Global Markets and Technologies expected to reach $11.5 billion in 2022

Date : 06/19/2017 @ 3:24PM
Source : PR Newswire (US)

Global Markets and Technologies expected to reach $11.5 billion in 2022

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

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

http://www.reportlinker.com

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-markets-and-technologies-expected-to-reach-115-billion-in-2022-300476052.html

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Copyright 2017 PR Newswire

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