What is the global market size of Medical Laser Market?

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).

Global Medical Laser Market Size, Share, Growth Analysis, By Type(Surgical lasers, dental lasers), By Product(Laser systems and consumables), By End Use(Hospitals, specialty clinics) - Industry Forecast 2024-2031

Report ID: SQMIG35A2524 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 88 | Figures: 76

Global 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.

Global Medical Laser Market Report Snapshots

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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).

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. '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'

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.

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.

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.

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Global Medical Laser Market Size, Share, Growth Analysis, By Type(Surgical lasers, dental lasers), By Product(Laser systems and consumables), By End Use(Hospitals, specialty clinics) - Industry Forecast 2024-2031

Global Medical Laser Market Dynamics

Global Medical Laser Market Report Snapshots

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