Exponential Growth Projected for Cardiovascular Medical Lasers Market
The Business Research Company’s Cardiovascular Medical Lasers Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UK, January 19, 2024 /EINPresswire.com/ — The cardiovascular medical lasers market has experienced remarkable growth, with the market size surging from $0.21 billion in 2023 to $0.31 billion in 2024, reflecting a staggering compound annual growth rate (CAGR) of 46.4%. This trend is expected to continue, propelling the market to $1.25 billion by 2028, with a CAGR of 41.5%. Key factors contributing to this substantial growth are outlined below.
Rising Cardiovascular Diseases Propel Market Demand
The increasing prevalence of cardiovascular diseases is a primary driver for the cardiovascular medical laser market. Factors such as higher rates of smoking, physical inactivity, and unhealthy diets contribute to the surge in cardiovascular diseases. For example, in May 2023, the Centers for Disease Control and Prevention reported that coronary artery disease (CAD) claimed the lives of 375,476 individuals in 2021, with 1 in 20 adults aged 20 and older affected by CAD. The growing incidence of cardiovascular diseases, including CAD, is expected to boost the demand for cardiovascular medical lasers.
Expanding Diabetes and Obesity Epidemics Drive Market Growth
The escalating incidences of diabetes and obesity are anticipated to fuel the growth of the cardiovascular medical lasers market. Cardiovascular medical lasers play a crucial role in treating vascular complications associated with diabetes and obesity through procedures like angioplasty and atherectomy. Notably, the International Diabetes Federation reported a global diabetes prevalence of 10.5% in June 2022, with projections indicating 783 million adults having diabetes by 2045. Concurrently, the World Health Organization estimated that 650 million adults, 340 million teenagers, and 39 million children would be obese by March 2022. These alarming statistics underscore the growing need for cardiovascular medical lasers in managing associated health conditions.
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Investment in Innovative Technologies for Efficient Treatment
Manufacturers of cardiovascular medical lasers are actively investing in technologies to expedite diagnosis and enhance the efficiency of heart condition treatments. Technological advancements include new wavelengths, robust setups, and lower-cost systems, coupled with minimally invasive techniques. For instance, Ra Medical’s FDA-cleared cardiovascular lasers operate at a 308-nanometer wavelength, breaking chemical bonds and decomposing blockages in peripheral arteries and veins.
Focus on Non-Invasive Technologies by Industry Leaders
Major companies in the cardiovascular medical lasers market are prioritizing the introduction of non-invasive technologies to gain a competitive edge. Non-invasive technologies, which do not require skin penetration or surgical instruments, are becoming increasingly popular. An example is Nirtek’s near-infrared laser technology, launched in February 2021. This innovation utilizes laser light to identify rupture-prone plaques in arteries, allowing for non-invasive identification and treatment before potential heart attacks.
Regional Dynamics
North America emerged as the largest region in the cardiovascular medical lasers market in 2023, with Asia-Pacific following as the second-largest region. The comprehensive market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation
The cardiovascular medical lasers market covered in this report is segmented as follows:
• By Type: Excimer Laser, Carbon Dioxide Laser
• By Application: Laser Vascular Anastomosis, Transmyocardial Laser Revascularization, Laser Angioplasty for Peripheral Arterial Diseases
• By End Use: Hospitals, Specialty Clinics, Ambulatory Surgery Centers
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Cardiovascular Medical Lasers Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Cardiovascular Medical Lasers Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cardiovascular medical lasers market size, cardiovascular medical lasers market drivers and trends, cardiovascular medical lasers market major players, cardiovascular medical lasers market competitors’ revenues, cardiovascular medical lasers market positioning, and cardiovascular medical lasers market growth across geographies. The cardiovascular medical lasers market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the cardiovascular medical lasers market report and tap into segments with the highest growth potential.
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