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Dec-2021

Global Medical Laser Market Size To Grow USD 6556 Million By 2026

Y-O-Y growth in the cosmetic procedures happening across the globe is one of the significant factors accelerating the growth rate of the global medical laser market.

As per our research report, the global medical laser market size is predicted to be worth USD 6,556.3 million by 2026 from USD 3,850.78 million in 2021, growing at a CAGR of 11.23% from 2021 to 2026.

Since local healthcare authorities have prioritized treating patients affected by COVID-19, clinics offering laser services have been closed. However, the medical laser market is estimated to see an improvement in growth over the next few years.

There has been a high influx of patients seen for laser surgeries in ophthalmology, dermatology, dentistry, urology, and cardiovascular treatments. Cosmetic procedures were one of the treatments that saw an increase in demand during the COVID-19 pandemic. According to the annual cosmetic plastic surgery statistics for 2020 released by the Aesthetic Society, Americans have spent more than USD 9.25 billion on cosmetic plastic surgery, even amid the COVID-19 pandemic. Patients seek cosmetic and plastic surgeries, which were deferred during the pandemic phase. According to the Advanced Cosmetic Surgery & Laser Centre in the United States, injectable procedures, such as Botox and fillers, increased by 92% compared to the same period in 2019.

The growth of the global medical laser market can be mainly attributed to the growing number of cosmetic procedures, demand for minimally invasive procedures, increase in dental treatments, and the increasing prevalence of eye disorders such as LASIK etc. In addition, the growth of medical tourism boosts sales for market players. In the dermatology and aesthetics sector, melisma treatment laser carbon procedure, skin rejuvenation, excision of warts, skin tags and moles, etc., are taking precedence over conventional treatments. Today, doctors prefer new, technically advanced cosmetic laser treatments to reduce side effects. This has led to an increased demand for non-invasive cosmetic procedures, thus boosting the medical laser market.

Some significant cosmetic surgeries include breast augmentation, liposuction, nose reshaping, eyelid surgery, tummy tuck, and facelift. These factors drive the demand for lasers in these applications, as they provide precision in various ways.

Other factors such as the increasing prevalence of eye disorders, large aging population, advancement of medical laser technologies, increase in the number of medical centers and hospitals using advanced laser devices, growing awareness of laser treatment for various diseases such as skin diseases, eye diseases, diabetes, and cancer and demand for lasers by the dentist to reduce blood loss are also supporting the growth of the medical laser market.

However, strict safety regulations, the risks associated with lasers, and a high failure rate are holding back the growth of this market.

KEY MARKET INSIGHTS:

Based on device type, the solid-state lasers segment accounted for the largest share of the global medical laser market in 2020. Various advantages associated with solid-state lasers, such as higher efficiency, simple construction, and the inexpensive nature of semiconductor lasers, are driving the market growth for this segment. Semiconductor lasers are used in medical applications to study the interactions of laser radiation with biological tissues in ophthalmology, dentistry, cardiology, and dermatology.
Based on fiber type, the disposable laser fiber segment led the market in 2020. Various advantages associated with disposable laser fibers, such as cost-effectiveness, safety, high efficiency, increasing demand for non-invasive surgical procedures, minimal risk of cross-contamination, and adoption in diagnostic procedures, are driving the market growth in this segment. These fibers are often used in urology, gynecology, endoscopic surgery, open surgery, and laparoscopic surgery, among others. In addition, the growing number of surgeries with minimally invasive procedures raises the demand for disposable fiber lasers.
The dermatology and aesthetics segment is estimated to occupy the most significant share of the global medical laser market during the forecast period based on device application. The growing number of cosmetic surgeries simultaneously increases the use of medical lasers. The future of AI-based laser treatments in dermatology is taking safety and success to the next level. This has many advantages, such as eliminating human error, reducing potential risks and side effects, improving accuracy for better results, and simplifying treatments for clinicians and more precision.
Based on fiber application, the general surgery segment is anticipated to account for the largest share of market revenue, registering at 7% CAGR during the forecast period. Some of the main advantages of laser fibers in general surgery include their nature and durability. Currently, holmium and Nd: YAG laser fibers are in demand among medical centers.
Based on the region, North America was the largest regional market for medical lasers in 2020, followed by Europe. This is due to advances in medical laser technologies, an increase in the elderly population, a high prevalence of eye diseases, a growing number of cosmetic procedures, and an improvement in healthcare infrastructure. The medical laser market in Asia will also experience a high growth rate in the coming years. China is predicted to reach a market size of around $ 1.78 billion by 2028. This is due to the increasing aging of the population, increased awareness and adoption of medical lasers for various chronic diseases, high expenditure among the population, improved health infrastructure, and key market players in the APAC region.
Alcon Laboratories, Inc., AngioDynamics Corp., American Medical Systems, Inc., Biolase Inc., Bausch & Lomb Holdings, Cardiogenesis Corporation, Lumenis Ltd., IRIDEX Corp., Novadaq Technologies, Inc., Photomedex, Inc., Spectranetics Corporation, and Syneron-Candela are a few of the notable companies operating in the global medical laser market.

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