Global Energy-Based Therapeutics Market to Reach US$ 8.9 Billion by 2024, Impelled by Increasing Preference for Aesthetic Surgeries - IMARC GroupThe global energy-based therapeutics market is driven by the rising trend of aesthetic surgeries, along with the proliferation of physician-owned ambulatory surgical centers (ASCs).
According to the latest report by IMARC Group, titled “Energy-Based Therapeutics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 6.1 Billion in 2018. Energy-based therapeutics refer to the process of destruction or modifications of tissues through technologies including microwave, ultrasound and radiofrequency. Based on the clinical applications, these therapeutics are widely categorized into general surgeries for gynecology and lithotripsy, ophthalmic surgeries for glaucoma and cataract treatment, and aesthetic surgeries for reducing acne and pigmentation. These therapeutics can be both invasive and non-invasive and are rapidly gaining preference among the masses across the globe.
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Global Energy-based Therapeutics Market Drivers:
The growing trend of aesthetic surgeries is one of the key factors driving the market growth. Medical breakthroughs in the field of aesthetic surgeries have popularized the concept of energy-based aesthetic procedures in the healthcare industry. This is also being influenced by the affordability and efficacy of these procedures, along with the rising preference for non-invasive techniques. Apart from this, energy-based therapies such as laser and radiofrequency are also being used for managing the genitourinary syndrome of menopause in women. Furthermore, increasing inclination toward minimally invasive (MI) surgeries for the treatment of diseases such as cancer is also contributing to the market growth. The proliferation of physician-owned ambulatory surgical centers (ASCs) is another major growth-inducing factor. ASCs are now being preferred by patients for these therapies as they are associated with shorter hospital stays and quicker recovery as compared to traditional surgeries. On account of the aforementioned factors, the market is expected to reach a value of more than US$ 8.9 Billion by 2024, expanding at a CAGR of 6.4% during 2019-2024.
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Market Summary:
- On the basis of the product type, the market has been divided into microwave, radiofrequency, hydro-mechanical, cryotherapy, thermal and ultrasound.
- Based on the clinical application, the aesthetic segment accounts for the majority of the overall market share. Other major segments include surgical and ophthalmic.
- On the basis of the end user, the market has been segregated into hospital, clinics and others.
- On the geographical front, the market has been categorized into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. These players include Johnson & Johnson, Lumenis, Syneron Medical, Abbott Medical Optics, Alcon, Alna Medical System, Angiodynamic, Angiodynamics, Atricure and Biolase.
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