The global laser crystal market is expected to reach USD 163.1 million by 2024
LONDON, Oct. 8, 2018 /PRNewswire/ -- Laser Crystal Market Size and Forecast, By Type (Ti: Sapphire, Nd: YAG, Nd: YVO4, Yb: KGW, Yb: KYW), Application (High-intensity Laser Platforms, Optical Components, Military) And Trend Analysis, 2014 - 2024
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The global laser crystal market is expected to reach USD 163.1 million by 2024, driven by rising adoption of several applications such as consumer electronics, manufacturing, healthcare, and defense. Augmenting utilization of crystals in cinematography, metrology, data storage, communications, displays, spectroscopy, microscopy, and for generation of electricity using high-power laser technologies are expected to drive the market growth.
The laser crystal market is projected to grow at a CAGR of 3% from 2017 to 2024. North America was the largest market in 2016 owing to the increasing use of laser systems primarily across defense and healthcare sectors.
Rising investment in security sector by the U.S.is anticipated fostering the growth of the market in North America. As per National Defense Authorization Act (NDAA), around USD 328 million will be spent on developing and procuring laser weapon in 2017, which increased to 51% compared to the previous year.
In medical, increasing adaptation of non-invasive surgical procedures such as kidney stone removal, spine surgery, and diabetic retinopathy is expected to augment the growth of the market. According to Laser Spine Institute, 400,000 people in the U.S. undergo spine surgery each year. Crystals are used in cosmetic laser surgical devices. In the area of cosmetics, lasers are used to remove pigmented birthmarks without a scar or change in texture.
Rising number of laser cataract surgeries is expected to drive the market growth during the forecast period. In the U.S., approximately 9,000 ophthalmologists perform cataract surgery regularly. In these surgeries, a laser is employed to access the cataract site and create a cut on the lens capsule.
Nd: YAG laser capsulotomy method is used to treat posterior capsule opacification (PCO). PCO is a complication occurring in about 20% of patients undergoing cataract surgery. Government regulations regarding laser beam exposure are expected to hinder market growth during the forecast period. The ANSI Z 136.1 provides maximum permissible exposure (MPE) limits in the wavelength range of 0.400 to 0.550 mm.
Majority of the market players are focusing on investing in research and development to increase the efficiency of lasers. For Instance, in July 2015, Northrop Grumman's SYNOPTICS introduced new material titanium-doped sapphire (Ti: Sapphire) for short-pulsed laser devices. In addition, companies are adopting the strategy of merger & acquisition to expand product portfolio or to serve new markets. In June 2016, Scientific Materials Corp. acquired Armasight, Inc. to serve military markets and outdoor sporting.
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