Medical Laser Systems Market

Global Medical Laser Systems Market Size (2023 to 2028)

The global medical laser systems market is expected to grow from USD 7.81 billion by 2028 from USD 5.78 billion in 2023, growing at a CAGR of 6.22% from 2023 to 2028.

Global Medical Laser Systems Market Share Insights:

• Based on type, the surgical laser segment held the largest share of the global market in 2022.
• Based on product, the consumables segment dominated the market in 2022.
• Based on region, North America captured the largest share of the global market in 2022.

Impact of COVID-19 on the medical laser systems market:

The COVID-19 pandemic has been unusual and shocking, with demand across all areas being lower than expected compared to pre-pandemic levels. Patients having laser procedures in hospitals and other specialty clinics have significantly decreased recently. For instance, the American Society of Plastic Surgeons reports that 757,808 laser hair removal treatments were carried out in 2020, as opposed to 1,055,456 in 2019. Additionally, a few of market participants saw a big drop in revenue throughout 2020. For instance, El.En. S.p.A.'s medical section had a drop of 5.4%. To treat COVID-19 patients, several countries have modernised their healthcare infrastructure, including hospital beds, nurses, key people, and medical equipment. Due to this, lasers are now included in the list of optional operations rather than being included in required procedures. Hospitals and specialty clinics with laser treatment programmes as well as other healthcare institutions have been shut down. This has had a significant influence on patient attendance at surgical, dental, and cosmetic procedures, particularly in the U.S. and European nations.

MARKET DRIVERS:

The growing popularity of minimally invasive procedures, an increasing number of cosmetic surgeries being performed on a regular basis and the rising incidence of eye disorders primarily drive the growth of the medical laser systems market. For instance, the number of laser hair removal procedures hit one million, up from 735,000 in 2000, according to cosmetic surgery supplier AEDIT, LLC. The growing incidence of congenital heart disorders, coronary artery diseases, glaucoma, age-related macular edoema, and other illnesses further contribute to the market growth. For instance, according to data from the American Society of Plastic Surgeons (ASPS) updated in February 2022, a total of 13,281,235 cosmetic minimally invasive procedures were carried out in the United States in 2020. Botulinum toxin remained the most popular procedure, accounting for 4.4 million procedures, followed by soft tissue filler (3.4 million) and laser skin resurfacing (997,245). Thus, increasing minimally invasive procedures are likely to increase demand for laser devices, which would help the market grow during the forecast period.

Technological advancements fuel the growth rate of the medical laser systems market. For instance, the cosmetic and medical laser company, Erchonia Corporation introduced a new low-level green laser for body fat removal in August 2020. The adipose tissue is emulsified, and extra fatty materials are released by this gadget, which emits 10 green lasers onto the skin. The rising popularity of cosmetic operations and the arrival of new players in the market favours the market growth. Recent advances in dermatology and skincare prospects have switched to more cutting-edge technology. This can be a great opportunity for marketers to expand medical laser systems in this arena. The growing use of minimally invasive treatments for anti-ageing, skin whitening, and pigmentation removal accelerates the market expansion. Growing cases of eye disorders and the ensuing rise in less invasive procedures employing laser systems are projected to boost growth.

MARKET RESTRAINTS:

Factors such as stringent safety regulations and a high rate of failure and negative side effects primarily hinder the growth of the medical laser systems market. Lasers can have several negative side effects, including skin burns, eye damage, airway fire, and others, despite their obvious advantages. These mishaps might affect everyone walking by the laser treatment room as well as patients, laser users, and laser handlers. Laser systems are expensive, particularly in developing nations where they are used for specific procedures. As a result, there is now a growing market for used laser systems in numerous nations where adoption and demand for new laser systems have been constrained. The combination of the elements has significantly reduced the market's need for new laser systems. In order to prevent difficulties, medical professionals also favour alternate therapies that are less expensive and have fewer side effects than laser operations.

REPORT COVERAGE: 

This research report on global medical laser systems market has been segmented and sub-segmented based on the following categories.

