Medical lasers are medical devices used for providing non-invasive treatment for a number of diseases and for tissue removal. As a result, medical lasers have found applications in areas like dermatology, dentistry, gynaecology, urology, cardiology, ophthalmology, and others. With the rising prevalence of conditions like skin diseases, eye disorders, and cardiovascular diseases, the adoption of medical lasers has grown considerably.
There are several types of medical lasers, of which the major types are diode laser system, solid state laser system, dye laser system, and gas laser system. The global Medical Lasers Market is expected to grow significantly in the coming years. During 2019 to 2025, the market is projected to grow at a CAGR of 11.37% and reach a value of around USD 4,548 million by the end of 2025.
The global Medical Lasers Market will receive a major boost from technological advancement and increasing importance of aesthetics. The demand for cosmetics surgery procedures has been on a rise across the globe and this will increase the demand for medical lasers significantly. The increasing incidence of eye-related disorders and skin problems, and growing aging population will also drive the growth of the Medical Lasers Market.
Moreover, the latest advancements in the technology have led to the development of laser systems that can provide benefits such as small incisions, faster recovery, and reduced pain after a surgical or cosmetic procedure. This has increased the popularity of medical lasers, especially for cosmetic procedures like skin resurfacing and rejuvenation, body contouring, hair removal, etc.
Another major factor that will play an important role in the growth of the global Medical Lasers Market is the growing preference for minimally invasive procedures. As medical lasers can provide non-invasive treatment with faster recovery, less pain, less scarring, and fewer post-surgery infections, their adoption will rapidly increase in the near future.
However, certain risks associated with laser procedures such as scarring, change in skin coloration, high rate of failures, and safety regulations may limit the growth of the market to some extent.
North America is expected to dominate the global Medical Lasers Market in the coming years, mainly due to the growing prevalence of skin diseases, rising aging population, and increasing demand for cosmetic surgical procedures in the region. North America is followed by Europe, which is the second largest market for medical laser systems in the world.
However, it is the Asia-Pacific region that is expected to register the highest CAGR in the coming years due to factors like growing medical tourism in the region, rising healthcare expenditure, growing aging population, and the availability of technologically-advanced medical laser systems.
The major players operating in the global Medical Lasers Market are AngioDynamics, Alcon Laboratories, Biolase Inc., Boston Scientific Corporation, American Medical Systems, Cardiogenesis Corporation, Bausch & Lomb, Novadaq Technologies, IRIDEX, Lumenis Ltd., Photomedex, Inc., Novartis AG, Spectranetics Corporation, Ellex Medical Lasers Limited, and Syneron-Candela.