of such treatments like scarring, infectivity, blood loss, and skin color alteration may prevent the market from flowing smoothly. The medical laser systems market is split on the basis of products, applications, and regions.
The products include solid state, diode, dye, and gas lasers. Diode captured the biggest share in 2014. It is anticipated to grow lucratively over the coming years. Solid state lasers will expand at the most rapid pace (of more than 12 percent CAGR) in the aforementioned period. This would happen in view of their high usage in dermatology.
Applications of the medical laser systems market comprise dermatology, ophthalmology, urology, gynecology, cardiology, dentistry, and others. Dermatology leads the market owing to demand for aesthetics. Ophthalmology is estimated to collect profits owing to speedy substitution of non-laser instruments.
The geographical segments are North America, Asia Pacific, rest of the world, and Europe. North America was the biggest market in 2014. It captured more than 35 percent share. Regional technological innovations and research spending would steer North America. Asia Pacific should notice the fastest expansion in the future.
Key players of the worldwide medical laser systems market consist of IRIDEX Corporation, Lumenis Ltd., Photomedex Inc., and Biolase Inc.
Information Source: Grand View Research