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Medical Laser Market : Meticulous Research® Reveals Why This Market is Growing at a CAGR of 14.2% to Reach $3 Billion by 2028

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Medical Laser Market : Meticulous Research® Reveals Why This Market is Growing at a CAGR of 14.2% to Reach $3 Billion by 2028

August 14
04:06 2021
 Medical Laser Market : Meticulous Research® Reveals Why This Market is Growing at a CAGR of 14.2% to Reach $3 Billion by 2028
The medical lasers market is expected to grow at a CAGR of 14.2% from 2021 to 2028 to reach $3 billion by 2028.
Medical Laser Market by Type (Solid-state Lasers, Gas Lasers, Dye Lasers, Diode Lasers), Application (Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiovascular, Other Applications) – Global Forecast to 2028

According to a new market research report titled Medical Lasers Market by Type (Solid-state Lasers, Gas Lasers, Dye Lasers, Diode Lasers), Application (Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiovascular, Others Applications) – Global Forecast to 2028”, the medical lasers market is expected to grow at a CAGR of 14.2% from 2021 to 2028 to reach $billion by 2028.

Medical lasers are medical devices that use precisely focused light sources for treating or removing tissues. Since lasers can focus very accurately on tiny areas, they are used for extremely precise surgical work or for cutting through tissue in place of a scalpel. Lasers are commonly employed in many medical disciplines; dermatology, dentistry, cardiology, neurosurgery, and eye surgery, because of their ability to deliver high precision treatments while remaining minimally invasive. As a result, laser-based therapies and diagnostic methods represent an area of huge future potential. The increasing number of cosmetic procedures, rising preference for minimally invasive procedures, and increasing prevalence of eye disorders are the major factors supporting the growth of the market.

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The growth of medical tourism is expected to provide significant growth opportunities for market players. However, factors such as the high cost of lasers, stringent safety regulations, and risks associated with lasers are expected to hamper the growth of the market.

Impact of COVID-19 on the medical lasers market:

The COVID-19 pandemic outbreak caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection. This has severely affected many industries, including healthcare. There has been a significant impact on the entire supply chain, from raw materials to manufacturing and delivery. To cater to the high demand for vaccines, medications, diagnostics, and medical equipment, the market players are involved in research and development operations, strategic alliances & partnerships, and innovative product releases.

Healthcare resources have been prioritized to cater to patients affected by COVID-19. However, the routine healthcare services remained suspended to curb the spread of infection. Nations across the globe introduced country-wide lockdowns from March 2020, only keeping essential services. Since then, clinics offering laser services remained closed for business. However, it has been noticed that the medical lasers market did not experience a drastic decline compared to other sectors.

On the contrary, as the lockdowns gradually lifted towards the end of June 2020, there was an influx of patients seen for laser surgeries, such as refractive, urology treatments, and cardiovascular. One of the treatments that witnessed an increase in demand during the COVID-19 scenario was aesthetic procedures. According to annual Aesthetic Plastic Surgery Statistics for 2020 published by the Aesthetic Society, Americans spent over USD 9 billion on aesthetic plastic surgeries, even amid the COVID-19 pandemic.

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Rising preference for minimally invasive procedures to drive the demand for medical lasers

Minimally invasive surgery is a procedure that is performed through tiny incisions instead of a large opening. This surgery has several benefits: smaller incisions, less pain, minimal to no scars, less blood loss, and a lower complication rate. As the demand for treatments such as microdermabrasion, laser hair removal, and several other treatments is increasing, the need for minimally invasive procedures is also growing. Factors such as the increasing number of surgeries and rising diagnoses of various disorders, such as appendicitis, cancer, and cardiovascular diseases, drive the demand for these procedures. MIS surgeries are widely adopted among the geriatric population due to the relatively shorter recovery time and less pain.

Minimally invasive spine surgery (MISS) has become a new gold-standard spine technique because it may reduce morbidity and recovery times. Technical developments based on light amplification by stimulated emission of radiation (laser) have been applied extensively in the field of MISS. Several organizations are initiating various strategic developments for the adoption and development of minimally invasive procedures. For instance, organizations such as the American Association of Gynecologic Laparoscopists (AAGL) and the International Society of Gynecologic Endoscopy (ISGE) are collaborating with various healthcare agencies to create awareness about the benefits of minimally invasive procedures and improve the adoption.

