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

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.