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 lasers treatment is the minimally invasive procedure by devices that destroy or remove tissues by using a beam of focussed light. Medical lasers have been accepted globally due to the rise in increasing chronic diseases such as kidney disorders, eye-related disorders, skin problems, etc.
The rising demand and adoption of minimally invasive procedures, an increase in the number of cosmetic procedures are some of the major factors boosting the demand for laser treatments, subsequently driving the demand for medical lasers. The medical laser procedure is minimally invasive and less time-consuming as compared to the traditional surgery methods. This is one of the major reasons for the popularity of the medical laser treatment method. This is not only beneficial for the elderly population but also for the young population if they opt for this method of surgery which is seen as another driving force for the growth of the medical laser market.
The rising population worldwide, along with the increase in awareness of the advantages of medical lasers, is primarily driving the market growth of medical laser market. With the high purchasing power and capacity of spending for cosmetic and aesthetic surgeries will further enhance the market growth of the medical lasers during the forecast period. The American Society of Plastic Surgeons (ASPS), in 2018, reported that approximately 19 million people undertook surgical and minimally invasive cosmetic procedures in the USA. China too has a large market for medical lasers. This demand is attributed to the growing Chinese middle-class population and increased awareness related to medical lasers.
Rise in chronic diseases such as obesity and diabetes have demanded medical lasers in the global market over the forecast period. The WHO estimated that nearly 17.6 million people yearly are said to be diagnosed with chronic cases of cardiovascular disorder that require surgical follow-up. This will be a factor in the demand for medical laser treatment and hence the rise in the medical laser market. Rising demand for non-invasive procedures by patients is expected to be the most impact rendering driver of the market. Rapid urbanization, increasing investments and policies by government bodies towards medical laser infrastructure, increasing awareness among the population, technological advancement will all act as growth factors of the medical laser market.
Strict measures are taken by governments to protect the safety of the patients going under medical laser treatment. This is said the hold back the growth of the medical laser market. The high cost of equipment used for medical laser and the cost of treatment is also very high. This is another factor restraining the growth of the medical laser market. However, policies being implemented by government bodies in favour of the medical laser industry and to safeguard interest of the patient undergoing medical laser surgeries which will standardize medical lasers. This seen as a major opportunity in the medical laser market.
The Global Medical Laser Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the Global Medical Laser Market are:
The unique insights provided by this report also includes the following:
Based on product type, the solid-state laser systems segment dominated the medical laser market in the base year 2020
On the basis of product, the market is segmented into solid-state laser systems, dye laser systems, diode laser systems, and gas laser systems. Owing to its use across dermatology, solid-state laser systems are expected to account for the highest market share in the market during the forecast period. Its use is in a gain medium which is solid, rather than liquid or gas. The solid-state lasers are also based on semi-conductor. They have wider applications in photodynamic therapy and aesthetic treatments such as treatment processes for scar removal, melisma treatment, and skin resurfacing, has encouraged various healthcare facilities to adopt these lasers for performing treatments.
Based on application, the urology segment is estimated to record the highest growth during the forecast period.
Based on application, the urology segment is projected to gain the highest growth rate during the forecast period. Rising number of kidney disorders and diseases among the population are responsible for driving the growth of this segment. Urinary infections are becoming common, in a recent report by the International Society of Nephrology, in 2020, more than 900 million people reportedly had kidney disease globally. Another report of 2020 by the American Cancer Society, came forth wherein the U.S. there was a rise in the cases and deaths of bladder cancer. There were a record 81,500 cases and about 17,990 deaths. Hence, all these factors will be responsible for the rise in the urology segment of the medical lasers market during the forecast period.
Based on regions, Asia Pacific is Expected to Hold the Largest Share in the Medical Laser Market during the forecast period.
By region, the Asia-Pacific region is said to dominate the market during the forecast period. Also, there is a rise in the elderly population which contributes to the rise in the medical laser market. Government policies supporting better medical infrastructure is also a major contributing factor to the growth of the medical laser market. The Indian government has increased the healthcare budget from USD 245.9 million in 2019 to USD 299.5 million in 2020. The government of India and China have been in support of the standardization of the aesthetic medicine industry and have introduced policies for the same. Reported by the International Society of Plastic Surgery (ISAPS) in 2018 895,896 aesthetic procedures were performed in India among which 505,103 were laser procedures. Due to digitization, awareness of medical laser treatment has also grown. With the aid of the government, the medical laser market in India is also at the forefront of development.
The report also provides an in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
Covid 19 Impact on the Medical Laser Market
The Covid 19 outbreak and the impact on the global industrial sector have been drastic. Due to the lockdown situation, there was a halt in manufacturing plants which also led to the halt in manufacturing of medical laser equipment. However, there has been a steady recovery and a growth in the medical laser market after the market was flung back to business. For instance, Chinese laser companies witnessed huge sales of extreme ultraviolet (EUV) lasers during 2020. There was a sharp drop in medical laser treatments during the pandemic due to social distancing policies as compared to 2019. However, there is a notable rise and a continuing upward trend of medical laser treatment since the pandemic has fuelled out.
The report also provides an in-depth analysis of key market trends
|1||High cost of products and high cost of maintenance of products||Negative|
|2||Stringent measures are taken by the Government for the safety of patients||Negative|
|3||Fast recovery and healing, no scarring and less bleeding as compared to traditional surgery||Positive|
The report also provides an in-depth analysis of recent News Developments and Investments
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