To provide efficient analysis, Meticulous Research® has segmented this market based on type (solid-state lasers {holmium yttrium aluminum garnet lasers (Ho: YAG), erbium yttrium aluminum garnet lasers (Er: YAG), neodymium yttrium aluminum garnet lasers (Nd: YAG), potassium titanyl phosphate lasers, Alexandrite lasers, and ruby lasers}, Gas Laser {CO2 lasers, excimer lasers, argon lasers, helium-neon (He-Ne) lasers, krypton lasers, and metal vapor (copper and gold) lasers}, dye laser, diode laser), application (dermatology, ophthalmology, urology, dentistry, cardiology, gynecology, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).

Based on type, the medical lasers market is segmented into solid-state, gas, dye, and diode lasers. The solid-state laser segment accounted for the largest share in 2021. Various advantages associated with solid-state lasers, such as high efficiency compared to gas lasers, simple construct than to other lasers, and economical nature of solid-state lasers, are driving the growth of this segment. Solid-state lasers are used in medical applications to study the interactions of laser radiation with biological tissue in ophthalmology, dentistry, cardiology, and dermatology. The use of solid-state lasers in medical applications, such as treatment processes for scar removal, melisma treatment, and skin resurfacing, has encouraged various healthcare companies to adopt these lasers for performing treatments.

Based on application, the dermatology segment is expected to account for the largest revenue share of the medical lasers market in 2021. The increasing number of cosmetic surgeries simultaneously increases the use of medical lasers in these treatments and boosts the growth of the medical lasers market. Several companies are investing in projects for the development of medical lasers. For instance, in 2020, Cynosure LLC launched the Elite iQ platform, the next generation of the Elite+ aesthetic workstation that allows faster treatments with higher max energy than previous generation devices.

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Geographic Review

Geographically, the North American region is expected to account for the largest share of the medical lasers market in 2021. The large share of this region is primarily attributed to the aging population in the U.S., which is creating the need for major surgeries related to geriatric populations, such as ophthalmic surgeries, including cataracts, glaucoma, cardiovascular surgeries, and urological surgeries. This is one of the major factors driving the demand for medical lasers in this region. Also, the presence of major vendors in the region, technological advancements in medical devices, government investments to promote innovation in the healthcare segment, and the exponential growth of aesthetic/cosmetic procedures contribute to the revenue growth of the medical lasers market in this region.

Key Players:

The key players operating in the global medical lasers market are Lumenis, Ltd. (Israel), Fotona d.o.o. (Slovenia), BIOLASE, Inc. (U.S.), IRIDEX Corporation (U.S.), CUTERA, INC. (U.S.), Alna-Medicalsystem AG & Co. KG (Germany), Bausch & Lomb Incorporated (U.S.), Boston Scientific Corporation (U.S.), Alcon, Inc. (Switzerland), STRYKER CORPORATION (U.S.), Alma Lasers (Israel), biolitec AG (Germany), Bluecore Company (South Korea), Cynosure (U.S.), PhotoMedex (U.S.) and Spectranetics (U.S.).

Scope

Medical Lasers Market, by Type

  • Solid-state Lasers
    • Neodymium Yttrium Aluminum Garnet Lasers (Nd:YAG)
    • Erbium Yttrium Aluminum Garnet Lasers (Er:YAG)
    • Holmium Yttrium Aluminum Garnet Lasers (Ho:YAG)
    • Alexandrite Lasers
    • Potassium Titanyl Phosphate Lasers
    • Ruby Lasers
    • Gas Lasers
      • CO2 Lasers
      • Excimer Lasers
      • Argon Lasers
      • Helium-Neon (HE-NE) Lasers
      • Krypton Lasers
      • Metal Vapor (Copper and Gold) Lasers
      • Diode Lasers
      • Dye Lasers

Medical Lasers Market, by Application

  • Dermatology
  • Ophthalmology
  • Urology
  • Dentistry
  • Cardiology
  • Gynecology
  • Other Applications

Medical Lasers Market, by Geography

  • North America
    • U.S.
    • Canada
    • Europe
      • Germany
      • U.K.
      • Italy
      • France
      • Spain
      • Rest of Europe
      • Asia-Pacific (APAC)
        • China
        • Japan
        • India
        • South Korea
        • Rest of APAC (RoAPAC)
        • Latin America
        • Middle East & Africa (MEA)

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research

Key Questions Answered in the Report-

  • Which are the high-growth market segments in terms of type, application, and geography?
  • What is the historical market size for medical lasers across the globe?
  • What are the market forecasts and estimates for the period 2020-2028?
  • What are the major drivers, restraints, opportunities, and challenges in the medical lasers market?
  • Who are the major players in the market, and what are their market shares?
  • Who are the major players in various countries, and what are their market shares?
  • How is the competitive landscape for the medical lasers market?
  • What are the recent developments in the medical lasers market?
  • What are the different strategies adopted by the major players in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the medical lasers market, and how do they compete with other players?

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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