The global medical laser fibers market is expected to reach US$ 1,438.65 Mn in 2027 from US$ 565.61 in 2018
Oct 29, 2019, 14:00 ET
NEW YORK, Oct. 29, 2019 /PRNewswire/ -- The global medical laser fibers market is expected to reach US$ 1,438.65 Mn in 2027 from US$ 565.61 in 2018. The market is estimated to grow with a CAGR of 11.1% from 2019-2027.
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The key factors such as increasing adoption of minimally invasive surgeries, increasing prevalence of chronic diseases, and technological advancements in medical lasers are likely to boost the market growth, whereas, continued adoption of fiber lasers over conventional lasers is likely to be a prevalent trend in the future years.
Minimally invasive surgeries (MIS) continues to play a crucial role in general surgery as a sustainable alternative to conventional open surgery and traditional laparoscopic techniques.Laser-assisted minimally invasive surgeries are becoming a gold standard in multiple applications as it helps to cut short the recovery time and reduce morbidity.
The modern medicine incorporates increasing utilization of lasers for the treatment of a variety of pathologies as the interest in less invasive treatment modalities gets intense.Lasers are very commonly used in the field of ophthalmology, gynecology, urology, dentistry, aesthetics, and others.
For instance, according to an article published by Vision Eye Institute 2016, LASIK is the most commonly performed laser eye procedure in the US, and over 16 million patients had LASIK in 2015-2016.Moreover, a publication by the American Society of Plastic Surgeons (ASPS) mentioned that there was 1,086,830 number of laser hair removal cases reported in the US in 2017 as compared to 1,109,385 in 2016.
The use of lasers making minimally invasive surgeries more efficient, safe, and innovative are likely to enable the manufacturers and researchers to come up with striking solutions thereby fostering the market growth of global medical laser fibers.
The global medical laser fibers market, based on the type was segmented into reusable medical laser fibers and disposable medical laser fibers. In 2018, the reusable laser fibers segment held the largest market share of 57.9% of the medical laser fibers market, by type. The reusable laser fibers are cost-effective and durable solutions over the disposable variants that make them account for a dominant share in the market. However, the disposable laser fibers segment is expected to witness the highest CAGR of 11.6% over the coming years. The high growth of the segment attributes to the effective performance exhibited by these fibers incomparable costs to the reusable counterparts.
Some of the major primary and secondary sources included in the report for the Medical laser fibers Market are the World Health Organization, American Society of Plastic Surgeons (ASPS), Centers for Devices and Radiological Health (CDRH), Centers for Disease Control and Prevention, British Association of Aesthetic and Plastic Surgeons (BAAPS), Spanish Heart Foundation (FEC), and others.
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