Medical Laser Market Assessment, By Product Type [Solid State Laser Systems, Gas Laser Systems, Dye Laser Systems, Semiconductor Laser Systems, Diode Laser Systems] By Application [Ophthalmology, Dermatology/Aesthetics, Gynecology, Dentistry, Urology, Car

Medical Laser Market Assessment, By Product Type [Solid State Laser Systems, Gas Laser Systems, Dye Laser Systems, Semiconductor Laser Systems, Diode Laser Systems] By Application [Ophthalmology, Dermatology/Aesthetics, Gynecology, Dentistry, Urology, Cardiovascular, Other Applications], By End User [Surgical, Cosmetic, Dental], By Region, Opportunities and Forecast, 2016-2030F

Global Medical Laser Market size was valued at USD 6.3 billion in 2022, and is expected to reach USD 11.6 billion in 2030, with a CAGR of 7.9% for the forecast period between 2023 and 2030F. The surge in medical lasers can be attributed to the increasing preference for minimally invasive procedures, a rise in eye disorders, and the growing number of cosmetic treatments. In recent years, there has been a notable shift towards minimally invasive procedures, as opposed to traditional open surgeries that involved long incisions through the muscles and required a significant amount of time to heal.

The global medical lasers market is anticipated to experience substantial growth due to two significant factors, the increasing adoption of medical lasers in cosmetic surgeries and a concerning rise in the incidence of various chronic diseases. Medical Lasers have been increasingly embraced in cosmetic procedures to enhance appearance and aesthetics. Moreover, the prevalence of chronic illnesses has seen an alarming upsurge, driving the demand for medical lasers in various therapeutic applications. Furthermore, lasers find significant applications in cardiology, ophthalmology, dermatology, and urology, contributing to the growing demand for noninvasive medical treatments.

Manufacturers are developing advanced laser technologies to ensure high-quality and effective medical interventions. Introducing femtosecond lasers for treating refractive errors is projected to propel the market in the forecast period further. The miniaturization of medical lasers, coupled with continuous technological advancements, has reduced the cost of these devices. This cost reduction has significantly expanded the range of clinical applications for lasers, fostering their adoption, and ultimately driving the market on a global scale.

Rising Incidence of Eye Disorders

The rising incidence of optical disorders worldwide, including myopia (nearsightedness), hyperopia (far-sightedness), astigmatism (distorted vision), and presbyopia, which are anticipated to be a key reason, accounting the growth of the ophthalmology segment in the global medical lasers market. Laser eye surgery is a medical procedure that utilizes a laser to modify the eye's surface, rectifying astigmatism, long-sightedness, short-sightedness, and can aid individuals with presbyopia.

According to the World Health Organization's (WHO), until October 2021 approximately 2.2 billion people globally suffered from either near or distance vision impairment. Also, out of these, about 1 billion cases could have been prevented or remained untreated.

The use of medical laser devices has seen a notable increase owing to continuous product introductions and technological advancements. For example, in April 2022, Lumibird Group, the parent company of Quantel Medical, unveiled the Capsulo Nd:YAG laser. This device is designed as a fully integrated and versatile laser platform, enabling efficient and precise capsulotomy and iridotomy treatments.

Moreover, various strategic initiatives have been taken by industry players, which is further expected to boost the market during the forecast period. As an illustration, in October 2021, Quantel Medical launched a dedicated website focusing on laser therapies for retinal diseases. These developments reflect the industry's commitment to innovation and advancement in the field of medical lasers.

Market Growth Driven by the Collaborative Efforts of the Key Players

The global medical laser market is experiencing significant growth, primarily fueled by key players' collaborative efforts. Companies have recognized the immense potential of medical lasers in various applications, including cosmetic surgery, ophthalmology, dermatology, dentistry, and others. These key players leverage their expertise and resources through strategic alliances and partnerships to develop cutting-edge medical laser technologies. Collaborations facilitate market reach into untapped regions, thereby boosting the medical lasers market worldwide. Moreover, these collaborations promote research and development, leading to more innovations in laser-based medical treatments. The growing focus on precision medicine and minimally invasive procedures further augment the demand for medical lasers in the healthcare industry.

