Medical Laser Systems Market
Medical Laser Systems Market Size, Analysis Report By Product (Diode, Dye, Gas, Solid State), By Application (Aesthetic, Ophthalmic , Surgical, Dental, Diagnostic) and By Region - Global Market Insights 2021 - 2031
Analysis of Medical Laser Systems Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Medical Laser Systems Market Outlook
Fact.MR’s medical laser systems industry analysis reveals that the global market was valued at US$ 4 Bn in 2020, and is projected to top a valuation of US$ 7.5 Bn by 2031, accelerating at a CAGR of around 8.5%. Sales of surgical lasers are projected to reach a valuation of US$ 1 Bn by 2031.
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Medical Laser Systems Demand Analysis from 2016-2020 Vs Future Market Outlook for 2021 to 2031
As per Fact.MR - a market research and competitive intelligence provider, the global market for medical laser systems was valued at US$ 4 Bn in 2020, and is anticipated to expand at a CAGR of around 8.5% to top US$ 7.5 Bn by 2031.
Medical lasers are mainly used for the treatment and diagnosis of medical circumstances and are subject to photochemical, photoablation, and photothermal reactions. Factors that propel growth of the market include growing demand for non-invasive and procedures, increasing occurrences of chronic diseases, growing acceptance of advanced laser-based treatments, and rising demand for laser products in diagnosis.
Medical laser systems are increasingly being used across hospitals and specialized clinics around the world in an array of medical applications, including dermatology, cancer therapy, cardiovascular treatment, ophthalmology, and dentistry. On account of these factors, demand for medical laser systems is expected to surge further over the coming years.
How are Rising Investments in Research & Development Fueling Demand for Medical Laser Systems?
Ever since the first laser was developed nearly 60 years ago, laser technologies have evolved at a rapid pace. Due to technological advancements and emphasis on the discovery of innovative laser concepts, at present, lasers are extensively used across a host of industrial sectors. Developments in laser technologies over the past few decades have played an imperative role in revolutionizing the modern-day healthcare sector.
While the science behind light remains the same, technologies and innovative laser concepts have matured at a rapid pace, due to which, different types of lasers have entered the fray. Some of the most recent advancements within the laser field include the onset of new types of lasers such as holmium-doped lasers, full silicon lasers, and flying microlasers, among others.
Advancements in photonics coupled with surge in research & development activities have played a key role in increasing the adoption of medical laser systems over the past decade, and the trend is likely to continue in future as well.
What are the Restraints being Faced by Medical Laser System Providers?
Stringent regulations are expected to hinder growth of the market. Exposure of the human body to certain lasers may result in damage to the eyes and skin. High failure rates and adverse effects are also expected to limit market growth.
Laser treatment has a high failure rate and may lead to irreversible side-effects such as dry eyes, overcorrection or under correction, double vision, epithelium erosion, and glare. Hence, long validation process along with high maintenance costs of medical laser systems are acting as restraining factors for the growth of market.
Which Region Offers Huge Opportunity for Medical Laser System Manufacturers?
North America accounts for around 50% of the global market share for medical laser systems, owing to faster adoption of various medical laser technologies such as diode lasers and crossbeam lasers. Moreover, rise in prevalence of ophthalmology, cardiovascular diseases, cancer, orthopedic ailments, and dental diseases is a major factor driving demand for medical laser systems for performing associated surgeries in the region.
Furthermore, an increase in cosmetic surgeries is likely to augment demand for medical laser systems across the region. Presence of leading players such as Modu-Laser and BIOLASE, Inc. in the U.S. that offer a series of strong medical laser devices is likely to drive the market.
Technological advancements, increase in various surgical procedures, rise in the geriatric population, and surge in investments by key players in the development of innovative and promising medical laser technologies are projected to propel the market in North America.
What is the Demand Outlook for Medical Laser Systems in the U.S.?
The market in the U.S. was valued at around US$ 1.1 Bn in 2020. According to the American Academy of Dermatology, acne is a highly common condition affecting around 50 Mn people in the U.S. each year. According to statistics, around 17.7 Mn cosmetic procedures were performed in the U.S. in 2018.
According to the Centers for Disease Control and Prevention, around 17% of the people in the U.S. suffer from cataract conditions, which is around 20 Mn people, affecting majorly those over 40 years of age. Incidence of cataract is projected to reach 30 Mn by 2028 in the U.S. This is anticipated to drive demand for ophthalmic medical laser systems to treat various ophthalmic conditions.
