Global Laser Cancer Therapy Market: Market Outlook
Many ablative techniques are being proposed as substitutes to traditional resection surgery. These include microwave ablation, radio-frequency ablation, laser ablation (LA), cryosurgery and high intensity focused ultrasound treatments. All these techniques hold the potential to kill cancer while sparing normal tissue.
Ablative therapy can also be delivered in a minimally invasive manner, permitting less pain and shorter recovery time. Among the mentioned techniques, laser ablative shows the attractive possibility of being guided through a ?exible and small ?ber to targets in deep-lying organs
Laser therapy uses high-intensity light to treat cancer and other illnesses. In order to destroy or shrink tumors or precancerous growth laser can be used. Additionally, in some cases lasers may also be helpful in eliminating some symptoms of cancer, for example obstruction or bleeding.
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For example, in order to terminate or shrink a tumor that maybe hindering a patient’s esophagus or trachea, lasers can be used. Moreover, lasers also can be used to eradicate colon polyps or tumors that are blocking the colon or stomach.
Although laser therapy can be used alone, but most often it is combined with other treatments, such as surgery, chemotherapy, or radiation therapy. Furthermore, lasers can cover nerve endings to ease pain after surgical procedure and seal lymph vessels to decrease inflammation and limit the spread of tumor cells.
What are the Key Trends Impacting Growth of the Global Laser Cancer Therapy Market?
The key manufacturers in the laser cancer therapy market are focusing on launching new products in the market. Manufacturers are focusing on introducing innovative and technologically advanced products into the laser cancer therapy market that can meet the complex treatment demand required in cancer treatment.
Accuray Incorporated launched of CyberKnife® S7™ System in June 2020. The CyberKnife S7 System is a robotic, non-invasive radiation therapy device proficient of handling cancerous and benign tumors all the way through the body and neurologic disorders as well.
The new CyberKnife technology is the latest illustration of Accuray creation in radiation therapy that authorizes healthcare providers through new abilities to provide the best possible care to their patients.
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Cancer: The Unstoppable Ever Rising Incidence and Prevalence of the Disease
Various types of cancers are escalating at an alarming rate. The rising prevalence and incidence of cancer demands innovative treatment options leading to rise in demand for laser cancer therapy. According to the American Institute for Cancer Research, an estimated 18 million cancer cases were observed in 2018, of these 8.5 million 9.5 million cases were in men and women, respectively. The most common cancers found worldwide were breast and lung cancers contributing approximately 12.3% each of the total number of new cases diagnosed in 2018. Thus, the rising incidence and prevalence of cancer is expected to propel the growth of laser cancer therapy treatment.
How will the Rise in Treatment Adoption and Diagnosis of Cancer Impact the Global Laser Cancer Therapy Market?
There is a significant rise in the treatment adoption rate and diagnosis of cancer over the last decade. The rise in treatment adoption rate and diagnosis can be attributed towards the life threatening nature that cancer possesses. In addition, the introduction of novel treatment options that promises better recovery and low relapse probability are also influencing the patients to undergo treatment. A majority of population diagnosed with cancer undergoes treatment in order to survive rather than just ignoring it. According to the American Cancer Society, in 2019, 44% of the females that were diagnosed with breast cancer managed to survive post treatment in the U.S.
Thus, rise in treatment adoption and diagnosis of cancer is expected to drive the growth the of laser cancer therapy market.
What are the Key Challenges that may Restrain Growth of the Global Laser Cancer Therapy Market?
One major factor that may restrain growth of the laser cancer therapy market is lack of trained professionals. Moreover, laser therapy is quiet expensive and the effects of the therapy may not last for a long period of time. These factors may also restrict the growth of laser therapy market.
