The market for lasers is expected to grow at a CAGR of more than 10% during the forecast period. Increasing demand for laser systems from the electronics industry is a major factor driving the demand of the market studied. However, high capital investment is likely to hinder the market.
- Asia-pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period.
- The material processing segment dominated the market owing to the robust manufacturing activities in developing nations.
Key Market Trends
Soaring Demand from Medical Sector
- In the medical sector, lasers are majorly used in ophthalmology and in cosmetic applications, while other surgical and dental procedures occupy a small proportion in the market.
- The laser has particular use in ophthalmology because it can be used as an optical device. The transparency in the front part of the eye, the cornea, allows light, such as laser, to reach almost all the tissues of the eye. Photocoagulation lasers, photodisrupting lasers, and photoablation lasers are majorly used during this process.
- In cosmetic processes, lasers are used to fade or remove many vascular and pigmented birthmarks, decorative and traumatic tattoos, solar and rosacea telangiectasia, and many acquired pigmentary disorders, without visible scar or change in texture.
- In hair removal applications, the laser has become popular because of its speed and efficacy.
- Furthermore, increasing consumption of ophthalmic lasers is boosting the demand of the market studied. Factors that are responsible for the growth of the ophthalmic lasers market include a high prevalence of ophthalmic disorders, increasing initiatives to control visual impairment and increasing regulatory approvals for ophthalmic lasers.
Asia-Pacific to Dominate the Market
- Asia-Pacific is projected to witness strong growth during the forecast period, owing to the booming manufacturing sector, primarily electrical & electronics production in the region.
- China dominated the market with a significant share followed by Japan and India. However, owing to the shift of manufacturing bases of various companies into India is estimated to propel the demand for lasers at the fastest rate in the country.
- In China, according to SoYoung, a leading Chinese online platform for cosmetic surgery, the country’s cosmetic surgery market is growing at a rapid pace and is expected to top the world, in terms of cosmetic procedures performed. About 22 million Chinese people underwent cosmetic procedures in 2018, and consumers under the age of 28 accounted for 54% of the overall market.
- Additionally, increasing demand from the defense sector is also boosting the demand for the market studied.
The lasers market is fragmented in nature. Some of the prominent players in the market include Coherent, Inc., IPG Photonics Corporation, TRUMPF, Han’s Laser Technology Industry Group Co., Ltd, and SPI LASERS LIMITED, among others.
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