How is China Emerging as a Lucrative Market for Medical Laser System Providers?
China is forecast to reach a market size of around US$ 1.7 Bn by the year 2031. Huge population base with significantly increased rate of chronic diseases in the country is nudging the sales of medical laser systems.
China spends 6% of its GDP on healthcare, according to estimates, and its medical equipment market has grown by double digits over the previous three decades.
Improving healthcare infrastructure, increasing focus of emerging and leading market players on developing markets, rise in the number of hospitals, an increase in the incidences of cancer, and growing adoption of medical laser systems as part of the treatment of diseases are some of the key factors that have augmented demand for medical laser systems in China.
Why are Solid State Medical Lasers Gaining Immense Popularity?
Solid state lasers are projected to record at a 6% CAGR during the forecast period due to higher reliability, smaller compact designs, lower cost of purchase, and prolonged lifespan of these systems.
Over the past few years, research institutes and the healthcare sector have extensively focused on exploring the potential benefits of new laser technologies in medical applications. Progress made by photonics in recent years has played a key role in the development of new lasers.
Among the different types of lasers, solid state lasers have gained considerable amount of popularity. Adoption of solid state lasers has consistently grown over the past few decades due to optimum physical characteristics of the waveguide structure of the fiber.
How are Surgical Lasers Stimulating Market Growth?
Surgical lasers are expected to register a CAGR of 7% over the forecast period. This is attributing to technological advancements, growing preference for minimally invasive surgeries, and increasing incidence & prevalence of targeted diseases such as chronic diseases, particularly in ophthalmic disorders, and others.
As per the American Society of Plastic Surgeons, in 2018, around 15 Mn cosmetic minimally-invasive procedures were performed, which further boosts the growth of the surgical lasers systems market. With increasing advancements in applications, like dermatology and dentistry, ophthalmology has aided the demand for surgical lasers in the medical industry.
Moreover, as per the National Institute of Health (NIH), laser lithotripsy is a widely accepted technique for urinary-related disorders, such as biliary stones. Thus, rising burden of urology disorders is set to propel demand for surgical lasers. The unique ability of lasers to target specific structures and layers of tissues make surgical lasers system a powerful tool in aesthetic and reconstructive surgeries.
How Has COVID-19 Impacted Demand for Medical Laser Systems?
The onset of the novel COVID-19 pandemic is expected to provide a new window of opportunity for players manufacturing medical laser systems. Although demand for a few types of non-essential laser treatments is likely to witness a slight decline, adoption of medical laser systems for COVID-19 diagnostics is likely to grow. At present, COVID-19 diagnostics involves a swab test that typically takes several hours.
However, researchers are exploring the potential applications of lasers to speed up COVID-19 diagnostics. A group of scientists from different universities in the U.S. is collaborating to develop a diagnostic tool to identify different viruses using laser beams. At present, considerable efforts are being made to streamline the screening process and make it more efficient. Medical laser systems have the potential to provide solutions to address these challenges.
For instance, in May 2020, QuantLase Imaging Lab announced that the organization has successfully developed cutting-edge laser equipment that is likely to enable large-scale testing and mass screenings. Stakeholders operating in the current medical laser systems market landscape are expected to improvise, invest in research, and develop new solutions to capitalize on the looming opportunities.
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Major players with a prominent share in the market are focusing on expanding their customer base.
- In 2019, ELT Sight, Inc. acquired the IP and assets of MLase AG’s excimer ophthalmic laser system for glaucoma surgery.
- In 2020, DEKA M.E.L.A. srl entered into an exclusive distribution agreement with Cartessa Aesthetics to market its aesthetic platform device, Luxea, a multi-modality intense pulsed light and laser platform system, in the U.S.
Key Segments in Medical Laser Systems Industry Research
- Solid State
- North America
- Latin America
- East Asia
- South Asia
- FAQs -
The global medical laser systems market is currently valued at above US$ 4 Bn.
Growing adoption of advanced laser-based treatments for chronic diseases is driving demand for medical laser systems.
Key players operating in this market are IRIDEX Corp., Lumenis Ltd., Syneron-Candela, Photomedex Inc., and Biolase Inc.
Surgical lasers hold a large revenue share of 40% in the market.
North America accounts for 50% of the revenue share for medical laser systems.
The European market is projected to expand at a CAGR of 5% during 2021 – 2031.
The global market for medical laser systems is expected to cross a value of US$ 7.5 Bn by the end of 2031, with sales revenue accelerating a CAGR of around 8.5%.