Medical laser systems market on track to hit $2B in 2018
The global market for medical laser systems will reach an estimated value of $2 billion in 2018, according to Medical Laser Systems Market (CO2 Laser, Excimer Laser, Ho:Yag Laser, Nd:Yag Laser, Dye Laser, Solid State Laser and Gas Laser, Ophthalmology, Dermatology, Urology and Cardiovascular) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018, a new market report published by Transparency Market Research.
The market’s value was $909 million in 2011 and is expected to grow at a compound annual growth rate (CAGR) of 12.5 percent from 2012 to 2018.
Around the world, major drivers of the medical laser systems market include the aging population and an increase in age-related eye disorders; other factors include the rise in accessibility of advanced laser treatments to patients around the world as well as the growing importance of aesthetics.
In 2011, diode lasers dominated the market; they are expected to maintain this position throughout the forecast period. These lasers are used in an array of medical applications such as photodynamic therapy and numerous aesthetic treatments. The solid-state laser segment is expected to grow at the fastest CAGR between 2012 and 2018, as this type of laser has several variants with specific applications in medical treatments such as periodontology, tattoo removal, skin treatment and vein removal.
The dermatology segment held the majority of global market share in 2011, followed closely by the ophthalmology application segment. Both are expected to see a marginal decrease during the forecast period because of the rise in laser applications in other segments such as cardiovascular, attributed to the increase in prevalence of heart diseases and the development of cost-effective treatment techniques.
North America held the greatest market share in 2011 – more than 35 percent – due to the rise in prevalence of chronic diseases such as diabetes and obesity. Emerging economies such as the BRICS nations (Brazil, Russia, India, China and South Africa) are witnessing a rise in disposable income, which allows patients to better afford costly laser treatments. This, coupled with unmet medical needs in emerging economies such as China and India, will serve the market as future growth opportunities, the report’s authors predict, adding that the Asia-Pacific region will be the fastest-growing market.
In 2011, Lumenis Ltd. dominated the medical laser systems market, followed by PhotoMedex Inc. and Spectranetics Corp. Other major players include BioLase Inc., Iridex Corp., Novadaq, AngioDynamics Corp. and Syneron-Candela.
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