Northbrook, IL 60062 -- (SBWIRE) -- 08/21/2023 -- The global laser diode market size is expected to grow from USD 5.9 billion in 2022 to USD 10.9 billion by 2027, at a CAGR of 13.1% during the forecasted period.
Growing application areas of laser diodes in various industries, expanding fiber laser market and surge in demand for high-power laser diodes for industrial applications are the few drivers for pertaining the growth of market.
High-power laser diodes are multimode laser diodes, which have an enlarged emitter that allows higher power than single-mode laser diodes. The output power varies depending on the wavelength required.
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Healthcare & medical application is expected to be the second fastest growing segment of the laser diode market during the forecasted period
Laser diodes are used for a wide range of medical applications, including surgery, dermatology, gynecology, cardiology, otology, ophthalmology, angioplasty, photodynamic therapy (PDT), diagnostic image processing, and others.
Other medical applications of laser diodes include early cancer detection by computed tomography, laser mammography, and the treatment of carpal tunnel syndrome and musculature strain with the use of low-level laser therapy.
Laser diodes, especially red, green, and blue laser diodes, are also used in cosmetic applications such as hair removal. Laser diode technology has proven to be an essential surgical tool for improving eyesight, repairing torn retinas, treating kidney stones, and for the removal of spinal tumors. The wavelength range of laser diodes for medical applications varies from 635 nm to 2000 nm.
North America is expected to hold the second largest market of laser diode during forecasted period
The growth of the laser diode market in North America is due to the growing number of technological innovations in field of laser technology for various application areas such as medical, telecommunication, military & defense, and automotive.
The increase in R&D activities, particularly in the military and defense industries, has propelled the demand for laser diodes in the region. As of 2021, the annual military expenditure in the US was about 3.6% of the global GDP of the country. This will create lucrative growth opportunities for laser diodes in military applications. Apart from this, increasing application of laser diodes in the healthcare sector is one of the major market drivers.
The laser diode companies is dominated by a few globally established players such as II-VI Incorporated (US), Lumentum Holding Inc. (US), Ams-OSRAM AG (Austria), ROHM Co., Ltd. (Japan), Hamamatsu Photonics K.K. (Japan), MKS Instruments (US), IPG Photonics Inc. (US), Jenoptik AG (Germany), Sharp Corp. (Japan), and Ushio, Inc. (US), among others.