Medical Laser Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Medical Laser Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Medical Laser Market is poised to grow at a CAGR of 13.4% over the forecast period (2022-2027).

The COVID-19 outbreak had a significant impact on medical devices as hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the world. Moreover, the number of surgery has declined during COVID-19 the market for medical lasers was significantly impacted. according to the study titled "Impact of COVID-19 lockdown on surgical procedures for retinal detachment in France: a national database study " published in the British Medical Journal in November 2021, the number of surgical procedures for Rhegmatogenous Retinal Detachment (RRD) decreased during the COVID-19 lockdown period in France without any offsetting post-lockdown activity. As a result, the market growth for COVID-19, a medical lazer utilised in these surgeries, is being hampered by a decline in minimally invasive surgeries and surgeries involving the eye.

The growth of the medical laser market is attributed to the rising preference for minimally invasive procedures, increasing incidences of eye disorders, and an increase in the number of cosmetic procedures. In recent years, people have been showing interest in minimally invasive procedures rather than opting for traditional open surgeries that involve long incisions made through the muscles. These muscles take a considerable amount of time to heal. The main advantage of minimally invasive surgeries (MIS) over traditional open surgeries is higher precision due to video-assisted equipment, which produces a better and magnified image of the organs or body parts being operated on, along with other significant benefits, such as less major bleeding, fewer post-op infections, fewer complications, shorter length of stay, quicker return to normal activities, less scarring, and comparable/lower cost, among others. As a result, these procedures have become more prevalent in recent times. According to the American Society of Plastic Surgeons (ASPS) data updated in February 2022 reported that in 2020, total of 13,281,235 cosmetic minimally invasive procedures were performed in the United States, among which botulinum toxin remained the top procedure with 4.4 million procedures, followed by soft tissue filler (3.4 million) and Laser Skin Resurfacing (997,245). Thus, rising minimally invasive surgeries the demand for lazer devices expected increse thereby boosting the market over the forecast period.

Moreover, according to the June 2021 report of the BrightFocus Foundation, glaucoma affects more than three million Americans, with the most common kind, open-angle glaucoma, affecting 2.7 million people aged 40 and older. Further, according to the same source, glaucoma will affect over 80 million individuals worldwide in 2020. The number is anticipated to rise to over 111 million by 2040, showing an increasing burden of glaucoma globally. Thus, growing prevalence of the eye disaeses it is expected to drive the demand for medical lazer, boosting the segment growth.

Hence, the increase in the prevalence of geriatric population is also driving the market. However, high installation cost and safety regulation restraint the market growth over the forecast period.

Key Market TrendsOphthalmology is Expected to Hold the Largest Revenue in the Products Segment

Laser eye surgery is a medical procedure where the surface of the eye is altered using a laser. This improves or corrects astigmatism, long-sightedness, and short-sightedness. It can also help people overcome presbyopia. The increasing burden of optical disorders such as myopia (nearsightedness), hyperopia (far-sightedness) astigmatism (distorted vision) and presbyopia, among others around the world are expected to be major driving factor for the growth of the ophthalmology segment during the forecast period of the study. For instance, according to the October 2021 update of the World Health Organization (WHO), approximately 2.2 billion people around the world have near or distance vision impairment and about 1 billion of these cases of vision impairment could be prevented or has yet to be addressed. Further, as per WHO, unaddressed presbyopia is estimated to affect about 826 million people around the world. According to the article titled ‘ Census shows high prevalence of pediatric myopia in United States’ published in May 2022 using an odds ratio of 2.61 between urban and rural environments and data from 2020 United States census , the researchers estimated a total of 19,512,708 children with myopia and a nation wide prevalence of 36.1%. using a medical laser to treat varicose veins during corneal eye surgery, enhance vision. Due to the increasing prevalence of eye-related diseases, it is anticipated that demand for medical laser will rise over the forecast period.

Medical laser device use has increased as a result of more product introductions and advances. For Instance, In April 2022, Lumibird Group, the parent company of Quantel Medical, reported the launch of the Capsulo Nd:YAG laser. Lumibird says the device is designed to be a fully integrated, versatile laser platform, enabling efficient and accurate capsulotomy and iridotomy treatments. Additionally, various strategies adopted by the players is anticipated to boost the market growth over the firecast period, For instance, in October 2021, Quantel Medical has launched a new website dedicated to laser therapies for retinal diseases.

Thus, all aforementioned factors boost the segment growth over the forecast period.

North America Holds the Largest Market Share of the Market and it is Estimated to Follow the Same Trend over the Forecast Period

The North American medical laser market dominated the global market, and it is estimated to show a similar trend during the forecast period. The increasing preference for cosmetic procedures and the high adoption rate of novel technologies are the primary factors behind the large market size. The increasing adoption of lasers for hair removal procedures creates demand for technically advanced laser hair removal and is creating opportunities for the growth of the medical laser for aesthetic procedures in the future. For instance, the 2020 Plastic Surgery Statistics Report published by the American Society of Plastic Surgeons stated that among all the cosmetic minimally invasive procedures performed in the United States, laser hair removal was the third most performed procedure, which accounted for 757,808 procedures in 2020, with a 5% increase from the year 2000.

Growing adoption of the minimally invasive procedure in the United States is expected to boost market growth. As per the American Society of Plastic Surgeons, Plastic Surgery Statistics Report, in 2020 there were totally 13,281,235 number of cosmetic minimally-invasive procedures have been done in united States and 4.1 million procedures were done only for female. With the help of more recent laser technologies, plastic surgeons can now control laser surfacing at a higher level, enabling extreme precision, particularly in delicate areas.Thus, growing preference towards minimally invasive procedure

The market expansion is supported by the increasing number of product releases by market players. in July 2021, Alma, recieved United States Food and Drug Administration 510(k) clearance of Alma Hybrid, the first laser platform to include an ablative 10,600 nm (CO2) laser and a non-ablative 1570 nm laser for skin resurfacing. Additionally, in April 2022, Acclaro Corporation has introduced UltraClear, a laser technology system, in the country.

Thus, the above-mentioned factors are expected to boost the growth of the market in North America region during the forecast period.

Competitive Landscape

The medical laser market consists of several major players, including Bausch & Lomb Incorporated, Koninklijke Philips NV, and IRIDEX Corporation. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, which may help them in strengthening their market positions.

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