USD 4.15 billion
Medical Laser Market Size, Share, Growth Analysis, By Type(Surgical lasers, dental lasers, aesthetic lasers and others), By Product(Laser systems and consumables), By End Use(Hospitals, specialty clinics, ambulatory surgical centers and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2524 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
88
|Figures:
76
Medical Laser Market Insights
Medical Laser Market size was valued at USD 4.15 billion in 2019 and is poised to grow from USD 4.85 billion in 2023 to USD 16.79 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).
Medical laser technology produces a focused beam of light with a specified wavelength. Light amplification by stimulated emission of radiation (LASER) is referred to in this context as "light amplification by stimulated emission of radiation". A non-invasive, powerful light source called a medical laser can be used to treat tissue and promote rapid, painless healing. The growing need for these lasers for the treatment of various disorders, as well as the growing demand for non-invasive therapies are some of the factors driving the market expansion. It is used for medicinal, surgical, diagnostic, and cosmetic applications. In addition, this method is used in other specialties such as cardiovascular disease, dermatology, urology, and ophthalmology. They are also used in many surgical treatments such as refractive eye surgery, cosmetic surgery, general surgery, and dental procedures due to their precise wavelength, which produces high-intensity light. There are many types of medical laser systems, but gas, dye, solid-state, and diode laser systems are the most commonly used. Many cosmetic procedures use diode laser technology. Solid-state laser systems are used in dermatology, dentistry, treatment of vein-related diseases, and tattoo removal. Vascular lesions, including red spots and skin tags, are treated with dye laser systems. Gas Laser System's argon gas laser is used to treat polyps, lesions, and ulcers. Meanwhile, skin conditions such as hirsutism, papillaris, and genitalia are treated with a carbon dioxide laser.
The increasing prevalence of eye problems and the increased trend towards minimally invasive procedures due to the increasing variety of aesthetic treatments are the key factors driving the market expansion. The growth in medical tourism should provide significant opportunities for market players. Medical tourism is expanding in developing countries due to the growth of private institutions, improvement in healthcare infrastructure, and affordable treatment. Body contouring, skin tightening, hair removal, dermabrasion, acne, wrinkle reduction, and skin rejuvenation are among the increasingly popular laser cosmetic procedures. Aesthetic laser devices are preferred over other devices for several factors, including their simplicity of use, minimal invasiveness, and speed of treatment. Factors such as increasing aesthetic awareness, adoption of surgical procedures, and availability of expensive treatments such as acne and scar reduction are expected to drive the demand for medical lasers. Some of the key factors driving the market during the forecast period include the introduction of new medical lasers with procedure-specific applications and the incorporation of sophisticated technologies. For example, according to the American Society of Plastic Surgeons (ASPS), more than 17.5 million cosmetic procedures, including surgical and minimally invasive procedures, were performed in the US in 2019, a 2% increase over 2016.
An increasing number of cosmetic procedures, as well as the entry of new market players offering innovative technologies, are driving this market. Laser surgery is expensive, preventing both developed and developing markets from adopting the procedure. For example, in the US, the average cost of LASIK surgery in 2019 was US$2,246 per eye, which was slightly more expensive than in 2019. Additionally, problems associated with laser surgery such as scarring, kernelization, dyschromia, and others have restricted the expansion of the market for medical lasers.
US Medical Laser Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Surgical lasers
Fastest Growth
Surgical lasers
Growth Rate
16.8% CAGR
Global Medical Laser Market ($ Bn)
Country Share for North America Region (%)
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Medical Laser Market Segmental Analysis
Global medical laser market is segmented on the basis of type, product, end-user, and region. By type, the market is segmented into surgical lasers, dental lasers, aesthetic lasers and others. By product, market is segmented into laser systems and consumables. By end user, market is segmented into hospitals, specialty clinics, ambulatory surgical centers and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Laser Market Analysis by Type
The surgical laser market segment accounted for 53% of the revenue in 2021 and is expected to grow at a rapid CAGR during the forecast period. Increased technological advancements, awareness of the availability of surgeries, increased use of less invasive procedures, and prevalence of chronic diseases and eye diseases are all factors contributing to the growth of the market. As a result of all these factors, the surgical laser segment will increase.
