Growing Preference for Minimally Invasive Surgery Driving Laser Cancer Therapy Market: Fact.MR
Timely diagnosis due to the availability of modern technologies and consequent demand for effective treatment will drive growth laser cancer therapy market
Fact.MR, Dubai: As per a study by Fact.MR, the global laser cancer therapy market is expected to surge due to the increasing prevalence of cancer such as melanoma, metastatic, and colorectal cancer.
According to the American Institute for Cancer Research, more than 18 million cases of cancer were estimated in the year 2018, out of which 9.5 million were women and 8.5 million were men. Besides this, breast and lung cancers were the most common cancers found across the globe. There is increasing demand to prevent the rising incidence of cancer. This is expected to drive the growth of the laser cancer therapy market.
In the U.S., over 44% of the female diagnosed with breast cancer and managed to survive post-treatment in 2019, as per a study by the American Cancer Society. Therefore, the demand for effective treatment to curb the incidence of cancer will create growth opportunities for the market.
Despite growth registered in the last few years, the COVID-19 outbreak has slowed down the expansion of the market due to the mandatory closures of consumer markets, shrinking the economy across the globe. The outbreak also has disrupted treatment available for other chronic ailments, as the healthcare industry continued to focus on curbing the mounting cases of people affected by the pandemic worldwide. Nonetheless, increasing government initiatives and investment in advanced healthcare are expected to drive the market.
“Key players operating in the market are focusing on introducing technologically advanced products. Besides this, they are acquiring software companies to help them expand their portfolio and strengthen their footprint in the global market,” said a lead analyst at Fact.MR
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- The U.S. is dominating the market owing to the increasing number of cancer cases, which is creating a high demand for laser cancer therapy in the country.
- The U.K. has emerged as a leading market for laser cancer therapy driven by the presence of a highly developed healthcare infrastructure.
- France is demonstrating a steady growth on the back of its superior position in the global healthcare industry and presence of prominent manufacturers in the country.
- Asia-Pacific is expected to exhibit the fastest growth in the laser cancer therapy market due to the rising prevalence of cancer and other diseases.
- Due to the rise in disposable income and increasing focus on the healthcare sector, India is expected to come forth as a strong competitor in the market.
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- Increasing focus on early diagnosis of cancer is a key trend, positively affecting the laser cancer therapy market
- Expansion of the healthcare infrastructure and rising awareness regarding the various types of cancers will boost the laser cancer therapy market sales.
- The rise in diagnosis and treatment adoption rate will fuel the demand for laser cancer therapy.
- High costs of laser cancer therapy treatment might hamper the global market growth.
- Lack of trained professionals and experience to conduct laser cancer therapies are negatively affecting the growth of the market.
- Less treatment adoption and diagnosis rate due to poor economic conditions pose a challenge to the growth of the market in developing economies.
Key players operating in the laser cancer therapy market profiled by Fact.MR includes Modulight Inc., LAP GmbH Laser Applikationen, MN Medical, Neusoft Medical Systems, Varian Oncology, Accuray, Shinva Medical Instrument, ViewRay Incorporated, and Reflexion Medical. To maintain their lead in the laser cancer therapy market, key players are acquiring software companies and collaborating with other companies. For instance:
- LAP GmbH Laser Applikationen acquired Lifeline Software Inc. in order to expand its product portfolio and offer future-oriented solutions in radiotherapy worldwide, in January 2019.
- In December 2019, ViewRay, Inc. announced a collaboration with Elekta AB to advance MR-linac technology.
More Insights on the Laser Cancer Therapy Market:
In its latest report, Fact.MR offers an unbiased analysis of the laser cancer therapy market market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of laser type (carbon dioxide, argon, and neodymium: yttrium aluminum garnet), indications (breast cancer, brain cancer, skin cancer, prostate cancer, and cervical cancer), distribution channel (hospitals, ambulatory surgical centers, specialized cancer hospitals, and cancer research institutes), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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