Medical Laser Market

According to Stratistics MRC, the Global Medical Laser Market is accounted for $5.85 billion in 2023 and is expected to reach $19.56 billion by 2030 growing at a CAGR of 18.8% during the forecast period. Medical lasers are devices that treat or remove tissues by using carefully focused light sources. Light Amplification by Stimulated Emission of Radiation is what the name "laser" refers to. The typical light that comes from a light bulb has a wide spectrum and spreads in all directions. When used properly, lasers give the surgeon the ability to do more difficult procedures, lose less blood, lessen postoperative pain, lower the risk of wound infection, and improve wound healing.

According to the American Society of Plastic Surgeons' 2020 Plastic Surgery Statistics Report, laser hair removal was the third-most popular cosmetic minimally invasive procedure in the United States, accounting for 757,808 procedures in total.

Market Dynamics:

Driver:

Aesthetic lasers are being introduced, using cutting-edge technology

One of the factors encouraging individuals worldwide to choose minimally invasive cosmetic treatments is the rise in body consciousness. The need for less invasive and time-consuming laser aesthetic treatments is thus increasing. The market will likely be driven by an increase in demand for aesthetic laser systems and consumables as a result of this factor. Women are being drawn to undertake skin treatments as a consequence of the development of technologically enhanced procedure-specific aesthetic laser systems since they provide quicker results in less time. Moreover, the rising frequency of chronic diseases, the high unmet needs in disease epidemiology and aesthetic surgery demand, the spike in demand for cutting-edge medical lasers, and the rise in the population of the elderly.

Restraint:

Laser surgeries are expensive and have negative side effects

The high price of laser surgical operations prevents both developed and developing markets from using it widely. It is constrained by the side effects of laser surgery, including scarring, koebnerization, dyschromia, and others. The expensive expense of laser equipment, particularly procedure-specific laser systems in developing nations, is an additional aggravating factor. As a result, there is now a growing market for used laser systems in numerous nations where adoption and demand for new laser systems have been constrained. The combination of the aforementioned elements has significantly reduced the market's need for new laser systems.

Opportunity:

Increase in cosmetic operations

The growing desire for non-invasive, painless medical procedures is anticipated to be advantageous for the sector. Additionally, opportunities for market development may be found in the numerous activities taken by healthcare institutions to encourage medical tourism. Growing disposable incomes and the desire for laser therapy in emerging countries both encourage market development in the future year. Moreover, there is space for development due to the advent of multi-specialty hospitals that provide a variety of treatments and payment choices.

Threat:

Lack of skilled professional in addition to its limited usage

Although laser treatment is safe, practitioners still need to complete the required training in order to use laser therapy equipment. This instruction teaches them how to utilise the laser treatment equipment properly and how different wavelengths influence patients' bodies. Inadequate treatment of the issue, discomfort, infection, bleeding, scarring, and changes in skin colour are among the risks associated with laser surgery. Additionally, lasers cannot be used in a number of commonly used dental procedures, such as filling cavities between teeth, etc. which hinders the growth of the market.

Covid-19 Impact

Medical equipment were greatly impacted by the COVID-19 epidemic because hospital and healthcare services were drastically cut as a result of social segregation policies implemented by governments all over the world. Additionally, as fewer surgeries were performed during COVID-19, the market for medical lasers was negatively affected. The number of surgical procedures for Rhegmatogenous Retinal Detachment (RRD) decreased in France during the COVID-19 lockdown period. Due to the drop in minimally invasive operations, COVID-19, a medical laser used in these procedures, is experiencing slow market growth.

The solid state laser systems segment is expected to be the largest during the forecast period

The solid state laser systems segment is estimated to have a lucrative growth, due to solid state lasers offer a number of advantages. In compared to other lasers, they are extremely effective, have a simpler construction, and are more reasonably priced. These advantages are what are driving this market's expansion. These lasers are widely used in a variety of medical applications, including dentistry, ophthalmology, dermatology, and cardiology, to conduct laser radiation investigations. These lasers are useful for treating melisma, getting rid of scars, and making skin grows again. These reasons have encouraged healthcare organisations to adopt these lasers for a range of procedures.

The ophthalmology segment is expected to have the highest CAGR during the forecast period

The ophthalmology segment is anticipated to witness the highest CAGR growth during the forecast period, due to the surface of the eye is changed during laser eye surgery, a medical technique. Astigmatism, long-sightedness, and short-sightedness are all improved or corrected by this. Additionally, it can aid in overcoming presbyopia. More product launches and technological advancements have led to a rise in the usage of medical laser devices. During the study's forecast period, the prevalence of optical disorders like myopia (nearsightedness), hyperopia (farsightedness), astigmatism (distorted vision), and presbyopia, among others, is anticipated to be a key factor in the segment's growth.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to rising inclination for aesthetic operations and the rapid uptake of new technology. Demand for technologically sophisticated laser hair removal is being generated by the growing use of lasers for hair removal operations, which is opening up potential for the development of medical lasers for cosmetic procedures in the future. Furthermore, industry participants are releasing more products on a regular basis and the minimally invasive procedure's rising popularity in the US is anticipated to fuel market expansion.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to quickest development in the upcoming years is expected to be Asia Pacific, where there will be an increase in the number of laser centres and the healthcare infrastructure. Additionally, it is projected that rising anti-aging treatment demand and an increase in the number of hair removal treatments would boost demand for aesthetic lasers, driving market expansion.

Key players in the market

Some of the key players profiled in the Medical Laser Market include Koninklijke Philips NV, Biolase Inc., Syneron-Candela, Alcon Laboratories Inc., Cutera Inc., Bausch & Lomb Incorporated, IRIDEX Corporation, PhotoMedex Inc., Boston Scientific, AngioDynamics, Stryker, American Medical Systems, Novadaq Technologies, Inc., Fujikura Ltd., CANDELA CORPORATION, Topcon Corporation, Cynosure Inc., Sisram Medical Ltd. And Ellex Medical Lasers Ltd

Key Developments:

In June 2022, Iridex Corporation a provider of innovative ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases has received regulatory clearance to market and sell its Cyclo G6

In January 2022, BILOASE, Inc., a key player in dental lasers and EdgeEndo, a company involved in commercializing endodontic products, received FDA 510(k) clearance of the EdgePRO laser-assisted irrigation device, used as effective cleaning and disinfection alternative within root canal procedures

Products Covered:
• Solid State Laser Systems
• Gas Laser Systems
• Diode Laser Systems
• Dye Laser Systems
• Other Products

Types Covered:
• Disposable Laser Fiber
• Reusable Laser Fiber
• Other Types

Applications Covered:
• Ophthalmology
• Gynecology
• Dentistry
• Urology
• Cardiovascular
• Dermatology/Aesthetics
• Other Applications

End Users Covered:
• Hospitals
• Specialty Clinics
• Ambulatory Surgery Centers (ASCs)
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances