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Laser Therapy Devices Market Size is set to record a substantial CAGR between 2022 and 2028. This rise is on account of the growing adoption of cold laser therapy for the stimulation of healing by using low levels of light. The technique is used by doctors and clinicians for healing pain and wounds. Furthermore, laser therapy machines are used in various applications, including the coagulation of tissue and the destruction of tumors.
Based on application, the ophthalmology segment is estimated to register considerable expansion through 2028. This is because ophthalmic lasers enable the precise treatment of an array of eye issues with minimal risk of infection. It is noteworthy that a number of laser processes are relatively pain free and can be performed on an outpatient basis. Besides, these provide the advantages of relatively low cost, high accuracy, and safety and essentially destroy the targeted tissue for a beneficial impact on the eye. These aspects are expected to propel the usage of laser therapy for eyes during the forecast period.
On the basis of end-use, the hospitals segment is projected to account for a lucrative share in the laser therapy devices market by 2028. This growth is attributed to the availability of innovative and advanced technology-based laser devices in these settings. The product demand is further slated to rise with an increase in hospitalizations for complex procedures such as cancer-related processes and cardiovascular disorders. The availability of favorable reimbursement policies and improving hospital infrastructure are poised to boost the market expansion through the analysis period.
By region, the North America laser therapy devices market is anticipated to exhibit appreciable growth from 2022 to 2028 owing to an increase in the provision of patents in the region. For instance, in July 2021, Aspen Laser LLC, a major medical solutions company, has been awarded a new patent by the USPTO (U.S. Patent and Trademark Office). The patent will cover particular laser devices that will be manufactured by the company and sold in the veterinary and medical markets.
Prominent players across the laser therapy devices market comprise Biolase Inc., IPG Photonics Corporation, Boston Scientific Corporation, Angiodynamics, Iridex Corporation, and others. These companies are focused on the implementation of strategic initiatives such as mergers, collaborative agreements, acquisitions, and the development of different types of laser therapy devices for the consolidation of their position in the market.
For instance, in September 2021, Boston Scientific acquired the worldwide surgical business of energy-based medical solutions company, Lumenis LTD., from an affiliate of BPEA (Baring Private Equity Asia). Lumenis’ surgical business comprises fibers, premier laser systems, and accessories that are deployed in otolaryngology and urology procedures.
The COVID-19 pandemic has led to an increase in studies that help in assessing the usefulness of laser therapy in the treatment of the disease. For instance, October 2020 witnessed the publication of a second case report which demonstrated positive outcomes for a SARS-CoV-2 patient treated with laser therapy. Published in the Canadian Journal of Respiratory Therapy, the article describes a remarkable reduction in inflammatory markers, Ferratin and IL-6, and marked improvement in radiological findings post supportive treatment with PBMT (Photobiomodulation Therapy). Similar studies are expected to impel the development of advanced laser therapy devices through the coming years.
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