Aesthetic lasers are also expected to grow and hold the second-largest market share during the forecast period. In 2021, the aesthetic labor market segment has a market share of 34%. Due to the fact that these aesthetic laser procedures are minimally invasive and have a high rate of recovery, their use is increasing. Due to increasing dental problems and awareness about oral hygiene, the dental laser treatment market is expected to witness strong growth during the forecast period.
Medical Laser Market Analysis by Product
The consumer segment is expected to hold the largest share during the forecast period. In recent years, the growing demand for consumables used in subpar laser systems has led to healthy growth in the medical laser consumables market. Each airport system uses 100 to 140 consumables, and this number is expected to increase annually. Consumables are in high demand as a result of the increasing need for various processes, which will help the market to expand in the coming years. In many developing countries during the forecast period, there will be many possibilities for the growth of this medical laser. The demand for different types of lasers is very high worldwide. Various types of lasers including solid-state lasers, diode lasers, gas lasers, dye lasers, and others are in high demand worldwide.
Global Medical Laser Market By Type
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Medical Laser Market Regional Insights
North America dominated the market in 2021 and this is expected to continue throughout the forecast period. The key factors responsible for the dominance of this region are the growing need for minimally invasive medical operations, the strong desire for cosmetic procedures, and the high adoption rate of new technologies in the United States. According to an article published by Ocular Surgery News, the number of laser vision correction treatments performed at the Pacific Vision Institute in San Francisco increased by 42.0% in 2020 compared to 2019. Additionally, the American Society of Plastic Surgeons estimates that the global cost of cosmetic surgery was USD 20.17 billion in 2020.
Europe is expected to grow at a CAGR of 16.4% during the forecast period. In Germany, the United Kingdom, and other countries, the number of patients requiring treatment is largely due to the increasing prevalence of eye disorders. This is increasing the demand for ophthalmic lasers in these countries and increasing the number of LASIK surgeries performed there. An increase in the number of people undergoing aesthetic operations in Europe is expected to drive the demand for aesthetic lasers during the forecast period.
In 2021, Asia Pacific was the second largest market for medical laser systems after Europe. Asia Pacific is expected to be the fastest-growing region in the coming years, where the number of laser centers and healthcare infrastructure will increase. Additionally, it is expected that rising demand for anti-aging treatments and an increase in the number of hair removal treatments will boost the demand for beauty lasers and increase market expansion. For example, Japan and India performed a respective 387,793 and 97,920 hair removal procedure in 2020.
Markets in Latin America, the Middle East, and Africa are expected to grow significantly with respective CAGRs of 15.1% and 14.3%. A growing aging population is driving market expansion in Latin America. For example, Made Device Online estimates that by 2060, countries in the region will have an older population than children less than 15 years of age. By 2035, the region will have over 71 million older persons over the age of 60 compared to today.
Global Medical Laser Market By Region
- Largest
- Fastest
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Medical Laser Market Dynamics
Medical Laser Market Drivers
Increasing Demand for Minimally Invasive Procedures
- Rising demand for cosmetic surgery, the popularity of less invasive procedures, and the prevalence of eye problems are the main drivers for market expansion. Additionally, it is expected that the increasing incidence of congenital heart disorders, coronary artery disease, glaucoma, age-related macular edema, and other diseases will drive market growth. For example, the American Society of Plastic Surgeons (ASPS) estimates that in 2020, 15.6 million surgeries and minimally invasive cosmetic treatments will be performed in the United States. Introduction of new lasers and process-specific applications. Innovative technology integration is a primary factor driving the market during the forecast period.
Introduction of Technologically Advanced Aesthetic Lasers
- One of the reasons influencing people to adopt minimally invasive cosmetic procedures around the world is to increase awareness of physical appearance. The demand for less invasive and time-consuming laser beauty procedures is increasing as a result. This factor is predicted to increase demand in the aesthetic laser systems and consumables market. The emergence of technologically improved procedure-specific aesthetic laser systems is driving women to undergo skin treatments for better results in less time. Increasing demand for specific laser treatments is driving major market participants to launch new energy-based aesthetic laser systems.
