Medical Laser Systems Market to Grow with a CAGR of 14.73% through 2028
Heightened patient awareness and favorable
reimbursement policies are expected to drive the Global Medical Laser Systems Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Medical
Laser Systems Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Medical Laser Systems Market
stood at USD 4.48 billion in 2022 and is anticipated to grow with a CAGR of 14.73%
in the forecast period, 2024-2028. This can be attributed to cosmetic and
aesthetic procedures. The growing desire for cosmetic and aesthetic treatments
is another significant driver of the medical laser systems market. Laser technology
is widely employed in procedures such as skin rejuvenation, hair removal, and
tattoo removal. The desire for youthful and flawless appearances is fostering
substantial growth in this segment.
Furthermore, the incorporation of advanced user
interfaces and augmented reality into medical laser systems is making
procedures more intuitive and accurate. Surgeons can visualize the treatment
area in real-time, improving precision and patient outcomes.
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The medical laser system market experienced adverse
effects from the COVID-19 pandemic. Healthcare facilities, including hospitals
and specialized clinics, were overwhelmed with COVID-19 cases, causing many
institutions to delay surgeries and suspend their plans indefinitely. In
certain regions, smaller hospitals and specialty clinics were forced to close,
while others were converted into COVID-19 treatment and housing facilities. The
pandemic disrupted global supply chains, resulting in challenges in the production
and distribution of laser systems. International trade restrictions, lockdown
measures, and shortages of raw materials and components had a significant
impact on device manufacturing and availability, leading to delays in product
launches and the overall supply of medical lasers.
To minimize in-person visits and reduce the risk of
transmission during the pandemic, remote consultations and telemedicine gained prominence.
In some cases, dermatologists and other healthcare providers turned to
telemedicine to instruct patients on performing light amplification treatments
at home using available handheld devices. This led to a temporary shift in the
market towards more portable and patient-centric laser systems.
Despite the challenges posed by the pandemic, research
and development activities in the field persisted. The focus shifted towards
innovations such as contactless beam technologies, advancements in light
radiation diagnostics, and the integration of light amplification with imaging
and robotic concepts. Notably, researchers from the National Institute of
Standards and Technology (NIST) and CU Boulder have explored and demonstrated a
new AI-powered laser-based breathalyzer capable of real-time COVID-19 detection
with remarkable accuracy. These developments aimed to enhance patient safety,
improve treatment outcomes, and broaden the scope of medical laser
applications.
The rising prevalence of chronic diseases, including
cancer, cardiovascular disorders, and ophthalmic conditions, has increased the
demand for advanced therapeutic options. Medical lasers have become valuable
tools due to their capacity to deliver minimally invasive and precise
procedures. Furthermore, ongoing advancements in laser technology have led to
the development of more efficient and specialized medical laser systems. These
innovations have resulted in improved treatment outcomes, reduced recovery times,
and an expanded range of procedures that can be performed using laser-based
interventions.
There is a clear trend among patients seeking less
invasive treatments to minimize scarring, alleviate pain, and expedite
recovery. Medical lasers have proven to be effective in providing precise and
targeted interventions that minimize damage to surrounding tissues.
Additionally, the aging global population has contributed to a higher incidence
of age-related conditions such as cataracts, macular degeneration, and skin
disorders. Consequently, the use of medical lasers in treating these conditions
has surged, driving the demand for laser systems.
The Global Medical Laser Systems Market is segmented into
product, application, regional distribution, and company.
Based on its product, the diode lasers category
dominated the market in 2022, primarily due to its versatile applications in
aesthetic procedures and photodynamic treatments. Diode lasers, which first
appeared in 1962, maintain their position as the most energy-efficient and cost-effective
laser technology. These lasers are especially favored in the fields of
dermatology and dentistry because of their compact size and lower power
requirements compared to other optical lasers in the industry.
The solid-state lasers segment is projected to
experience the highest CAGR in the foreseeable future, mainly driven by their
extensive adoption in dermatology. The solid-state laser system can be further
divided into Ho: YAG, Er: YAG, and Nd: YAG variants, which find widespread use
in periodontology, tattoo removal, skin treatments, and vein removal
procedures. Regulatory authorities closely oversee solid-state laser systems to
ensure safety and effectiveness. Different countries have their own regulatory
bodies and approval processes for medical devices, including lasers.
Based on application, the dermatology sector secured
the top spot in the market, boasting the highest revenue share. Within the
field of medical lasers applied to dermatology and aesthetics, various
procedures were prevalent, including laser hair removal, tattoo removal, skin
rejuvenation, scar correction, fat reduction, addressing age-related skin
issues, dermal tightening, treating vascular lesions, and more. Other segments
within this domain encompass orthopedics, wound healing, biosensing, and
general surgery.
The cardiovascular sector is poised to experience the
most rapid CAGR in the forecast period spanning from 2023 to 2030. This is
attributed to the increasing incidence of heart-related conditions such as
age-related macular edema, coronary infarction, cardiac arrest, and artery
diseases. In 2022, the ophthalmology sector contributed significantly to the
overall revenue, with medical laser systems widely employed in vision
correction surgeries like LASIK and PRK, as well as the treatment of various
eye disorders such as glaucoma and diabetic retinopathy.
Major companies operating in Global Medical Laser
Systems Market are:
- Luminex Corp
- PhotoMedex Technology Inc
- Philips Healthcare Ltd
- Biolase Inc
- IRIDEX Corporation
- BioForm Medical, Inc.
- Biolitec AG
- Cutera Inc
- Candela Corp
- Cynosure LLC
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“The global medical laser systems market is witnessing
a wave of transformative trends that promise to reshape the healthcare
industry. The trends encompass innovative laser technologies, personalized
medicine, robotics, telemedicine, eco-friendly systems, and advanced user
interfaces. As the industry continues to adapt and grow, patients can look
forward to an era of more precise, less invasive, and accessible medical laser
treatments, improving healthcare outcomes and patient experiences,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Global Medical Laser Systems Market By Product
(Diode Lasers, Solid State Lasers, Gas Lasers, Dye Lasers), By Application
(Dermatology, Ophthalmology, Gynecology, Urology, Dentistry, Cardiovascular,
Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Medical Laser Systems Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Medical Laser Systems Market.
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