Market Analysis
The global laser probe market is predicted to touch USD 1560.76 million at a 9.11% CAGR between 2018-2023, reveals the latest Market Research Future (MRFR) report. Laser probe, simply put, is an ophthalmic medical device that has been designed for various diagnostic applications. This diagnostic procedure is minimally-invasive, where the laser probes aid in detecting the abnormalities, if any, in the brain, eye, and other areas. The laser probe assists in the real-time determination of abnormalities instead of extracting samples from patients and conducting different diagnostic procedures on it. It leads to better efficiency of treatment as well as reduced time taken for determining the outcomes of the procedure.
Various factors are propelling the laser probe market growth. These factors, as stated by the latest Market Research Future (MRFR) report, include rising prevalence of cases where laser probes are needed, increasing incidence of ophthalmic disorders/diseases owing to growing number of diabetic patients, growing geriatric population, increasing incidence of medical emergencies, and increasing number of glaucoma and cataract surgeries. Additional factors pushing market growth include rising prevalence of chronic diseases, especially prostate cancer, barrette’s esophagus, non-melanoma skin cancer, and diabetic retinopathy, among others, technological innovations and improvements in reimbursement protocols.
On the flip side, the availability of alternative devices and technologies in the market and absence of technically skilled experts to use such devices are factors that may impede the laser probe market growth over the forecast period.
Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the laser probe market trends, growth and study on the basis of end user, application, product type, and probe type.
Based on product type, the laser probe market is segmented into continuous-wave laser probes, pulsed laser probes, and others. Of these, the continuous-wave laser probes segment will have the largest share in the market over the forecast period. It is widely used in different dermatological procedures, including marks or scars removal, and wrinkle reduction.
Based on the probe type, the laser probe market is segmented into a single laser probe, cluster laser probe, and others. Of these, the single laser probe segment will dominate the market over the forecast period.
Based on the application, the laser probe market is segmented into rheumatology, dentistry, ophthalmology, orthopedics, dermatology, and others. Of these, the ophthalmology segment will lead the market over the forecast period, followed by the dermatology segment.
Based on the end user, the laser probe market is segmented into tertiary hospitals, clinics, and others. Of these, the tertiary hospitals segment will have the maximum share in the market over the forecast period owing to the rapid proliferation of tertiary hospitals both in suburban and urban areas.
Regional Analysis
By region, the laser probe market report covers the latest trends and growth opportunities across the Americas, the Middle East and Africa, Europe, and the Asia Pacific. Of these, the Americas will remain the driving force in the market during the forecast period chiefly on account of the burgeoning demand for minimally invasive cosmetic surgeries, arthritis treatment, and cataract procedures. This will be followed by Europe, which is predicted to have the second-largest share in the market over the forecast period.
Key Players
Major players profiled in the laser probe market report include Quantel Medica, Iridex Corporation, Vitreq, OphthalMed LLC, Lumenis, Transonic Systems Inc., ADInstruments, Reimers & Janssen GmbH, Omega Laser Systems Limited, FCI, Bausch & Lomb Incorporated, and Alcon (Novartis). Key players have used multiple strategies to create a foothold in the market, such as expansions, partnerships, acquisitions, and more.
Industrial News
March 2019: Researchers in Canada have created a laser probe that utilizes changes in light patterns for detecting melanoma, one of the deadliest skin cancers. The researchers claimed that this laser probe could offer a numerical result that is easily understandable akin to the principal of a thermometer. Irrespective of its usability and low cost, this device is a clinical tool to diagnose melanoma instead of being a consumer product.
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