Laser is a medical treatment involving an intense beam of light to burn, cut, and destroy body tissue. Light amplification by Stimulated Emission (LASER) is common in many medical procedures. The earliest of this technology were in dermatology and ophthalmology. A medical laser is an intensive light and a non-invasive process of treating tissue and providing quick healing without discoloration or scarring. The intensifying need for non-invasive medical treatment has propelled the market growth.
Statistics by the American Society of Aesthetic Surgery ASAPS) shows that Americans spend over 13 Billion Dollars on various aesthetic treatments, including acne prevention, dermal resurfacing, body contouring, and others.
Latest trends
Refractive surgery council reported that laser vision correction procedures increased by 6.2% from 2017 to 2020, with close to 900,000 procedures performed. In dermatology and skincare areas, the focuses shifted from the conventional to advanced methods of treatment. There is now high adoption of non-invasive skin lighting, anti-aging, and other treatment options with an anticipated upsurge. Most people who have eye disorders now prefer more non-invasive methods, and laser becomes the proffered option.
Rising demand for minimally non-invasive procedures
There’s a growing number of minimally invasive procedures and cosmetic surgery. The rising number of eye disorders is the leading promoters of the medical laser market. There are also increased congenital heart conditions, glaucoma, and age-related macular edema, with other diseases expected to fuel the demand. Lumens laser hair removal system, for instance, was introduced in 2018, and it’s a solid -state laser system which is equipped with BLEND X technology for effective skin and hair removal solutions.
Some of the laser market’s major boosters are introducing medical lasers with procedure-specific applications with perfect integration of innovative technology. New market players have also emerged, and these are offering innovative systems. This is what propels the growth of this market.
Aesthetic lasers to boost product demand
People are now adopting minimally invasive medical procedures because of the increased consciousness on physical appearance. This demand is surging the need for this less time consuming laser aesthetic procedure. This demand for laser is likely to continue and thus driving the market. The female population has benefited majorly from this advancement in technology. The growing demand for laser technology is has compelled vital market players to introduce novel energy-based systems.
High cost and side-effects a challenge to laser technology growth.
The growth of laser technology has experienced limited adoption in both the developed and emerging markets. For instance, the average cost of Laser surgery per eye was USD2, 246 in the year 2018 and continues to rise. Some complications come with the surgery, like koebnerization scarring and dyschromia. Such are limiting the growth of the medical lasers market.
Procedure specific laser systems are also costly, especially in the emerging economies. This has limited the uptake in most countries.
There’s a rising demand for minimally invasive procedures with new and procedure-specific products launched by key market players. The procedure requires that you choose the laser trader you can trust and one with great experience in the industry.
Today, the banking sector is witnessing serious problems related to fraud. The problem is now global, and all countries are exposed. On the other hand, fraudsters are increasingly becoming sophisticated in hacking online sessions. For instance, they are not only stealing the credentials of clients but are also using malware to siphon funds from bank account holders, who, in most cases, are unaware. While new technologies continue to emerge, it is also becoming evident that the forerunners who exploit such technologies are criminals. Recent studies, for instance, have shown that financial fraud is on the rise. As a result, banks must take appropriate anti-fraud measures.
Here is more about fraud management system for detection and prevention in banking sector
Data analysis
Among the effective anti-fraud measures that banks can take include utilizing data analysis software. Such software can be used for purposes of fraud detection. Also, modern systems tend to permit fraud examiners to analyse business data and check whether internal control systems are functioning properly. By using current systems, fraud examiners are better placed to identify fraudulent transactions in nature or detect a heightened risk of fraud. Also, there is a wide range of analysis measures that can help address fraud in banks. Such measures may target, for instance, contextual situations, such as a single fraud investigation or a continuous analysis of financial processes thought to be vulnerable to fraudulent activity.
Fraud approaches
In instances where banking institutions are exposed to a high risk of fraud, they can apply an approach to detecting fraud that is either constant, or continuous. Such approaches are effective, especially in circumstances where prevention controls are perceived to be impracticable or inefficient. So, to reveal fraudulent activity, a significant number of banks have put in place distinctive transaction monitoring systems. Among the effective analytical techniques that banks can use to detect fraud include entry date validation, duplicate testing, classification, and gap testing.
Use of AI
Banks can also endeavour to exploit AI for purposes of preventing fraud. In various realms of business, AI is increasingly becoming a buzzword, and the banking sector is not an exception. This technology traces its origins back to the 1950s, and in the recent past, has gained popularity for numerous reasons. Among them include its adoption for purposes of establishing new standards in the security arena. Among AI technologies that banking institutions can adopt is predictive analytics.
As new technologies continue to emerge, fraudsters are also becoming sophisticated in how they use such technologies to commit fraud in banking institutions. As such, banks need to adapt fast to changes in technologies employed in the sector to put in place effective and efficient fraud management systems that can accurately detect and prevent all manner of financial fraud.
