The surgical lasers market will be worth $2.37 billion by 2021, according to a report from MarketsandMarkets. The report studies the global surgical lasers market over the forecast period of 2016 to 2021.
“The market is expected to reach $2.37 billion by 2021; growing at a CAGR (compound annual growth rate) of 5.1 percent from 2016 to 2021,” according to MarketsandMarkets. “Factors driving the growth of this market include technological advancements in surgical lasers, high prevalence of chronic diseases, high prevalence of ophthalmic disorders, and growing preference for minimally invasive surgeries.”
The market is not without challenges.
“However, limited medical reimbursements and high procedural costs associated with laser surgeries are expected to limit the optimal growth of this market during the coming years,” MarketsandMarkets reports.
The United States is expected to remain a part of the largest share of the surgical lasers market in coming years with Asia growing at a fast rate.
“North America is expected to hold the largest share of the global surgical lasers market, followed by Europe in 2016. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. Factors driving market growth in the Asia-Pacific region include the presence of a large patient population for target diseases (coupled with rapidly growing geriatric population), rising awareness among health care professionals related to the procedural benefits of surgical laser products, and increasing government initiatives to reduce the burden of ophthalmic disorders,” according to MarketsandMarkets.
A research study titled, “Surgical Lasers Market by Product Type, Procedure, and Application – Global Industry Analysis and Forecast To 2025” published by Crystal Market Research, states that the surgical lasers market is projected to be around $3 billion by 2025.
“High prevalence of chronic diseases, increasing geriatric population coupled with rise in ophthalmic disorders and rise in demand for minimal invasive surgeries is expected to propel growth of the market,” according to Crystal Market Research. “According to World Health Organization in 2010, around 524 million people were aged 65 and above and this number is expected to triple and reach 1.5 billion by 2050. Between 2010 and 2050, the aging population in developing countries is expected to increase by more than 250 percent as compared to 71 percent increase in developed countries. Such high prevalence of elderly population will increase demand for surgical lasers. Furthermore, rapid technological advancements in the field of laser surgeries will fuel growth of the market in coming years. However, high cost of laser surgeries and limited reimbursement policies are expected to hamper growth of the surgical lasers market.”
“The CO2 laser market is expected to be the fastest-growing segment during the forecast period,” according to Crystal Market Research. “This market is projected to grow at a significant CAGR from 2017 to 2025 due to the development of advanced cosmetic lasers. On the basis of procedure type, the laparoscopic surgery market accounted for the largest share of the global surgical lasers market in 2016 due to rise in demand for minimal invasive surgeries and advantages of laparoscopic procedures.”
“On the basis of applications, the urology market is poised to grow at a significant CAGR during the forecast period,” Crystal Market Research adds.