Pune, Jan. 14, 2021 (GLOBE NEWSWIRE) — The global laser technology market size is expected to reach USD 15.99 billion by 2027, exhibiting a CAGR of 4.5% during the forecast period. The increasing integration of laser technologies in semiconductor optoelectronic devices such as LDs & LEDs, and ultrashort pulse laser will have a tremendous impact on the market, states Fortune Business Insights, in a report, titled “Laser Technology Market Size, Share & COVID-19 Impact Analysis, By Laser Type (Solid State Laser, Liquid Laser, Gas Laser, and Others), By Application (Optical Communication, Laser Processing, and Others), By Industry (IT and Telecom, Electronics and Semiconductor, Healthcare, Manufacturing, Automotive, Aerospace and Defense, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 11.30 billion in 2019.
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The report on the laser technology market highlights:
- Excellent insights into the market
- Systematic data with detailed analysis
- Market dynamics and aspects demonstrating the development
- Meticulous information about vital players in the market
- Procured statistics about dominant regions
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Market Driver:
Demand for Aesthetic Procedures to Augment Growth
The growing acceptance of laser technology in the medical industry is expected to boost the growth of the market. Medical laser therapy is an intensive and non-invasive procedure to treat tissues and offers quick healing without discoloration or scarring. It finds applications in dermatology, urology, ophthalmology, and dentistry, and others. The growing demand for medical lasers and non-invasive therapies in the treatment of numerous diseases will subsequently boost the growth of the market. Furthermore, the growing inclination towards aesthetic procedures will improve the prospects of the market. According to the American Society for Aesthetic Plastic Surgery (ASAPS), in 2018, the American population spent more than USD 16.7 billion on various aesthetic procedures such as dermal resurfacing, body contouring, acne prevention, and others. Besides, the introduction of innovative aesthetics by major companies can have a tremendous impact on the global market. For instance, in October 2019, NY Laser Outlet launched the NYLO Aesthetics division offer the latest innovation in medical laser technology and non-invasive aesthetic. The aim is to broaden the innovative NYLO Aesthetics product portfolio, including JetPeel, Reshape, Horizon, EmCyte Pure PRP, and Ready Medical across the U.S.
Introduction of Innovative Therapies to Aid Market Amid Coronavirus
The heavy investments by major companies in laser technology will have a positive impact on the global market during the pandemic. For instance, in July 2020, BELKIN Laser Ltd. announced an investment of USD 12.2 million in Series B funding which is also led by Santen Ventures Inc. and Rimonci Capital. The funding will allow easy, effective, and quick treatment for glaucoma patients by using its laser treatment. Moreover, the growing government support for robust laser treatment can further escalate the market. The Government of the United Kingdom invested around USD 105.10 million to launch an unconventional imaging center – “Extreme Photonics Applications Centre (EPAC)”. This will help generate precise 3D images of the inner structure of objects by using powerful laser technology.
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Regional Analysis:
Rising Healthcare Expenditure to Propel Growth in North America
The market in North America is expected to expand radically during the forecast period owing to the growing healthcare expenditure. The demand for cosmetic surgeries coupled with the emergence of advanced technologies will accelerate the growth of the market in North America. The presence of key players such as Coherent, Inc., IPG Photonics Corporation, Corning Incorporated, and others will have an outstanding effect on the North American Market. Also, the introduction of advanced laser-based solutions by major companies will further aid the growth of the market in North America. For instance, in April 2020, Coherent, Inc. launched its next-generation multi-kilowatt industrial diode laser – “HighLight DL HPSi”. It is suitable for various industrial applications in heat treating, metal cladding, welding, and brazing.
Key Development:
July 2020: Lumenis Ltd. introduced a next-gen and patented MOSES platform – “MOSES 2.0”. The aim is to provide cost-effectiveness, higher patient satisfaction, better surgical outcomes, and others.
The Report Lists the Key Companies in the Laser Technology Market:
Lumenis Ltd. (Tsafon, Israel)
IPG Photonics Corporation (Massachusetts, United States)
Lumentum Holdings Inc. (California, United States)
Jenoptik AG (Jena, Germany)
Novanta Inc. (Massachusetts, United States)
Lumibird (Lannion, France)
LaserStar Technologies Corporation (Florida, United States)
Epilog Corporation (Colorado, United States)
Han’s Laser Technology Industry Group Co., Ltd. (Guangdong, China)
MKS Instruments, Inc. (Massachusetts, United States)
Gravotech Engineering Pvt Ltd (Maharashtra, India)
The 600 Group PLC (Heckmondwike, England)
eurolaser GmbH (Luneburg, Germany)
Bystronic Laser (Niederonz, Switzerland)
Toptica Photonics (Bayern, Germany)
Photonics Industries Inc. (New York, United States)
Solaris Laser S.A. (Warszawa, Poland)
Optotek d. o. o. (Ljubljana, Slovenia)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Laser Technology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Laser Type (Value)
- Solid State Laser
- Liquid Laser
- Gas Laser
- Others (Semiconductor, etc.)
- By Application (Value)
- Optical Communication
- Laser Processing
- Others (Storage, etc.)
- By Industry (Value)
- IT and Telecom
- Electronics and Semiconductor
- Healthcare
- Manufacturing
- Automotive
- Aerospace and Defense
- Others (Research, etc.)
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Laser Type (Value)
- Global Laser Technology Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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