The increasing incidence of skin problems and chronic diseases is boosting the requirement for medical lasers across the world. Additionally, the surging geriatric population in several countries is propelling the demand for laser-based treatments, which is, in turn, fueling the progress of the medical lasers market. This is because elderly people are highly vulnerable to various skin disorders, on account of the reduced glandular and vascular network in their skin layers and the loss of fibrous tissue in their skin.
With increasing age, the appearance of the skin changes drastically and the prevalence of pigmentary alteration, wrinkles, skin sagging, and dryness rises tremendously. As per the estimates of the United Nations Department of Economic and Social Affairs (UNDESA), the population of people in the age group-above 60 years would increase to 437 million, 324 million, 107 million, and 58 million in China, India, the U.S., and Brazil, respectively, by 2050.
Besides these factors, the rapid technological advancements and innovations being made in medical lasers are also fueling the sales of these devices across the globe. These innovations in medical lasers are making the provision of benefits such as reduction in pain intensity, small incisions, and rapid recovery after cosmetic or surgical procedures. Additionally, these technological advancements are causing a sharp rise in the application of lasers for several cosmetic treatment procedures such as skin rejuvenation, body contouring, and hair removal.
Due to the aforementioned factors, the global medical lasers market is predicted to grow substantially in the forthcoming years. The valuation of the market is predicted to surge from $5.1 billion in 2016 to $12.1 billion by 2023. Furthermore, the market is predicted to progress at a CAGR of 13.4% between 2017 and 2023. Depending on product, the market is classified into solid-state laser systems, dye laser systems, diode laser systems, and gas laser systems.
This would be due to the surging healthcare expenditure, the thriving medical tourism, the growing public awareness about technologically advanced laser treatments, the soaring geriatric population, and the ballooning disposable income of the inhabitants of the region. As per the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), by 2050, the share of the people in the age group-65 years is predicted to rise to nearly 20.0% of the total population of the region.
Hence, it can be said with surety that the demand for medical lasers would skyrocket all over the world in the upcoming years, mainly because of the rising incidence of skin problems and various chronic diseases, the surging geriatric population, and the rapid technological advancements being made in medical lasers around the world.
