Various benefits offered by medical laser technology will drive the growth of the medical laser market.
The Global Medical Laser Market size was valued at USD 7,500 million in 2020, and is expected to reach USD 16,880 million by 2027, growing at a CAGR of 12.2% during the forecast period (2021–2027).
Medical laser procedures are non-invasive and remove tissues using precise light sources. They have a faster healing process. There is a global rise in patients who are adopting medical laser treatments. Due to ease in procedures, quick method and fast healing, medical laser procedure is gaining preference. This is one of the reasons for the growth in the medical laser market. International Society of Aesthetic Plastic Surgery conducted a survey on aesthetic and cosmetic procedures and found that 10,607,330 cosmetic and aesthetic surgical procedures which were performed across the globe in 2018. Decreased pain, less scarring, and fast recovery are features that drive the rise in patients and in turn drives the growth of the medical laser market.
The Global Medical Laser Market Segmentation:
The Global Medical Laser Market is segmented on the basis of Product Type, Application, End-Use and by Region.
The Global Medical Laser Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the Global Medical Laser Market are:
The high cost of surgeries and treatments is said to limit the growth of the medical lasers market. According to a report, the cost of LASIK surgery in USA increased from USD 2,199 in 2018 to USD 2,246 in 2019. This hike in the cost is likely to act as a restraint to the growth of the medical lasers market. Stringent safety regulations for patients by government authorities may act as an impediment to the medical laser market growth. However, many countries are investing in medical laser treatment. For instance, Carl Zeiss Meditec acquired IanTECH Inc, in 2018, to increase production of equipment to manage cataract. Governments are building policies which are in support of the growth of medical laser industry. This is one of the major opportunities seen in the medical laser market.
The Asia-Pacific region is expected rise during the forecast period. The main factors are due to the large population base including the high elderly population, the rising awareness towards laser treatments, and the adoption of advanced technology of laser treatment options. In 2018, The International Journal of Reproduction, Contraception, Obstetrics, and Gynaecology reported a rise in the cases of polycystic ovarian syndrome (PCOS) in India, from 3.9% to 23.1% which will in turn, be a contributing factor to a rise in the global medical lasers market in the future.
Medical Laser Market Report Highlights.