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

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.