According to the new research report titled "Visible and UV Laser Diode Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 4,497.40 million by 2028, registering a CAGR of 5.3% from 2021 to 2028.
Of late, the medical sector has been witnessing an increased demand for laser treatment to treat various skin conditions, such as acne, psoriasis, and hair removal. Topical and oral drugs, such as antibacterial, antimicrobials, and retinoids, are used to treat acne. However, this type of treatment can be time-consuming and have unpleasant side effects on the patient. As a result, researchers have developed alternate treatment options for curing acne over the years.
Acne generally improves following exposure to sunshine. This fact has led to the development of laser and other light therapies during the last decade. Laser and light therapies are used in conjunction with oral and topical treatments or as a stand-alone regimen to treat patients in lesser time compared to the traditional method.
The increasing uptake of multi-mode diode lasers and visible and UV laser diodes across the automotive industry has been driving the visible and UV laser diode market size over the years. However, the high uptake of LEDs over laser diodes is restricting the global visible and UV laser diode market growth. The rise in strategic initiatives among leading players and the surging uptake of visible and UV laser diodes for medical applications are expected to contribute substantially to the global visible and UV laser diode market over the forecast period.
The COVID-19 outbreak severely impacted the European countries, including Italy, France, Germany, and the UK, whereas Italy was the most affected country. The European countries faced the worst situation in terms of the economy, which also influenced trade and business activities. The COVID-19 pandemic resulted in a significant deterioration in Europe's economic stability and negatively impacted many visible and UV laser diode manufacturers during the initial phase of COVID-19. In Europe, the COVID-19 pandemic halted the manufacturing distribution of products, which posed a drastic risk to the supply chains caused by the restriction imposed by the European governments on suppliers' and customers' business activities. Many visible and UV laser diode market players temporally halted their production facilities, which affected their business operation revenue and their international suppliers and customers. Further, a decline in the volume of visible and UV laser diodes significantly impacted raw material availability and component availability. However, with fewer cases reported, the rise in sales of personal vehicles positively impacted the visible and UV laser diode market. Countries in European regions are spending a massive amount of capital to enhance their defense electronic warfare systems. For instance, Germany announced US$ 112.7 billion for the 2022 budget for the military and has achieved NATO target of 2% spending of GDP on defense. The UK government spending on defense was US$ 58.60 billion (£45 billion) in 2021. Italy’s goal is to reach the NATO defense-spending target by 2028. In 2021, the country is adding US$ 13.3 billion. Some other European countries are examining their defense budgets due to the ongoing Russia and Ukraine war and are planning to ramp up their spending on defense security. Therefore, the visible and UV laser diode market will grow at a steady rate post-pandemic.
The visible and UV laser diode market has been segmented and analyzed on the basis of doping material, mode, and application. Based on doping material, the visible and UV laser diode market is further segmented into AlGalnP, GaN, and InGaN. In terms of mode, the visible and UV laser diode market is segmented into single mode and multi-mode. Based on application, the visible and UV laser diode market is further segmented into industrial, defense, scientific and medical, and others.
Key Findings of Study:
The rise in strategic initiatives taken by visible and UV laser diode manufacturing companies to develop new products and expand their geographical presence is projected to open new growth avenues for the visible and UV laser diode market in the coming years. For instance, in July 2018, VI Systems developed a room-temperature yellow visible laser diode emitting at 599-605 nm. This laser diode was built for medical applications, such as blood control, eye surgery, displays, industrial spectroscopic analysis, sensors, and compact optical atomic clocks. UVC Photonics introduced the Model 261 deep ultraviolet diode laser modules in January 2021. At 261 nanometers, they produce > 10 mW of light. The laser package measures only 20 x 20 x 80 mm, making it ideal for use in stationary, portable, and handheld instrumentation. Some of its applications include disinfection, biosensing, semiconductor inspection, and UV Raman spectroscopy.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com