Medical Laser Market Restraints
High Costs and Side Effects of Laser Surgery
- The high cost of laser surgery techniques limits their use in established and emerging markets. For example, in the United States in 2020, the average cost of LASIK surgery was USD 2,632 per eye. This was a slightly higher expenditure compared to 2019. Furthermore, complications associated with laser operations, including scarring, kernelization, dyschromia, and others, hamper the market growth. To avoid complications, healthcare practitioners prefer alternative treatments that are less expensive and have fewer side effects than laser operations. This is exacerbated by the high cost of laser systems, particularly procedure-specific laser systems, in developing nations. This has hampered the acceptance and demand for new laser systems in many countries.
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Medical Laser Market Competitive Landscape
The global medical laser market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
Medical Laser Market Top Player’s Company Profiles
- Lumenis, Ltd.
- Fotona do.o.
- Abbott Laboratories
- Alcon, Inc.
- Alma Lasers, Ltd.
- Bausch Health Companies, Inc.
- BIOLASE Technology, Inc.
- Boston Scientific Corporation
- Candela Corporation
- Cynosure, Inc.
- Hologic, Inc.
- IPG Photonics Corporation
- NIDEK Co., Ltd.
- Novartis AG
- Quanta System S.p.A.
- Ra Medical Systems, Inc.
- Syneron Medical Ltd.
- Thermo Fisher Scientific, Inc.
- Topcon Corporation
- ZEISS International
Medical Laser Market Recent Developments
- In July 2022, MaxiVision Eye Hospital launched the Technolas Teneo 317 Model 2 (Teneo M2). The Teneo M2 is a cutting-edge, high-performance excimer laser created by a skilled German engineering team.
- In June 2022, The National Medical Solutions Administration granted Iridex Corporation, a developer of novel ophthalmic laser-based medical products for the treatment of glaucoma and retinal illnesses, regulatory approval to market and sells its Cyclo G6 platform for the treatment of glaucoma diseases in China.
- In December 2021, Clarion Medical Technologies Inc. has partnered with El.En. to supply their DEKA-branded breakthrough SmartXide CO2 laser system and accessories to the Canadian market beginning. This collaboration gives Canadian hospitals and medical professionals access to Clarion's first-rate technical support staff as well as the most recent CO2 laser technology for ENT and gynecology.
Medical Laser Key Market Trends
- Demand for medical lasers is increasing as minimally invasive and non-invasive methods are being used to improve clinical outcomes. This is one of the key drivers influencing the industry, along with people's growing awareness of cosmetic procedures including acne prevention, body sculpting, and dermal resurfacing. In addition, due to less pain, smaller incisions, and faster recovery time, the use of medical lasers is increasing globally. As a result, the market is expanding as well as technological developments in laser-assisted devices that support improved treatment in healthcare facilities with reduced risk of post-procedural problems. Significant growth opportunities are being offered to investors in this sector through initiatives by several healthcare organizations to promote medical tourism. A new low-level green laser for body fat removal is also being developed by major market players, who are spending heavily on R&D efforts. Additionally, the expanding healthcare sector is positively impacting the market. A growing elderly population, increasing incidence of eye problems, and increasing disposable income are likely to drive further growth.
Medical Laser Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global medical laser market analysis, North America dominated the market in 2021 and this is expected to continue throughout the forecast period. Europe is expected to grow at a CAGR of 16.4% during the forecast period. In Germany, the United Kingdom, and other countries, the number of patients requiring treatment is largely due to the increasing prevalence of eye disorders. This is increasing the demand for ophthalmic lasers in these countries and increasing the number of LASIK surgeries performed there. In 2021, Asia Pacific is the second largest market for medical laser systems after Europe. Asia Pacific is expected to be the fastest growing region in the coming years, where the number of laser centres and healthcare infrastructure will increase. By type, the surgical laser market segment accounted for 53% of the revenue in 2021 and is expected to grow at a rapid CAGR during the forecast period. By product, the consumer segment is expected to hold the largest share during the forecast period. In recent years, the growing demand for consumables used in subpar laser systems has led to healthy growth in the medical laser consumables market. However, problems associated with laser surgery such as scarring, kernelization, dyschromia, and others have restricted the expansion of the market for medical lasers.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 4.15 billion |
| Market size value in 2031 | USD 16.79 billion |
| Growth Rate | 16.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Laser Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Laser Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Laser Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Laser Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Laser Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Laser Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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