The Asia Pacific laser therapy market is expected to reach US$ 768.52 million by 2027 from US$ 348.67 million in 2019; it is estimated to grow with a CAGR of 10.5% from 2020 to 2027.
The laser therapy market in Asia Pacific grows substantially due to growing medical applications of laser therapy and technological developments in laser therapies. However, the high prices of laser therapy and devices hinder the growth of the market.
Laser therapy, a non-invasive medical procedure, uses the light of a specific wavelength to treat various diseases.This procedure is used to remove tumors or abnormal cell growth, perform hair and skin treatments, remove kidney stones, and repair a detached retina.
In medicine, the laser allows surgeons to work at a high level of precision by focusing on a definite area, and this process creates lesser damage than the traditional methods of surgery. The process of laser therapy is however costly and may require repetitive visits to the surgeon.
Various medical device manufacturers and start-ups introduce the latest technologies in the market and the availability of various advanced products allows medical professionals to improve patients’ health by enhancing their treatment efficiency. For instance, in February 2020, IRIDEX Corporation, a manufacturer of ophthalmic laser-based medical products, launched an upgraded second-generation version of MicroPulse P3 device to treat glaucoma, and the upgrades made to the device are expected to substantially reduce intraocular pressure suitable for glaucoma patients without incisions.
Furthermore, in June 2020, Cynosure launched Elite iQ Aesthetic Workstation for laser hair removal and skin revitalization in Australia, allowing faster treatment with higher max energy compared with previous generation devices.Moreover, in February 2019, GakSung introduced the Laser Queen, a low-level laser and LED therapy known as photon light therapy, in India to treat a variety of conditions.
Thus, the consistent technological developments through the launch of new products in the market augment the growth of the laser therapy market in Asia Pacific.
China, Japan, India, Australia, and South Korea are the most affected countries due to the increasing number of COVID-19 cases and the associated deaths.Manufacturers and suppliers of medical devices are shifting their focus from regular laser therapy devices to the development and supply of COVID-19 essentials and medical devices used for respiratory issues.
This scenario adversely impacts the dermatology & cosmetic and minimally invasive therapies performed with laser devices.
Based on type, in 2019, the diode segment held the largest share of the market and is expected to grow at the fastest CAGR during the forecast period.This segment witnesses a lucrative growth owing to its rapid adoption in photodynamic treatments and aesthetic procedures.
Additionally, the diode laser is used for processes such as incision, hemostasis, and coagulation. Moreover, the implementation of diode laser causes minimal swelling, scarring, and postsurgical pain;these factors propel the demand for diode laser in the market.
A few secondary sources referred to while preparing the report of Asia Pacific laser therapy market are the World Health Organization (WHO), Asian Pacific Association for Lasers in Medicine and Surgery, Organization for Economic Co-operation and Development (OECD), and Japan Society for Laser Surgery and Medicine.
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