Medical Laser Market Assessment, By Product Type [Solid State Laser Systems, Gas Laser Systems, Diode Laser Systems, Others], By Application [Aesthetic/Cosmetic, Dental, Urological, Ophthalmological, Gynecological, Oncological, Cardiovascular, General Sur

Medical Laser Market Assessment, By Product Type [Solid State Laser Systems, Gas Laser Systems, Diode Laser Systems, Others], By Application [Aesthetic/Cosmetic, Dental, Urological, Ophthalmological, Gynecological, Oncological, Cardiovascular, General Surgery, Others], By End-user [Hospitals, Specialty Clinics, Home and Self-Care, Others], By Region, Opportunities and Forecast, 2017-2031F

Global medical laser market is projected to witness a CAGR of 7.9% during the forecast period 2024-2031, growing from USD 6.8 billion in 2023 to USD 12.52 billion in 2031. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.

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 involve long incisions through the muscles and require 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 medical 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. The miniaturization of medical lasers, coupled with continuous technological advancements, has reduced the cost of medical lasers. 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. For instance, in February 2023, Photocure ASA was acquired by Medtronic plc, a major player in the global medical device market. Through this acquisition, Medtronic plc will be able to provide its clients with high-quality cancer treatment options while also broadening its oncology product portfolio.

Rising Incidence of Eye Disorders Fuel Market Growth

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 and short-sightedness, and can aid individuals with presbyopia. Factors like rising life expectancy, aging population, unfavorable lifestyle changes, and excessive use of digital gadgets are leading to the high prevalence of eye disorders such as glaucoma, diabetic retinopathy, cataracts, age-related macular degeneration, and many more such corneal disorders. In the United States, 7.7 million people have diabetic retinopathy, and 24 million people have cataracts, according to estimates from the National Eye Institute. By the end of 2030, it is predicted that nearly 11.3 million people will have diabetic retinopathy and 38.7 million people will be affected by cataracts. At least 2.2 billion people worldwide suffer from near- or far-sightedness. Vision impairment could have been prevented in at least 1 billion of these cases, or it has not yet been addressed. The two most common causes of visual impairment and blindness in people are cataracts and refractive errors. The use of medical laser devices has seen a notable surge owing to continuous product introductions and technological advancements. Moreover, various strategic initiatives are being adopted by industry players, which is further expected to boost the market during the forecast period. For example, in April 2022, LUMIBIRD SA 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.

Expanding Range of Applications Drive Market Growth

The expanding range of applications for medical lasers is one of the main drivers of the extraordinary growth of the global market for medical laser systems. Within the medical industry, the field of medical lasers has become a great example of innovation. Medical lasers are multipurpose instruments that treat a wide range of medical conditions with focused light beams. Their accuracy and adaptability have made them indispensable in a wide range of medical specialties, from ophthalmology to dermatology and beyond. Dermatology is one of the main fields where medical lasers have had a significant impact. Lasers are utilized for therapeutic treatments for skin disorders, including psoriasis and acne, as well as aesthetic procedures like skin rejuvenation, tattoo removal, and hair removal. Patients now prefer laser treatments because of their effectiveness and low level of invasiveness. Medical lasers have completely changed the field of ophthalmology and vision correction. One such instance is laser-assisted in-situ keratomileusis (LASIK). This technique uses a medical laser, doing away with the necessity for glasses or contact lenses in order to correct refractive defects and reshape the cornea. Lasers are now widely used in dentistry for a variety of operations. Lasers are used to cure gum disease, remove cavities, and even whiten teeth.

For instance, in April 2023, dental laser system developer Lightcure was acquired by Lumenis Be Ltd., a leading medical laser company in the world. Through this acquisition, Lumenis Be Ltd. will be able to provide a wider choice of products to its clients and diversify its dental laser portfolio. Patient satisfaction has increased as a result of dental laser treatments' accuracy and decreased discomfort. Patients with kidney stones now have a less intrusive option due to laser technology. Kidney stones can be passed more easily if they are broken up into smaller pieces using holmium laser lithotripsy. This less invasive method reduces the healing period and eases discomfort. Cardiologists use medical lasers for a range of interventional treatments. One of the most important steps in treating cardiovascular disorders is using the excimer laser, which is used to open clogged arteries and eliminate plaque deposits. Laser ablation therapy is used in oncology to eradicate malignant tissues. Medical lasers reduce the need for lengthy recovery periods and major surgery by providing a minimally invasive alternative to traditional cancer treatments.

