Global Therapeutic Laser Market : Market Analysis by Knowledge Sourcing Intelligence
The global therapeutic laser market is projected to grow at a CAGR of 8.02% to reach US$165.769 billion by 2024, from US$104.361 billion in 2018. The market demand therapeutic lasers are fueling owing to the growing geriatric population, and growing cancer incidences worldwide. Furthermore, the growing adoption of minimally invasive surgeries is driving market growth during the forecast period. Moreover, rising disposable income and rising health expenditure will provide an opportunity for market growth during the forecast period and beyond. However, strict regulatory procedures regarding the development and approval of medical devices may restrain the growth of the global therapeutic laser market during the forecast period.
Region-wise, North America is expected to hold a significant market share due to the early adoption of technology, and the health expenditure of the United States is the highest among all the developed countries. The health spending in the United States grew by 3.9 percent in 2017. This further made up to $3.5 trillion, equivalent to $10,739 per person, further accounting to 17.9 percent share of the Nation’s Gross Domestic Product (source: U.S. Centers for Medicare & Medicaid Services). While the Asia Pacific is projected to be the fastest growing market. We are providing market research for global therapeutic laser with complete information.
Global Therapeutic Laser Market By Geography
By geography, the global therapeutic laser market is segmented as North America, South America, Europe, Middle East and Africa, Asia Pacific. The North American region will hold a substantial share in the market owing to the high medical investment and growing prevalence of cancer. The Asia Pacific region will see multiple growth opportunities owing to the deteriorating health conditions in developing economies. Furthermore, the region favorable government policies and rising medical tourism in the region will further propel the market growth during the forecast period.
Sample view of global therapeutic laser market share by region
Global Laser Therapeutic Market By Application
Based on the application, the global therapeutic laser market is segmented as LASIK, teeth whitening, cosmetic scar, tatto or Wrinkle removal, tumor removal, andd others. Growing awareness regarding the availability of the treatment is the driving factor that is increasing the demand for laser therapy in various applications. The LASIK and Cosmetic surgery through laser is expected to grow at the fastest rate on account of growing conciousness among population regarding their physical appearance. Advancement in laser technology that comes with fewer side effects is further going to augment the demand for therpeutic laser in LASIK, tumor, and other types of surgeries.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
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