NEW YORK, June 19, 2017 /PRNewswire/ --
Highlights
· 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.
· Therapeutic
market is expected to grow from $3.8
billion in 2017 to nearly $7.4
billion at a CAGR of 14% from 2017 through 2022.
· Diagnostic
market is expected to grow from $1.8
billion in 2017 to $4.1
billion in 2022 at a CAGR of 17.7% from 2017 through
2022.
· Medical lasers
are a multibillion-dollar global industry. Lasers are used in a
wide range of medical applications, from cosmetic procedures to
diagnosis and therapy.
· The market for
lasers used in medically necessary procedures is relatively
unaffected by economic conditions. Surgical applications that
cannot wait until the economy turns around remained comparatively
strong even in the 2008–2009 recession.
· Somewhat
paradoxically, the market for lasers used in certain minimally
invasive cosmetic surgical procedures (e.g., hair restoration,
photorejuvenation with intense pulsed light and laser body
contouring) also held up relatively well in the recession.
· More recently,
as the economy has recovered, consumers who earlier postponed
elective laser procedures are deciding to have them.
· Another
positive development for the U.S. medical laser market was the
amendment of the Affordable Care Act (ACA) in late 2013 to exclude
the 5% tax on cosmetic surgical procedures that was part of the
original legislation.
· The ACA also
increases the cost of many cosmetic surgical procedures by imposing
a 2.3% excise tax on the devices and materials used in these
procedures, potentially reducing the demand for such procedures and
by extension the market for medical lasers used in cosmetic
procedures.
• 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.
• Therapeutic market is expected to grow from $3.8 billion in 2017 to nearly $7.4 billion at a CAGR of 14% from 2017 through
2022.
• Diagnostic market is expected to grow from $1.8 billion in 2017 to $4.1 billion in 2022 at a CAGR of 17.7% from 2017
through 2022.
Chapter 1: Introduction
Medical lasers are a multibillion-dollar global industry. Lasers
are used in a wide range of medical applications, from cosmetic
procedures to diagnosis and therapy. Eye Surgeon Dr. Harvey Fishman has called lasers "the surgical
scalpel of the future." As the global economy improves, the outlook
for the medical laser market is positive. The market for lasers
used in medically necessary procedures is relatively unaffected by
economic conditions. Surgical applications that cannot wait until
the economy turns around remained comparatively strong even in the
2008–2009 recession. Somewhat paradoxically, the market for lasers
used in certain minimally invasive cosmetic surgical procedures
(e.g., hair restoration, photorejuvenation with intense pulsed
light and laser body contouring) also held up relatively well in
the recession. More recently, as the economy has recovered,
consumers who earlier postponed elective laser procedures are
deciding to have them.
Another positive development for the U.S. medical laser market was
the amendment of the Affordable Care Act (ACA) in late 2013 to
exclude the 5% tax on cosmetic surgical procedures that was part of
the original legislation. The ACA also increases the cost of many
cosmetic surgical procedures by imposing a
2.3% excise tax on the devices and materials used in these
procedures, potentially reducing the demand for such procedures and
by extension the market for medical lasers used in cosmetic
procedures. However, a two-year moratorium on the 2.3% tax went
into effect on Jan. 1, 2016. Although
this moratorium automatically expires on Jan. 1, 2018, the future of the medical device
tax as well as other aspects of the ACA is uncertain as of early
2017, as Congress considers replacing all or part ACA with new
legislation. Meanwhile, medical laser technology is continuing to
evolve. New laser sources with potential medical
applications include fiber lasers, light-emitting diodes (LEDs) and
organic LEDs (OLEDs). Plastic foils as surface emitters could
become important as an irradiation source in photodynamic therapy
(PDT). In addition to new laser sources, the development of new
applicators and tool holders will continue to widen the range of
applications for existing types of lasers. Finally, the spread of
new laser applications such as nanosurgery, optical coherence
tomography (OCT) and sophisticated fluorescence microscopy will
stimulate the growth of the medical laser market.
Study Goals and Objectives
The market for medical lasers is thus in a period of considerable
flux. This report is an update of an earlier BCC Research report
published in 2014. The overall goal of this study is to provide the
reader with an up-to-date understanding of the technological,
economic and regulatory forces that are influencing the future size
and structure of the market for medical lasers. Specific objectives
include the following:
• Identifying the medical laser technologies and applications with
the greatest commercial potential in the near to mid-term
(2016–2022).
• Analyzing the key drivers and constraints that will shape the
market for medical lasers over the next five years.
• Estimating the current and future demand for medical lasers
through 2022. Ascertaining which companies are best positioned to
meet this demand, because of proprietary technologies, strategic
alliances or other advantages.
Scope of Report
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.
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.
Information Sources
Both primary and secondary research methodologies were used in this
research report. The findings and conclusions of this report are
based on information gathered from developers, vendors, integrators
and users of medical lasers. Interview data were combined with
information gathered through an extensive
review of secondary sources such as trade publications, trade
associations, company literature and online databases to produce
the baseline market estimates contained in this report.
Methodology
The base year for analysis and projection is 2016. With 2016 as a
baseline, market projections were developed for 2017 to 2022. The
projections are based on a combination of a consensus among the
primary contacts combined with BCC Research's understanding of the
key market drivers and their impact from a historical and
analytical perspective. The specific assumptions and approach BCC
Research used to develop the projections (both near-/midterm and
long-term) for each application are documented in detail under the
various segments addressed. This way, readers can see how the
market estimates were developed and, if they so desire, test the
impact on the final numbers of changing assumptions regarding such
matters as date of regulatory approval. All dollar projections
presented in this report are in 2016 constant dollars.
Geographic Breakdown
This study analyzes the market for medical lasers in the following
regions and countries:
North America
• United States/Canada.
Europe
• France.
• Germany.
• UK
• Other countries.
Asia-Pacific
• China.
• Japan.
• India.
Other countries.
Read the full report:
http://www.reportlinker.com/p02720118/Global-Markets-and-Technologies-for-Medical-Lasers.html
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