The laser therapy market in the MEA is expected to reach US$ 134.24 million by 2027 from US$ 68.96 million in 2019. The market is estimated to grow at a CAGR of 9.4% from 2020 to 2027.
The market is expected to witness a substantial growth due to factors, such as wide range of medical applications for laser therapy and technological developments. However, the steep prices of laser devices and equipment are expected to hinder the market growth.
Laser therapy, a non-invasive medical procedure, is used to remove tumors or abnormal growth of cells or tissues, perform hair and skin treatments, remove kidney stones, and repair a detached retina. In medicine, laser therapy allows surgeons to work at a high level of precision by focusing on a definite area, and this process creates lesser damage than the traditional methods of surgery. The process of laser therapy is, however, costly and may require repetitive visits to the surgeon.
Various medical device manufacturers and start-ups are introducing latest technologies in the market. The availability of various advanced products in the market allows medical professionals to improve patients’ health by enhancing their treatment efficiency. For instance, in February 2020, IRIDEX Corporation, a manufacturer of ophthalmic laser-based medical products, launched an upgraded second-generation version of MicroPulse P3 Device to treat glaucoma. The upgrades made to the device are expected to substantially reduce intraocular pressure suitable for glaucoma patients without incisions.
Similarly, in January 2019, Gaksung Company Ltd, a South Korean company, launched its product “Champ Beam” in the Indian market. The laser beams penetrate deep inside the body and help in improving the life cycle of cells by regulating blood flow and removing toxins from the blood vessels. In addition, rising trend of fitness and beauty has increased the demand for beauty devices. Therefore, technological advancements have encouraged several companies to innovate devices that promote healthy skin. For instance, Belle51—a Los Angeles, US-based company—launched its laser-based device “Solèy” in June 2019. The device is designed for home care and can be easily used to remove dark spots, melasma, unwanted moles, stretch marks, and acne scars. The device is available for sales in the US and it is distributed in Middle East & Africa. Such products launches are expected to continue to drive the market during the forecast period.
South Africa, Saudi Arabia, and the UAE are among the most affected countries due to increasing number of COVID-19 cases and associated deaths. The manufacturers and suppliers of medical devices are shifting their focus from the regular laser therapy devices to the development and supply of COVID-19 essentials and medical devices used for respiratory issues. This scenario is adversely impacting the dermatology and cosmetic and minimally invasive therapies performed with laser devices.
Based on type, the diode segment held the largest share of the Middle East &and Africa laser therapy market in 2019. The segment is expected to grow at the fastest CAGR during the forecast period. This segment is witnessing a lucrative growth owing to its rapid adoption in photodynamic treatments and aesthetic procedures. Additionally, the diode laser is used for incision, hemostasis, and coagulation. Moreover, use of diode laser causes minimal swelling, scarring, and postsurgical pain. All these factors are expected to propel the demand for diode lasers in the market.
A few secondary sources referred to while preparing the report of the Middle East & Africa laser therapy market are World Health Organization, Dubai Health Authority, and Saudi Derm.