Laser Diode Market is Estimated to Witness High Growth Owing to Opportunity in Medical Applications12/27/2023 Laser diodes are semiconductor laser diodes that emit coherent light when an electric current passes through it. They are compact, efficient sources of intense directional light, ideal for a wide variety of applications such as barcode readers, optical fiber communication, laser pointers, laser printers, CD/DVD/Blu-ray players, laser disc displays, laser shows, and in medical applications. Laser diodes are mostly used in medical applications such as cosmetic surgery procedures, medical devices and optogenetics.
The global laser diode market is estimated to be valued at US$ 16.79 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity Medical Applications Growing demand for minimally invasive and non-invasive aesthetic procedures is expected to contribute to the market growth over the forecast period. Laser diodes find wide application in various medical procedures such as hair removal, tattoo removal, skin resurfacing, photo-activation therapy and photodynamic therapy for cancer treatment. Rising cases of age-related aesthetics issues and increasing consumer awareness regarding aesthetic procedures are some factors expected to boost the demand for laser diodes in medical applications. Rising adoption of laser diodes driven devices and equipment in various medical applications owing to advantages such as precision, flexibility and minimal invasiveness offers lucrative growth opportunities for players in the global laser diode market. Porter's Analysis Threat of new entrants: Low costs of entry and lack of specialization in the industry pose a moderate threat of new entrants. However, significant investments required and dominance of existing players present barriers. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and bulk procurement abilities of major industries such as consumer electronics. Bargaining power of suppliers: Suppliers have high bargaining power due to specialized component manufacturing skills and limited number of suppliers for critical raw materials. Threat of new substitutes: Threat of substitutes is low as laser diodes offer better performance over traditional lighting sources. Competitive rivalry: Competition is intense with major players constantly competing on pricing and product innovation. SWOT Analysis Strengths: Growing electronics industry drives demand. Laser diodes provide precision, accuracy and efficiency over traditional sources. Weaknesses: High costs of customized solutions limit applications. Dependency on few raw material suppliers increases production risks. Opportunities: Emerging applications in medical, industrial processing, and communication sectors to boost sales. Developing economies expanding manufacturing capabilities. Threats: Trade policies and economic uncertainties impact sourcing and sales. Stringent regulations on laser safety pose compliance challenges. Key Takeaways The Global Laser Diode Market Size is expected to witness high growth over the forecast period supported by increasing adoption across various end-use industries. The global Laser Diode Market is estimated to be valued at US$ 16.79 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030. Asia Pacific dominates currently due to strong electronics manufacturing base in China, Taiwan and South Korea. Regionally, Asia Pacific is forecast to be the fastest growing regional market during the analysis period attributed to rapidly expanding consumer electronics sector and presence of major consumer markets like China and India. Production is shifting from developed markets to Asia to leverage lower costs. Key players operating in the laser diode market are Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc., and Messer Group GmbH. Major players are investing in r&d to develop innovative solutions and exploring new application areas to gain competitive edge. They also focus on developing turnkey solutions to strengthen production capabilities of customers. Get more insights on this topic: https://www.marketwebjournal.com/laser-diode-market/
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