Medical Lasers Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type {Diode Lasers, Solid-State Lasers [Holmium Yttrium Aluminum Garnet (Ho: YAG) Lasers, Erbium Yttrium Aluminum Garnet (Er: YAG) Lasers, Neodynium Yttrium Al

Medical Lasers Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type {Diode Lasers, Solid-State Lasers [Holmium Yttrium Aluminum Garnet (Ho: YAG) Lasers, Erbium Yttrium Aluminum Garnet (Er: YAG) Lasers, Neodynium Yttrium Aluminum Garnet (Nd: YAG) Lasers, Potassium Titanyl Phosphate (KTP), Alexandrite Lasers, Ruby Lasers, and Thulium Yttrium Aluminum Garnet (Tm:YAG) Lasers], Gas Laser [CO2 Lasers, Argon Lasers, Krypton Lasers, Metal Vapor (Au and Cu) Lasers, Helium-Neon Lasers, and Excimer Lasers], Dye Lasers, and Fiber Laser (Thulium Fiber Lasers, Erbium Fiber Lasers, and Ytterbium Fiber Lasers)}, Application (Dermatology, Ophthalmology, Gynecology, Dentistry, Cardiology, Urology, and Other), and End User (Hospitals, Specialty Clinics, Ambulatory Surgery Centers, and Others)

The medical lasers systems market size is projected to reach US$ 5,834.02 million by 2028 from US$ 2,398.60 million in 2021. It is expected to grow at a CAGR of 13.5% from 2021 to 2028. The report highlights trends prevailing in the market and factors driving the market growth. The medical lasers systems market's growth is attributed to the increasing prevalence of eye disorders and the significant rise in the elderly population. However, stringent safety regulations are hampering the market.

Medical lasers systems are utilized precisely to treat or remove tissues using focused lights. With proper utilization, medical lasers systems allow surgeons to accomplish more complex tasks, reduce blood loss, decrease postoperative discomfort, reduce the chances of wound infection, and achieve better wound healing.

The increasing prevalence of eye disorders is the key factor driving the growth of the medical lasers systems market. According to the World Health Organization (WHO), at least 2.2 billion people globally were expected to have near or far vision impairment by February 2020. In at least 1 billion (i.e., nearly half) cases, visual impairment could have been prevented or has not been corrected. These 1 billion people include individuals with moderate or severe distance vision impairment or blindness due to refractive errors (88.4 million), cataracts (94 million), glaucoma (7.7 million), corneal opacity (4.2 million), diabetes retinopathy (3.9 million), trachoma (2 million), and near vision weakness due to unresolved presbyopia (826 million).

Regarding regional disparities, the prevalence of distance vision impairment is 4 times higher in low- and middle-income countries than in high-income ones. The rate of unresolved near vision defects in West, East, and Central sub-Saharan Africa is estimated to more than 80% in 2021. In contrast, the rates of near vision defects in high-income regions, such as North America, Australasia, Western Europe, and Western Europe, are comparable. Population growth and aging further propel the risk of visual impairment among a larger number of people. Currently, cataracts affect ~65.2 million people and cause moderate to severe vision loss in over 80% of cases, states a WHO report. As the population’s age and average life expectancy continue to increase worldwide, the number of people with cataracts is expected to continue to grow over the next few years.

Laser vision correction is one of the most common surgical procedures to treat cataracts. The primary factors behind the increasing preference of patients for laser vision correction are the continued improvements in the visual results achieved and the constant reduction in the incidence of postoperative complications. Advances in flap formation technology, such as the use of the femtosecond laser, have resulted in an improved quality of vision and a lower incidence of flap complications and postoperative dry eye disease (DED). Apart from this, advances in laser ablation profiles have resulted in a better quality of vision, including better night vision. Thus, the rising prevalence of eye diseases worldwide highly demands medical lasers.

The global medical lasers systems market is analyzed on the basis of product type, application, and end user. Based on product type, the market is segmented into diode lasers, solid-state lasers [holmium yttrium aluminum garnet (Ho: YAG) lasers, erbium yttrium aluminum garnet (Er:YAG) lasers, neodynium yttrium aluminum garnet (Nd: YAG) lasers, potassium titanyl phosphate (KTP), alexandrite lasers, ruby lasers, and thulium yttrium aluminum garnet (Tm:YAG) lasers], gas laser [CO2 laser, argon laser, krypton laser, metal vapor (Au and Cu) laser, helium-neon laser, and excimer laser], dye lasers, and fiber laser (thulium fiber laser, erbium fiber laser, and ytterbium fiber laser). The solid-state lasers segment held the largest market share in 2021. However, the diode lasers segment is anticipated to register the highest CAGR during the forecast period. Based on application, the market is segmented into dermatology, ophthalmology, gynecology, dentistry, cardiology, urology, and others. The dermatology segment held the largest market share in 2021. However, the ophthalmology segment is anticipated to register the highest CAGR during the forecast period. Based on end user, the market is segmented into hospitals, specialty clinics, ambulatory surgery centers, and others. The specialty clinics segment held the largest market share in 2021. However, the hospitals segment is anticipated to register the highest CAGR during the forecast period.

COVID-19 Impact Analysis: Medical Lasers Systems Market

The COVID-19 pandemic in the regions had a slightly negative effect on the medical device industry. Various companies have shut down their productions, hence are unable to manufacture to meet the rising demand. The COVID–19 pandemic has significantly negatively impacted the global economies. Health services in the European region are highly prioritized to serve patients affected by COVID-19. The routine health care services have remained suspended. Due to these laser devices, medical treatment and its dependable revenue generation in the region were on halt.

Europe has long been within dynamic development in laser treatments, adapting to different cultures, traditions, and surgical and medical philosophies. In recent times, these changes have been even more significant and rapid. On the other hand, the rise of corona infection has grown significantly. It has raised the question regarding the safety of the aesthetic treatments done by lasers and micro-needling. Thus, aesthetic services have been shut down in European countries. European countries have undergone the second phase of lockdown as they have experienced a second wave of corona infection. Countries like the UK, Belgium, Switzerland, Germany, France, Italy, and Spain are highly affected. Therefore, the lockdown has widely affected the movement of businesses across the region and outside the area. In addition, various conferences related to the aesthetic industry are being conducted through webinars. In early 2021, the launch of COVID-19 vaccinations has eased the restrictions, and the restart of the services and industries on the global level is likely to have some positive outcomes. Hence, it is expected that the COVID-19 pandemic will slightly negatively impact the medical lasers systems market and is expected to show a quick recovery after the restart.

The World Health Organization (WHO), Canadian Dermatology Association (CDA), the American Academy of Dermatology (AAD), and American Academy of Ophthalmology (AAAO) are among the primary and secondary sources referred to while preparing the report on the medical lasers systems market.

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