DUBLIN, Nov. 21, 2023 /PRNewswire/ — The “Global Medical Laser Systems Market (by Product Type, Application, End User, & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)” report has been added to ResearchAndMarkets.com’s offering.
The global medical laser systems market is anticipated to reach US$3.86 billion in 2023, growing at a CAGR of 14.47% during 2022-2026
The global medical laser systems market exhibits a diverse landscape characterized by fragmentation. Anticipated growth in the demand for aesthetic laser procedures, particularly in developing nations, is expected to drive the expansion of the medical laser systems market.
Aesthetic treatments encompass a wide range of procedures, including acne prevention, body contouring, dermal resurfacing, among others, and are estimated to contribute significantly to the market, with a valuation of approximately US$13 billion according to the American Society for Aesthetic Plastic Surgery (ASAPS).
Incorporation of cutting-edge technologies from clinical lasers, computer science, medical imaging, spectroscopy, robotics, and biochemistry into multimedia and virtual reality medical systems is reshaping the landscape. These innovative devices are designed to aid physicians in diagnosis and minimally invasive surgical procedures.
Over the past three decades, the field of laser system engineering has witnessed remarkable advancements in terms of size reduction, cost-effectiveness, reduced power requirements, and improved cooling mechanisms for surgical lasers. Specialized delivery devices tailored for specific surgical applications have also been developed. In the future, compact laser systems are poised to be integrated with other technologies, including computers, medical imaging, robotics, and telemetry, further enhancing their capabilities.
North America has emerged as the dominant player in the global medical laser systems market. This supremacy can be attributed to several factors, including the increasing demand for minimally invasive medical procedures, a strong preference for cosmetic treatments, and the rapid adoption of innovative technologies.
Additionally, the Asia Pacific region is projected to witness the fastest growth in the years to come, driven by improvements in healthcare infrastructure and the proliferation of laser centers. Within the Asia Pacific region, China stands out with the largest market share, contributing significantly to the region’s growth trajectory.
Driver: Rising Prevalence of Cardiovascular Diseases
Cardiovascular diseases (CVDs) are expected to remain the leading cause of morbidity and mortality for the foreseeable future. A major cause of heart attack and stroke is fat buildup around blood vessels, which restricts blood from flowing to the heart or brain. Strokes can also be caused by bleeding arteries or blood clots in the brain.
These disorders necessitate specialized operations, and medical laser systems are utilized to suture the wounds. As a result, the increased prevalence of CVDs have always required the use of cardiovascular devices for diagnosis and treatment, which has propelled the medical laser systems market in the past few years.
Challenge: High Costs Involved
In The cost of cardiovascular surgeries, cataract treatment and dental procedures is usually quite high. The laser systems and equipment are costly and require a lot of upkeep.
Furthermore, the laser systems necessitates the use of highly skilled and efficient surgeons. Because the treatment requires skilled surgeons and pricey equipment, not every hospital or institution can provide it. In order to pass on their costs to the patients, hospitals charge excessively high treatment fees.
The treatment is often out of reach for persons in the low and moderate income groups. Thus, due to high cost, not everyone suffering, is able to get the laser surgery done. This offers a significant impediment to the medical laser systems market’s growth.
Market Segmentation
The report provides the bifurcation of medical laser systems market into four segments on the basis of product type: Solid State Lasers, Diode Lasers, Gas Lasers and Dye Lasers.
Among the product type, solid state lasers accounted for the largest share. Solid-state lasers have medical applications in eye surgery, skin therapy, ophthalmology, and surgery. Furthermore, a multi wavelength solid-state laser system produces therapeutic radiation that has been shown to be effective in laser lithotripsy, laser angioplasty, neurosurgery, general surgery, and dentistry.
The report identifies seven segments of the global medical laser systems market, in terms of application: Dermatology, Ophthalmology, Dentistry, Urology, Gynecology, Cardiology, and Others.
Multiple eye diseases, such as diabetic retinopathy, retinal tears and detachment, macular degeneration, glaucoma, and others, have been successfully treated due to advances in medical laser systems. The lasers help to improve vision and prevent vision loss.
Advances in flap formation technology, such as the use of the femtosecond laser, and advances in laser ablation profiles have resulted in improved vision quality, including better night vision. The aforementioned benefits are the key factors expected to make ophthalmology segment a fastest growing segment, increasing at the highest CAGR during the forecasted period.
According to the report, the market is categorized into four segments on the basis of end user: Specialty Clinics, Hospitals, Ambulatory Surgery Centers and Others.
Among the end user, hospitals segment is expected to grow significantly, with the highest CAGR over the forecasted period. The growing emphasis on upgrading healthcare and hospital facilities, particularly in emerging markets, is expected to boost demand for medical laser in this segment. Multi-specialty hospitals that provide a wide range of services and have reasonable reimbursement policies are attracting a huge number of patients.
Global Market Analysis
- Global Medical Laser Systems Market: An Analysis
- Global Medical Laser Systems Market by Value
- Global Medical Laser Systems Market by Product Type (Solid State Lasers, Diode Lasers, Gas Lasers and Dye Lasers)
- Global Medical Laser Systems Market by Application (Dermatology, Ophthalmology, Dentistry, Urology, Gynecology, Cardiology, and Others)
- Global Medical Laser Systems Market by End User (Specialty Clinics, Hospitals, Ambulatory Surgery Centers and Others)
Global Medical Laser Systems Market: Product Type Analysis
- Global Solid State Medical Laser Systems Market by Value
- Global Solid State Medical Laser Systems Market Value by Product Type
- Global Diode Medical Laser Systems Market by Value
- Global Gas Medical Laser Systems Market by Value
- Global Gas Medical Laser Systems Market Value by Product Type
- Global Dye Medical Laser Systems Market by Value
Global Medical Laser Systems Market: Application Analysis
- Global Dermatology Medical Laser Systems Market by Value
- Global Ophthalmology Medical Laser Systems Market by Value
- Global Dentistry Medical Laser Systems Market by Value
- Global Urology Medical Laser Systems Market by Value
- Global Gynecology Medical Laser Systems Market by Value
- Global Cardiology Medical Laser Systems Market by Value
- Global Other Applications Medical Laser Systems Market by Value
Global Medical Laser Systems Market: End User Analysis
- Global Specialty Clinics Medical Laser Systems Market by Value
- Global Hospitals Medical Laser Systems Market by Value
- Global Ambulatory Surgery Centers Medical Laser Systems Market by Value
- Global Other End Users Medical Laser Systems Market by Value
Market Dynamics
Growth Drivers
- Rising Prevalence of Cardiovascular Diseases
- Rapid Urbanization
- Increasing Old Age Population
- Increase in Healthcare Expenditure
- Increasing Cosmetic Treatments
- Increased Prevalence of Eye Diseases
Challenges
- Stringent Safety Regulations
- High Costs Involved
Market Trends
- Use of AI in Healthcare
- New Product Launches
- Growing Demand for Minimally Invasive and Outpatient Treatments
- Technological Advancements in Laser Systems
Competitive Landscape
- Global Medical Laser Systems Market Players: Products & Services Offered
- Global Medical Laser Systems Market Players: New Product Launches
Company Profiles: Business Overview, Operating Products, Business Strategy
- Alcon, Inc.
- Artivion, Inc.
- Bausch + Lomb Corporation
- Biolase, Inc.
- Boston Scientific Corporation
- Candela Medical
- Cynosure Inc.
- Iridex Corporation
- Nova Eye Medical Ltd. (AlphaRET)
- Stryker Corporation
For more information about this report visit https://www.researchandmarkets.com/r/nzo69l
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