Global Medical Laser Market

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 News

  • 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.
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FAQs

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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