Key Segments of Global Laser Cancer Therapy Market Covered in the Report
Based on laser type, the laser cancer therapy market has been segmented as
- Carbon dioxide (CO2)
- Neodymium: yttrium aluminum garnet (Nd:YAG)
Based on indication, the laser cancer therapy market has been segmented as
- Breast cancer
- Brain cancer
- Skin cancer
- Prostate cancer
- Cervical cancer
Based on Distribution channel, the laser cancer therapy market has been segmented as
- Ambulatory surgical centers
- Specialized cancer hospitals
- Cancer Research Institutes
Based on the region, the laser cancer therapy market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Key players operating in the laser cancer therapy market include
- Modulight Inc.
- LAP GmbH Laser Applikationen
- MN Medical
- Neusoft Medical Systems
- Varian Oncology
- Shinva Medical Instrument
- ViewRay Incorporated
- Reflexion Medical
What strategies are the Key Players adopting for Increasing their Market Share in the Laser Cancer Therapy Market?
Key players in the laser cancer therapy market are aiming to fortify their position by acquiring software companies that will help in broadening their portfolio and deliver top quality and technologically advanced products in the market.
- For instance, in January 2019, LAP GmbH Laser Applikationen acquired Lifeline Software Inc. in order to expand its offering and offer future oriented solutions and services for its customers in radiotherapy worldwide.
Key players in the laser cancer therapy market are also focusing on strengthening their position by collaborating with other companies operating in the market.
- In December 2019, ViewRay, Inc. announced collaboration with Elekta AB to advance MR-linac technology. The collaboration will help in developing innovative products in the market.
Hence, the rising efforts by the manufacturers in the market that are leading to notable developments in the market is expected to contribute significantly towards the growth of the laser cancer therapy market.
What are the Key Opportunities for Laser Cancer Therapy Manufacturers?
The increasing prevalence of cancer worldwide promises lucrative opportunities in the laser cancer therapy market. Additionally, the increasing R&D funding by the government to ensure better treatment options are available for the cancer patients also represents significant opportunities. Moreover, the rising initiatives by the government and private organizations to create awareness regarding cancer is leading to rise in diagnosis and treatment adoption rate. Thus, these factors predict substantial opportunities for the manufacturers in the laser cancer therapy market.
Why is the U.S. a Big Market for Global Laser Cancer therapy?
Rapid urbanization in the country is giving rise to a number of lifestyle diseases. Thus leading to a rise in incidence of cancer in the country that demands for laser cancer therapy. Moreover, the availability of advanced treatment options in the country attracts a number of medical tourists in the country. Thus, leading to a continuous rise in the treatment adoption rate in the country which is driving the demand for laser cancer therapy.
Presence of key players operating in the laser cancer therapy market also contributes to the dominance of the U.S. in the global laser cancer therapy market.
Will India Emerge as a Strong Competitor in the Laser Cancer Therapy Market?
India is expected to be amongst the countries to experience highest growth during the forecast period in the laser cancer therapy market. While the cancer patients are in the country are on a continuous rise, there is a significant rise in disposable income in the country. This rise in disposable income represents that a considerable amount of population can now opt for treatment as compared to a decade ago. In addition, the increasing efforts by the government to focus on the healthcare sector also promises noticeable growth during the forecast period.
Moreover, the cost of healthcare services in the country is cheaper in comparison to other Western countries making it highly favorable country for medical tourism. Thus, the rising medical tourism in the country predicts profitable opportunities in the laser cancer therapy market.
What is the Repercussion of the Pandemic on the Growth of the Global Laser Cancer Therapy Market?
The pandemic has a slightly negative impact on the laser cancer therapy market. The outbreak led to reduced patient visits to the hospitals which in turn reduced the rate of diagnosis. Additionally, changes in prioritization by the healthcare sector to focus on the COVID-19 affected patients also led to delayed procedures leading to fall in demand for laser cancer therapy. Moreover, as a precautionary measure, a large number of population avoided hospital visits to avoid being infected with the virus. However, considering the seriousness of the disease certain patients may have still undergone laser cancer therapy. This indicate that the impact of the pandemic was not severe and can be easily recovered over the forecast period. Therefore, it can be concluded that the laser cancer therapy market will flourish over the forecast period despite the temporary lag in sales.
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