Overview:
As per the latest study conducted by Market Research Future (MRFR) the global laser probe market will surge at an impressive CAGR of 9.11% during the forecast period (2018-2023). Laser is view as a highly advanced technology used in imaging diagnostics procedures. Advances in technology and increasing demand for diagnostic services are some of the factors supporting the growth of market. There is a growing need for effective diagnostic technologies, which is creating opportunities for the laser probe market.
The rising prevalence of diseases associated with diabetic retinopathy, cancer and age-related macular diseases has made diagnostics a key healthcare segment. Many of these conditions can have a severe impact on the eye sight. It is a known fact that a significant number of eye related issues are triggered by chronic diabetes. However, the severe infection and genetic factors are also frequently linked with laser probe. The American Academy of Ophthalmology stated that in 2016, more than 4 Mn people with diabetes in the US had visual complications. Demand for laser probe has also increased due to their growing application in dental procedures for periodontal diseases and caries. The aforementioned factors will continue to support the growth of the market throughout the assessment period.
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The report includes a thorough segmental analysis of the market based on probe type, product type, application and end user.
On the basis of product type, the market has been segmented into pulsed laser probes, continuous-wave (CW) laser probes and others. The continuous-wave (CW) laser probes segment currently accounts for the largest market share. In addition, the segment will continue to witness a steady growth during the forecast period. CW laser probes find widespread application in dermatological procedures such as wrinkle reduction, and scars or marks removal.
By probe type, the market has been segmented into cluster laser probe, single laser probe and others. The single laser probe segment currently accounts for the largest market share. The segment surpassed a valuation of USD 400 Mn in 2017. The cluster laser probe segment is projected to exhibit the strongest CAGR over 2023. Cluster laser probes are highly advanced and quickly gaining popularity.
By application, the market has been segmented into dermatology, orthopedics, ophthalmology, dentistry, rheumatology and other. Of these, the ophthalmology segment accounted for the highest market share in 2017 and trends are likely to continue beyond 2018. Whereas, the dermatology segment is set to surge at the highest CAGR during the review period. This is primarily owing to the increased application of laser probes in various types of dermatological procedures.
By end-user, the market has been segmented into clinics, tertiary hospitals and others. Currently, the tertiary hospital segment accounts for the predominant share of the market. The currently market valuation of the segment is more than USD 500 Mn. This is attributed to the rapid proliferation of tertiary hospitals in urban and sub-urban areas.
The market has been covered across regions such as North America, South America, Europe, Asia Pacific (APAC) and the Middle East Africa (MEA). Currently, the largest market contribution comes for the Americas, which North America at the forefront. Increase demand for cataract procedures, arthritis treatment and minimally invasive cosmetics surgeries is creating lucrative opportunities for the market. During the forecast period, the market in Americas is expected to witness a healthy growth.
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MRFR’s study includes a detailed overview of the competitive landscape of the global laser probe market, which include FCI, Transonic Systems Inc., Lumenis, Omega Laser Systems Limited, ADInstruments, Bausch Lomb Incorporated, Vitreq, Quantel Medical, OphthalMed LLC, Reimers Janssen GmbH, Iridex Corporation, and Alcon (Novartis).
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