In December 2021, El .En. S.p.A entered into a partnership agreement with Clarion Medical Technologies Inc. to distribute Clarion's DEKA surgical CO2 laser system and accessories in the Canadian market. This collaborative effort has enabled Canadian hospitals and physicians to gain access to the advanced system, empowering them to utilize it for a range of ENT (Ear, Nose, and Throat) and gynecology procedures.

Surge in Cosmetic Procedures

The global medical lasers market has witnessed a remarkable surge in recent years, primarily attributed to the increasing demand for cosmetic procedures. The allure of achieving youthful appearances and enhancing aesthetic features has fueled this growing trend. Advancements in laser technology have significantly contributed to the surge in cosmetic treatments, offering safer and more effective solutions with reduced downtime. Moreover, the rising disposable incomes, changing beauty standards, and a greater emphasis on self-image provides a further boost to cosmetic procedures across different age groups. From laser hair and tattoo removal to skin resurfacing and non-surgical facelifts, the range of available treatments has widened, thereby attracting a larger audience. Medical practitioners and cosmetic specialists worldwide are witnessing a higher influx of patients seeking laser-based treatments, leading to an unprecedented growth of the medical lasers market globally.

In 2020, Cynosure LLC introduced the Elite iQ platform, an advanced iteration of the Elite+ aesthetic workstation. This platform enables faster treatment sessions while offering higher maximum energy levels compared to its predecessors.

Introduction of Technologically Advanced Aesthetic Lasers

The growing awareness on physical appearance is a key factor driving people to opt for minimally invasive cosmetic procedures worldwide. Consequently, there has been a significant increase in demand for laser aesthetic procedures that are less invasive and require lesser time. This trend is expected to drive the aesthetic laser systems and related consumables market. Also, the introduction of advanced procedure-specific aesthetic laser systems is attracting more and more female population to seek various skin treatments. The increasing demand for laser treatments tailored to specific needs has prompted key market players to innovate and introduce energy-based aesthetic laser systems.

For instance, Quanta System - El.En . S.p.A. has successfully developed a competitive technology in laser lithotripsy, called NextGen laser development technology (UHPTDL). This technology offers the broadest frequency range and claims to be extremely fast and efficient for kidney stone dusting treatments.

Impact of COVID-19

The COVID-19 pandemic significantly negatively impacted the market, particularly the demand for medical laser systems. Global lockdowns imposed in response to the pandemic have led to a moderate decrease in the demand for laser treatments. Hospitals and specialty clinics witnessed a drastic reduction in patients undergoing laser surgeries. For example 2020, the American Society of Plastic Surgeons reported a decline in laser hair removal procedures, with 757,808 performed compared to 1,055,456 in 2019.

The pandemic resulted in a substantial decline in revenue for many market players. For instance, El.En. S.p.A.'s medical segment saw a 5.4% decrease, while BIOLASE , Inc. saw a 46.0% drop in revenue from laser systems in 2020, compared to 2019.

Many countries have diverted healthcare resources, including hospital beds, medical personnel, and medical devices, to combat COVID-19, making laser procedures exempted and considered elective. Consequently, healthcare facilities, including specialty clinics and hospitals with laser treatment capabilities, have been forced to close, significantly reducing patient visits for surgical, dental, and aesthetic procedures, particularly in the U.S. and European countries.

Key Players Landscape and Outlook

The market for medical lasers has a consolidated competitive landscape. Leading players in the global market have established a strong brand presence and possess a diverse and robust product portfolio of medical lasers, contributing to their overall dominance.

One of the prominent and major players in this market is Lumenis, which offers a comprehensive range of products across various application segments including surgical, aesthetics, and ophthalmology. Market players are actively diversifying their portfolio, with strong emphasis on the cosmetic lasers segment. Furthermore, these companies are giving significant attention to expanding their global footprint and reinforcing their distribution channels to increase market share.

In January 2022, BIOLASE , Inc., a prominent player in dental lasers, and EdgeEndo, a company specializing in endodontic products, obtained FDA 510(k) clearance for the EdgePRO laser-assisted irrigation device. This device serves as an efficient cleaning and disinfection alternative for root canal procedures.