NEW YORK, March 29, 2018 (GLOBE NEWSWIRE) -- According to P&S Market Research, Medical lasers market is forecasted to attain a size of more than $12.1 billion by 2023, at a CAGR of more than 13.4% during the forecast period. Some of the key factors driving the growth of the market are increasing demand of medical lasers from cosmetic industry, rise in the aging population, growing technological advancements and increasing prevalence of chronic diseases.
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Based on products offered, the medical lasers market is categorized as solid-state laser systems, gas laser systems, dye laser systems, and diode laser systems. Diode laser systems are expected to witness fastest growth in demand, at a CAGR of 16.6% during the forecast period. Among different types of solid-state laser systems, Ho:YAG systems, Er:YAG systems and potassium titanyl phosphate laser systems together held 39.8% share in 2016, which is still less than the contribution of Nd:YAG systems.
The APAC medical lasers industry is expected to witness the fastest growth in demand, at a CAGR of 15.2% during the forecast period, due to increasing healthcare expenditure, growing medical tourism, and increasing awareness on technologically advanced laser treatments. Emerging economies in Asia-Pacific are experiencing a significant increase in the use of cosmetic treatments driven by factors such as expanding middle class population with increasing disposable income and increasing awareness about skin treatments.
Some of the other factors driving the APAC medical lasers market are increasing geriatric population and increasing disposable income. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the share of people aged 65 years and above occupies approximately 11.4% of population in 2013 and is estimated to reach approximately 20.0% of the total population by 2050, in Asia-Pacific. According to the National Institutes of Health (NIH), approximately 110 million people in China were aged 65 years and above in 2011, and the number is expected to reach 330 million by 2050.
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Globally, key players in the medical lasers industry are focusing on technological advancements and acquisitions to gain a larger share in the market. For instance, in May 2016, Syneron Medical Ltd.’s PicoWay picosecond laser received the USFDA clearance for ultra-short 785nm wavelength. Similarly, in the same month, Lumenis Ltd. launched Pulse 100H, Pulse 50H and Pulse 30H holmium laser solutions, providing a range of laser systems in urology treatments.
Some of the major players in the global market include Biolase Inc., Boston Scientific Corporation, Cryolife Inc., Ellex Medical Lasers Limited., Lumenis Ltd., Photomedex, Inc., The Spectranetics Corporation, Syneron Medical Ltd., Novartis AG and Valeant Pharmaceutical International, Inc.
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