Technologies For Medical Lasers Market Prophesied to Grow at a Faster Pace by 2022
The global market for medical lasers reached nearly $5.0 billion in 2016. This market is expected to increase from $5.6 billion in 2016 to nearly $11.5 billion in 2022 at a compound annual growth rate (CAGR) of 15.3% for 2017-2022.
The report addresses the global market for lasers used in diagnostic, therapeutic and cosmetic applications during the period from 2016 through 2022. It addresses the market in its entirety as well as in selected regional and country markets.
The report does not cover the market for lasers used in the fabrication of medical devices (e.g., in the creation of microscopic features and spot welds). The focus is on the market for lasers themselves, rather than the larger pieces of equipment that incorporate them.
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The format of the study includes the following elements:
– Types of medical lasers and their main applications.
– End-user segments.
– Market environment (legal and regulatory, standards, trends in the healthcare industry, demographic and economic trends, other market drivers and barriers to deployment).
– Detailed market estimates and projections, by type of laser/end-user segment/geographical area for the period 2016 to 2022.
– Supplier profiles.
– Patent analysis.
– An in-depth analysis of the global market and technologies for medical lasers.
– Analyses of global market trends, with data from 2015 and 2016, and projections of compounds annual growth rates (CAGRs) through 2021.
– Coverage of different types of medical lasers and their main applications.
– Patent analysis.
– Comprehensive company profiles of key players in the field.
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BCC Research estimates the global market for medical laser devices at nearly $5 billion in 2016. The market is expected to increase to more than $5.6 billion in 2017 and nearly $11.5 billion in 2022, a CAGR of 15.3% between 2017 and 2022.
While therapeutic laser applications account for a far larger share of the medical laser market than diagnostic applications, the latter are growing more rapidly, at a CAGR of almost 17.7% between 2017 and 2022 vs. 14.0%, respectively. As a result, the diagnostic applications market share is expected to grow between 2016 and 2022, from 31.5% to 35.6%.
Ophthalmology was the largest end-use segment of the medical laser market in 2016, with global sales of nearly $2.4 billion or 47.7% of the market, followed by cosmetic surgery ($1.3 billion or 26.7%) and therapeutic surgery ($820.5 million or 16.5%). Dentistry is the fastest-growing end-use segment for medical lasers, with a projected 2017 to 2022 CAGR of 23.9%, followed by veterinary medicine (16.8%) and cosmetic surgery (16.2%).