Global aging population driving medical laser technology industry
Our earth has crossed the 7 billion population mark this year and it is growing beyond with technologies, developments and problems. Previously treating health disorders were a big challenge, sufferers from a huge list of ailments had a very thin chance of survival, and most of them would succumb to the illness. Today, with the growth of technology, the medical world has come a long way and won over most disorders which once were termed as “incurable”. Besides treating illnesses, it is now possible to change oneself as per his or her preferences. All this is possible due to an advanced invention in the medical field famous as the Laser Technology.
Due to the rise of aging population, the ailments related to old age have risen. Moreover, people of all age groups are suffering from vision related difficulties-all these disorders now can be countered with the help of laser technology. This technology undoubtedly, has changed the face of global medical industry as medical processes for multiple treatments have overall changed. They have simplified to put it in easier words. The use of laser technology in medical industry was first reported in the year 1962, when heart surgeon Mc Guff used it for the first time in the form of ruby laser in a cardiovascular surgery. However, effective application of laser technology is carried on the angioplasty of coronary and peripheral vessels since 1983 turning the complex process short and much simpler.
Recently, medical laser technology has spread and is been used for multiple applications medically, some of these applications are like angioplasty, cancer diagnoses and treatment, medical imaging, lithotripsy and many more cosmetic applications. This industry was estimated at $909.0 million in 2011 and is growing at a CAGR of 12.5% for the period of 2012-2018. It is furcated to touch a mark of $2.0 billion by the close of 2018. The BRICS and APAC countries are listed as the emerging markets for advancing medical laser systems industry. Increased lifespan, awareness about healthy living and affordability of these up to mark laser treatments are stated as the fueling factors of the enchantment of this sector.
Segment wise, dioxide laser held the largest share in 2011 and it is predict to sustain the position in the future too. The solid state laser industry is set to grow with the quickest CAGR for the periods 2012-2018. This kind of laser technology is further segmented into various sorts applied in various medical processes like skin treatments, vein removal and tattoo removal. Thus, it is predicted to have an unprecedented growth pattern.
The laser technology is also used in dermatology related treatment processes and has a major presence contributing largely to the total market. Talking on the client base, market research has indicated that North America is the region housing maximum counts of patients using this technology. This market is estimated at 36% of the total global business and is expected to hold the same strength in the coming future as well. Majority business from this region is concentrates in the diagnosing and treating of chronic ailments like obesity and diabetes. In totality,
America with Europe consists 80% of the market for world medical laser technology industry. Similarly, the Chinese medical laser cosmetology markets along with the opportunities in the medical laser systems in India are witnessing an unprecedented upsurge.
In addition to this, the APAC market is witnessed as the fastest growing kind; which is most likely to replace the present leading market regions within few years. Lumemis Limited is the global market leader in the medical laser technology followed by PhotoMedex Inc, Index Corporation, BioLase Inc and Novadaq who put together accurate laser technology for medical usage.