USD 4.15 billion
Report ID: SQMIG35A2524 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 88 | Figures: 76
Global Medical Laser Market size was valued at USD 4.15 billion in 2021 and is poised to grow from USD 4.85 billion in 2022 to USD 16.79 billion by 2030, growing at a CAGR of 16.8% in the forecast period (2023-2030).
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 2017, 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 2018. Additionally, problems associated with laser surgery such as scarring, kernelization, dyschromia, and others have restricted the expansion of the market for medical lasers.
Global Market Size
USD 4.15 billion
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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.
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.
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.
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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.
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Increasing Demand for Minimally Invasive Procedures
Introduction of Technologically Advanced Aesthetic Lasers
High Costs and Side Effects of Laser Surgery
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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.
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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.
|Market size value in 2021||USD 4.15 billion|
|Market size value in 2030||USD 16.79 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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