Global Medical Lasers Market Growth, Analysis And Forecast To 2031

(MENAFN- Straits Research) Introduction

Medical lasers are light-emitting devices used for treating or removing tissues. Non-ionizing radiation decreases blood loss, alleviates postoperative discomfort, and lowers the risk of wound infection. Cancer therapy, biosensing, bioimaging, drug delivery, and cancer cell diagnostics are all aided by medical lasers. During cosmetic surgery, they also assist with removing tattoos, stretch marks, sunspots, fissures, scars, birthmarks, spider veins, and hair. They also assist with removing tumors and cataracts, plastic surgery, breast surgery, and other surgical procedures. As a result, they are utilized extensively in hospitals, specialty clinics, and outpatient surgical centers.

Market Dynamics High Demand for Non-invasive Cosmetic Surgeries Drives the Global Market

There is an increase in awareness regarding medical aesthetic procedures and improved access to minimally invasive and non-invasive surgical procedures. The popularity of non-invasive treatments has steadily increased the demand for aesthetic treatments. The global demand for aesthetic treatments is high among the younger and older populations. Approximately 13.6 million non-surgical cosmetic procedures were registered worldwide in 2019.

Recently, non-invasive procedures have gained popularity, as some can be completed in an hour or less. Botox, body sculpting, lip filling, skin tightening, and microneedling are popular non-invasive aesthetic procedures. In addition to these procedures, medical laser-based cosmetic procedures, such as skin resurfacing, hair removal, scar removal, and others, will significantly contribute to the market's growth over the forecast period.

In the surgical sector, lasers have been utilized for decades. The primary focus of the market's leading suppliers is the development of innovative products that will better serve healthcare professionals and patients. Iridex Corporation, for instance, introduced TruFocus LIO in September 2018, a device with a light combination and reflection viewing system combined with IRIDEX retina laser systems. Patients of all ages, including infants, can be examined and treated using the device in an operating room, office, or ambulatory surgical center.

Similarly, in 2019, Ra Medical Systems, a medical laser company in the United States, introduced Pharos, a novel dermatology excimer laser for treating psoriasis, atopic dermatitis, and vitiligo. Thus, frequent product introductions by such established vendors and developments in medical lasers by emerging vendors will generate market growth opportunities.

Regional Analysis

North America is the most significant global medical lasers market shareholder and is anticipated to exhibit a CAGR of 13.44% during the forecast period. The primary reason for the high demand for medical lasers in this region is the availability of technologically advanced devices and treatments that are minimally invasive, less agonizing, and allow quicker recovery. In 2017, the ASPS reported a rise in demand for non-surgical procedures in the United States. Approximately 17.5 million minimally invasive surgeries and cosmetic procedures were undertaken in the United States in 2017, a 2% increase from 2016. In addition, between January 1, 2021, and July 1, 2021, Americans spent over USD 8.7 billion on aesthetic plastic surgery, according to data from Aesthetic Society members utilizing the Aesthetic Neural Network (ANN) data. According to the ISAPS, the United States had the most non-surgical procedures in 2019 (2.63 billion). Increased demand for laser-based aesthetic devices will drive market expansion.

Europe is estimated to exhibit a CAGR of 13.82% over the forecast period. The prevalence of various eye-related disorders in the region has necessitated laser eye surgery for early prevention and treatment. The increase in the region's elderly population drives demand for laser-based treatments. In Western Europe alone, 8.5 million persons have moderate-severe vision loss due to refractive disorders. In Eastern Europe, ocular disorders are prevalent. As of 2020, approximately 7.5% of the European population had near vision impairment, 3.6% had vision loss, and 2% had mild vision impairment. In addition, by 2030, the diabetic population will increase to 35 million, with 40% at risk for undiagnosed retinopathy and 3% at risk for severe visual impairment. These factors are anticipated to stimulate regional market expansion.

Key Highlights

• The global medical lasers market was valued at USD 4.82 billion in 2022. It is estimated to reach USD 15.40 billion by 2031, growing at a CAGR of 13.78% during the forecast period (2023–2031).
• Based on type, the global medical lasers market is segmented into diode laser devices, gas laser devices, solid-state lasers, and dye laser devices.
  The diode laser devices contact lens segment owns the highest market share and is estimated to exhibit a CAGR of 13.41% during the forecast period.
• Based on power, the global medical lasers market is bifurcated into high- and low-power lasers.
  The high-power segment dominates the global market and is projected to exhibit a CAGR of 12.91% over the forecast period.
• Based on application, the global medical laser market is divided into diagnosis, therapy, and surgery, and aesthetics.
  The diagnosis, therapy, and surgery segment accounts for a large market share and is expected to grow at a CAGR of 13.01% throughout the forecast period.
• Based on procedure, the global medical lasers market is divided into ophthalmology, dermatology, dentistry, gynecology, urology, cardiology, and others.
  The ophthalmology segment is the most significant contributor to the market and is predicted to exhibit a CAGR of 14.02% throughout the forecast period.
• Based on end-users, the global medical laser market is divided into hospitals, aesthetics clinics, physicians' offices, and others.
  The hospitals segment is the largest revenue contributor and is expected to exhibit a CAGR of 13.11% over the forecast period.
• North America is the most significant global medical lasers market shareholder and is anticipated to exhibit a CAGR of 13.44% during the forecast period.