Global Laser Therapy Devices Market - 2023-2030

Global Laser Therapy Devices Market - 2023-2030

Market Overview
The global laser therapy devices market size was valued at US$ 2,251.78 million in 2022 and is estimated to reach US$ 3,667.48 million by 2030, growing at a CAGR of 6.4% during the forecast period (2023-2030).
Light amplification by stimulated emission of radiation is generally called as laser. It is a light which is collimated, monochromatic and coherent. The laser is a kind of device which produces this light. Laser therapy (LT) is utilized by physiotherapists for various musculoskeletal conditions treatment. LT is a non-invasive treatment with light source that produces a single wavelength of light. It doesn’t emits any sound, heat or vibration.

Market Dynamics
The major factors driving the global laser therapy devices market are the rising demand for advanced devices owing to increasing number of laser treatments and rising adoption of non-invasive procedures, surging awareness initiatives, advancements in technologies leading to novel product launches.

The increasing number of laser treatments and rising adoption of non-invasive procedures are expected to drive the market’s growth.
The laser therapy devices market is driven by rising advancements in technology, an increase in the geriatric population, a surge in research and development investments, an increasing number of laser treatments in neurosurgery and urology surgery and improvements in novel products using the latest technology along with improvements in medical infrastructure in emerging markets.

The laser therapy devices are being used widely for surgeries or treatment purpose. The adoption of these equipment or devices is increasing, leading to rising government initiatives and funds. These funds will help produce laser therapy devices such as liquid and diode laser. The market for these equipment or devices is increasing worldwide due to the enhanced number of these surgical procedures requiring these devices. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market’s growth.

Various novel product launches, research studies, and rising awareness initiatives related to these laser therapy devices for treatment contribute to the market’s growth. For instance, in March 2, 2021, Iridex Corporation, an innovative ophthalmic laser-based medical products provider for the treatment of retinal diseases and glaucoma, announced its strategic collaboration with Topcon Corporation. Iridex acquires PASCAL product line of Topcon, combining PASCAL laser platform with MicroPulse technology of Iridex.

Strict rules and regulations for the product approval and high cost of treatments are expected to hamper the market’s growth.
Strict rules and regulations for the approval of laser therapy devices utilized for surgical procedures is the major factor hindering the growth of the laser therapy devices market. Various requirements, clinical trials must be fulfilled, leading to an increase in the overall cost of these equipment.

High cost related to these laser therapy devices and huge expenses of the treatment and requirement of repeated sessions for treatments is restraining the laser therapy devices market growth.

COVID-19 Impact Analysis
The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The laser therapy devices market has experienced huge losses due to COVID. Key manufacturers have started various research and clinical trials.

Various initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market’s growth. The increasing awareness among the population regarding disorders such as neurological or cardiovascular and their treatment via non-invasive surgical procedures will also drive the market in upcoming time.

Segment Analysis
The diode laser segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)
The diode laser segment is the highest market holder in the global laser therapy devices market. The global laser therapy devices market is segmented based on product type as solid-state laser, gas laser, liquid laser and diode laser. The diode laser segment is the largest market shareholder due to the increasing adoption of diode lasers in various surgical procedures globally, increasing technological advancements and novel product launches.

Diode laser is the most commonly used laser therapy devices. A diode laser utilizes semiconductor technology which generates coherent projection of light in the infrared to visible range. It utilizes a light beam along with a narrow spectrum for targeting certain chromophores in the skin. As compared to other laser systems, the 800nm diode laser wavelength provides the superior melanin absorption and deepest penetration levels. These specific characteristics make the diode laser the most optimal technology for non-invasive procedures such as laser hair removal, enabling effective and safe treatment of all hair and skin types, in all body areas.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drives the market’s growth. For instance, in April 1, 2022, Ziemer Ophthalmic Systems announced about received clearance by FDA for the FEMTO Z8 NEO, its novel femtosecond laser, the successor of the unique LDV Z8 Multipurpose Femtosecond Laser. The FEMTO Z8 NEO offers advanced hardware along with novel improved software applications. The newly developed platform provides substantial improvements on usability, performance and patient comfort. Reliability and precision were optimized by a novel laser source or monitoring system.

Geographical Analysis
North America holds the largest market share in the global laser therapy devices market.
North America dominates the global laser therapy devices market primarily due to its large population, excellent medical infrastructure, and high-income levels. The market is expected to grow at a relatively moderate pace during the forecast period due to healthcare expenditure in the US. The market’s significant size is attributed to the high medical expenditure.

Increasing expenditure on healthcare and raising awareness among people is also contributing to the market’s growth in this region. Advancement of laser therapy devices in several applications like neurosurgery, gynaecology or ophthalmology, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the laser therapy devices market.

Moreover, the growing number of product launches is responsible for the market’s growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in March 8, 2021, Solta Medical, a business of Bausch Health Companies Inc., a medical aesthetics provider announced its next generation laser, Clear + Brilliant Touch laser in the U.S. launch. The Clear + Brilliant Touch laser provides a comprehensive and customized treatment protocol by offering patients of all skin types and ages the benefits of two wavelengths.

Competitive Landscape
The laser therapy devices market is moderately competitive with local and global companies’ presence. Boston Scientific Corporation, Alma Lasers Ltd, Lumenis Be Ltd., Thermo Fisher Scientific Inc., AMD Lasers, Medtronic, Ziemer Ophthalmic Systems, Bausch Health, IRIDEX Corporation and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in February 3, 2022, Sinclair, an aesthetics company and a subsidiary of Huadong Medicine Company Limited announced about acquiring Viora Group which boost its portfolio of energy-based devices (EBD) and provide a commercial base in the United States. Viora’s non-invasive advanced products are the highly advanced devices incorporating IPL, laser and proprietary RF technologies.

Boston Scientific Corporation Inc.
Overview: Boston is a multinational biomedical engineering company. It manufactures medical devices that include interventional cardiology, neurovascular intervention, cardiac surgery, oncology and vascular surgery. It also offers a minimally invasive implantable cardiovascular defibrillator. It was founded in 1979 and is headquartered in Massachusetts, United States.

Product Portfolio GreenLight XPS: The novel laser therapy system, GreenLight XPS is a 180W, 532nm wavelength laser for the benign prostatic hyperplasia (BPH) treatment.

Key Development: In September 1, 2021, Boston Scientific announced its closing of acquisition of the Lumenis LTD’s global surgical business, it is a privately-held company that manufactures and markets energy-based medical solutions. The surgical business of Lumenis includes fibers, accessories and premier laser systems used for otolaryngology and urology procedures.

The global laser therapy devices market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.