The laser therapy market is expected to reach US$ 54.18 million by 2027 from US$ 102.26 million in 2019. The market is estimated to grow at a CAGR of 8.4% from 2020 to 2027.
The market is expected to witness a substantial growth due to factors, such as broad range of medical applications for laser therapy and consistent launch of new products. However, the exorbitant cost of laser therapy devices and equipment are expected to hinder the market growth.
Laser therapy, a non-invasive medical procedure, is used to remove tumors or abnormal growth of cells or tissues, perform hair and skin treatments, remove kidney stones, and repair a detached retina. In medicine, laser therapy 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.
The adoption of laser therapy in the medical field started in the 1960s. It was initially used for retinal detachment surgery. Moreover, various developments in laser technology have resulted in its wide adoption in several medical applications. The current trend of using low light laser therapy (LLLT) for pain management in conditions such as rheumatoid arthritis and other chronic pain conditions is growing at a faster pace. The potential of LLLT to treat a wide range of health conditions is expected to continue its acceptance into mainstream medicine. Furthermore, it is anticipated that growing awareness regarding laser therapy and its fewer health risks are likely to propel its adoption rate in the developing regions and subsequently serve wider opportunities for the growth of the laser therapy market.
Brazil and Argentina are among the most affected countries due to increasing number of COVID-19 cases and associated deaths. The manufacturers and suppliers of medical devices are shifting their focus from the regular laser therapy devices to the development and supply of COVID-19 essentials and medical devices used for respiratory issues. This scenario is adversely impacting the dermatology and cosmetic and minimally invasive therapies performed with laser devices.
Based on application, the South and Central America laser therapy market is segmented into dermatology and aesthetics, dental, ophthalmology, urology, cardiovascular, oncology, and other applications. The dermatology and aesthetics segment held the highest share of the laser therapy market in 2019. However, the ophthalmology segment is anticipated to witness growth at a significant rate during the forecast period.
A few secondary sources referred to while preparing the report of the South and Central America laser therapy market are World Health Organization, Brazilian Society for Plastic Surgery, The International Society of Plastic Surgery, and American Society for Aesthetic Plastic Surgery.