Medical Laser Systems Market - By Type:

• Surgical Lasers
• Dental Lasers
• Aesthetic Lasers
• Others

Based on type, the surgical lasers segment is anticipated to account for the major share of the global market during the forecast period owing to the rapid improvements in technology, the high prevalence of chronic illnesses, an increasing preference of minimally invasive surgical procedures and the rising incidence of ophthalmic problems.

The aesthetic lasers segment is projected to grow at a promising CAGR in the coming years due to the rise in the popularity of minimally invasive cosmetic surgery.

Medical Laser Systems Market - By Product:

• Laser Systems
• Consumables

Based on product, the consumables segment is anticipated to progress at a noteworthy CAGR during the forecast period. The growing number of consumables used per laser system is one of the major factors propelling the growth of the consumables segment. Depending on the system, 100–140 consumables are utilised annually. The growing number of consumers owing to the increasing number of various procedures boosts the segmental growth.

The laser systems segment is anticipated to account for a considerable share of the global market during the forecast period. The growing disposable incomes and the rising demand for laser therapy in emerging nations are anticipated to present laser systems with profitable growth prospects.

Medical Laser Systems Market - By End-User:

• Hospitals
• Speciality Clinics

Based on end-user, the speciality clinics segment is expected to hold the major share of the global market in the coming years. The growing number of specialised clinics in emerging nations, rising per capita spending, and an increased desire for aesthetic appeal majorly contribute to the domination of the speciality clinics segment in the worldwide market. The growing emphasis on enhancing hospital and healthcare facilities, particularly in developing nations, which is expected to increase demand for medical lasers in these settings contributes to the segmental growth.

Medical Laser Systems Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa

Based on region, North America is anticipated to account for the largest share of the global market during the forecast period owing to the rising incidences of chronic diseases such as obesity and diabetes. The growing patient population suffering from chronic diseases across North America that require laser-based treatments is fuelling the demand for medical laser systems. The rapid adoption of laser technology in cosmetic and aesthetic procedures and growing number of R&D initiatives driving innovation in medical lasers further boost the growth rate of the North American market. The U.S. is estimated to hold the leading share of the global market in the coming years. Factors such as advanced healthcare infrastructure, high demand for minimally invasive procedures, and strong presence of medical technology companies primarily supports the growth of the U.S. market.

Europe accounted for a substantial share of the worldwide market in 2022 and is expected to grow at a prominent CAGR during the forecast period. The rising prevalence of ocular illnesses in the European countries that require laser-based treatments is one of the major factors propelling the European market growth. The rising demand for aesthetic lasers and increase in the number of individuals in Europe who undertake aesthetic operations further contribute to the growth rate of the European market. The UK is expected to capture the leading share of the European market during the forecast period owing to the reimbursement policies for laser procedures and rising medical tourism for laser treatments.

The market in the Asia Pacific is anticipated to witness the fastest CAGR during the forecast period owing to presence of advancing healthcare infrastructure and an increasing number of laser centres. The growing demand for anti-aging treatment and an increase in the number of hair removal treatments fuels the market growth in the Asia-Pacific region. For instance, 387,793 and 97,920 hair removal treatments, respectively, were carried out in Japan and India in 2020. China led the market in the APAC region in 2022, followed by India and Japan.

KEY MARKET PLAYERS:

Some of the notable key market players include Biorase Co., Ltd., Bausch & Lomb Holdings, Cardiogenesis Corporation, Inc., Lumenis Co., Ltd., Iridex Co., Ltd., Novadaq Technology, Inc., Photomedex Co., Ltd., Spectranetics Corporation, Syneron-Candela, Alcon Laboratories, Inc., AngioDynamics Corp., American Health Systems, Inc., Elfolight Co., Ltd.

RECENT HAPPENINGS IN THE MARKET:

• In July 2022, MaxiVision Eye Hospital introduced Technolas Teneo 317 Model 2 (Teneo M2). The Teneo M2 is an advanced, high-performance excimer laser, designed with expert German engineering design.
• In June 2022, Iridex Corporation a provider of innovative ophthalmic laser-based medical products for the treatment of glaucoma and retinal disease, received regulatory clearance to market and sell its Cyclo G6 platform for the treatment of glaucoma diseases in China from its National Medical Products Administration (NMPA).