The specification makes sense for a CW laser diode, because usual laser specification is for optical output, not input power.You say your diode is 200mW and 450mA, this is in pulsed mode.
It all depends on reading the drive requirements from the datasheet. If the laser has a built in monitor photodiode then you should be using it. You will find monitor photodiodes in lasers up to a few watts but also plenty without them - it depends on the market the laser is intended for and the laser design. I don't think my customers would be happy with my designs if I told them it should have a "... reasonably long lifetime".
Keith
It depends on the requirements to pick the best solution. Discrete driver are cost effective but have their limitations( more details can be found here: http://www.ichaus.biz/upload/pdf/Appl3_a3es.pdf ). The device iC-HG has six 500mA driver channels integrated and that maybe the reason for the higher price. There single channel integrated driver iC also. You may take a look at this table showing the different parameters: http://www.ichaus.biz/selector_laserdrivers .
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