Wellesley, Mass., June 22, 2017 (GLOBE NEWSWIRE) --
Surgical procedures and emerging medical uses of lasers are fueling the industry for medical laser devices, that will see this industry post CAGR of 15.3% through 2022, according to BCC Research report, Global Markets and Technologies for Medical Lasers. Despite economic slowdowns that can affect cosmetic or elective procedures, demand in the U.S. and Canada is strong, nearly half of the global market for medical lasers. Overall, sales are targeted to reach $11.5 billion in the next five years.
BCC Research found that diagnostic use is growing more quickly, a predicted CAGR of nearly 18 percent, in this update of a 2014 report. Therapeutic use is forecast to grow by about 14% and reach $7.4 billion in sales by 2022. Opthalmology is the largest end user segment in medical laser sales, but dental surgery use of the devices is growing quickly, veterinary medicine and cosmetic surgeries also are increasing.
Research Highlights
- Ophthalmology use of medical lasers accounted for $2.4 billion of 2016 industry sales or nearly half the global total.
- Europe and Asia-Pacific represent about 20 percent of sales and the cosmetic laser industry is consolidating as larger companies, such as Cynosure and Lumenis, acquire or merge with other providers seeking to lower marketing and sales expenses.
"Another factor in the United States is uncertainty related to healthcare insurance and the rising costs of medical care for an aging population. People may think of this for tattoo removal and cosmetic procedures but there are medical gains such as reducing post-surgical bleeding and targeting specific areas of the body for treatments. Medical laser technology is evolving, adding to the growth story,” says Robert G. Hunter, senior healthcare editor at BCC Research.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.