The global market for medical laser systems features a large number of domestic and international vendors and is highly competitive, observes a recent report by Transparency Market Research (TMR). Low options of product differentiation and availability of cheaper products manufactured by local companies make price rivalry increasingly intense in the market. The effect of these challenges, however, is expected to be subsided due to the presence of vast growth opportunities, especially across developing economies. Some of the key vendors in the market are Lumenis Ltd., PhotoMedex, Inc., Spectranetics Corporation, Novadaq, Syneron-Candela, AngioDynamics Corporation, BioLase, Inc., and Iridex Corporation.
Transparency Market Research states that the global medical laser systems market will exhibit a healthy double-digit rate of growth over the forecast period and rise to US$2,031.0 mn by 2018.
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Diode Lasers, North America to Continue to Hold Dominant Positions
Of the key varieties of medical laser systems examined in the report, the segment of diode lasers holds the dominant market share and is expected to retain its dominant stance in the global market over the forecast period as well. This can be chiefly attributed to the use of these lasers in a wide array of medical applications such as photodynamic therapy and numerous aesthetic treatments. However, the segment of solid state lasers is expected to exhibit the most significant rate of growth over the forecast period. Factors such as availability of several variants of these lasers, each of which find specific applications in medical treatments such as tattoo removal, periodontology, and skin treatment will be the key growth drivers.
In terms of geography, the global medical laser systems market is dominated by North America, chiefly owing to the increased prevalence of chronic diseases such as diabetes and obesity in the region. However, the Asia-Pacific medical laser systems market will exhibit the most promising growth over the forecast period and will benefit from the presence of high growth opportunities in terms of unmet medical requirements in emerging economies such as India and China.
Significant Rise in Age-Related Ocular Disorders to Augment Market’s Growth Prospects
With the significant and rapid rise in the geriatric population of the globe, the number of patients suffering from age-related ophthalmic disorders such as macular degeneration, presbyopia, diabetic retinopathy, and cataract is also rising globally. Cataract is one of the most common of these diseases and the corrective surgery commonly involves medical lasers. Recent statistics denote that the number of cataract surgeries performed in 2020 will be nearly 4 mn, representing a rise of more than 1 mn of that in 2010. Along with this factor, the prevalence of other eye disorders and the necessary corrective surgeries involving lasers will act as high-impact drivers for the global medical laser systems market over the report’s forecast period.
Strict and Globally Variable Regulatory Standards to Hamper Market Growth
One of the key challenges of using lasers in the medical field is the need for compliance with several safety-related procedures and norms. Laser safety norms also differ with countries and laser manufacturers require several certifications and approvals before commercializing their products. This need to adhere to a vast array of different rules and regulations across several countries, owing to factors such as variation in stringency level of approval bodies and presence of several approval bodies, dampens the spirit of companies, especially small-scale ones, and may result in lesser number of companies wanting to foray into the field.
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