Dominance of Aesthetic and Cosmetic Procedures Positively Impacts the Market

The global medical laser 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 provide 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 laser market globally. The need for cosmetic and aesthetic procedures has been one of the major drivers of the significant rise observed in the global market for medical laser systems. The way society views aesthetics and self-presentation has significantly changed in recent years. People are actively looking for ways to improve their appearance as they become more conscious of how they look. The desire for minimally invasive and non-invasive cosmetic procedures, many of which make use of medical laser systems, has increased because of growing awareness of aesthetics.

Medical laser systems are used for cosmetic and aesthetic procedures, which attract patients because of their short recovery times and quicker outcomes. In contrast to traditional surgeries, these procedures frequently involve little to no recuperation time, allowing patients to return to their regular activities immediately. One of the main factors driving demand is the possibility of making rapid, dramatic improvements to one's look. The majority of medical laser operations are either minimally invasive or non-invasive, which means they don't involve large incisions or surgery. Medical laser systems offer exactly the options that patients are looking for, such as minimizing discomfort, scarring, and risk. More effective and secure laser systems are being developed because of ongoing advancements in medical laser technology. These developments lead to more effective treatments that also provide a better experience for the patient. The International Society for Aesthetic Plastic Surgery (ISAPS) projected numbers in September 2023, indicating that in 2022, plastic surgeons performed 14.9 million surgical procedures, with a rise of 11.2% over the previous year.

North America to Dominate the Medical Laser Market

Due to factors like the growing demand for cosmetic operations, product approvals and launches, and the region's high concentration of market participants, North America is predicted to experience robust growth. Throughout the projected period, the growing number of cosmetic procedures in the region is anticipated to increase demand for medical lasers. For example, statistics from the American Society of Plastic Surgeons in 2023 show that in the United States, in 2022, 1.5 million cosmetic surgical procedures were performed, and close to 23.7 million cosmetic minimally invasive procedures were completed.Sensus Healthcare Inc. launched the 'Silk' in October 2022, which was the only portable hair removal laser system named in the United States at that time. Since then, many more innovations have been made in the region, making it a dominating market for medical lasers. Similarly, Acclaro Inc. introduced UltraClear, a laser technology system, in the USA in April 2022. The country's market is expanding because of the introduction of these cutting-edge lasers. Thus, due to the increasing demand for medical laser cosmetic procedures and the introduction of cutting-edge lasers, North America is anticipated to experience substantial growth over the course of the projected period.

Future Market Scenario (2024-2031F)

One of the main factors contributing to the anticipated growth of the medical laser market is the increasing prevalence of optical disorders and the increasing popularity of minimally invasive procedures that can improve the physical appearance of people. Given that technology is advancing, we can expect cutting-edge technology in the area also. Players in this market are expanding at an unparalleled rate, introducing cost-effective and efficient technologies. For instance, in May 2023, the medical laser fiber manufacturer Clarion Medical Technologies introduced its new FiberConnect laser fiber line. These fibers work with a variety of laser systems and are made to be more user-friendly and robust than conventional laser fibers.

Key Players Landscape and Outlook

Several companies such as Boston Scientific Corporation, Medtronic PLC, Johnson & Johnson Vision Care, Inc., Alcon Inc., Carl Zeiss AG, Cynosure, LLC, Candela Corporation, Lumenis Be Ltd., Cutera, Inc., Alma Lasers Ltd., etc., are expanding business by planning and adopting new strategies. They are complying with new strategic initiatives regarding the launches of newly developed medical lasers, to help researchers and increase their presence in the market. New product launches, agreements based on contracts, acquisitions and mergers, investments and partnerships are a few ways through which they are trying to achieve the same.

In June 2023, BIOLASE, Inc. and Pet Dental Services (PDS) collaborated with the goal of expanding BIOLASE's services inside the nation's veterinary market.

In April 2023, the FDA approved, marketing of ELITA which is a Femtosecond Laser developed by Johnson & Johnson Vision Care, Inc., a division of Johnson & Johnson Services, Inc. It helps ophthalmologists treat patients more effectively and speed up their recovery.

IRIDEX Corporation expanded its product line and launched Iridex PASCAL, a next-generation platform with precise scanning capabilities, in April 2023.