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| Report Code: A02217 | Pages: 349 | Dec 2019 | 25434 Views | ||
| Author(s) : Surabhi P, Sumitra C , Onkar S | Tables: 127 | Charts: 77 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Medical Laser Market
Request Now !The global medical laser market size was $6,947 million in 2018, and is projected to reach $16,230 million by 2026, growing at a CAGR of 10.8% from 2019 to 2026 Medical lasers are the devices that are used to treat or remove tissue by using precisely focused laser beam. They are used for various applications, which include ophthalmology, dermatology, gynecology, dentistry, urology, cardiovascular, and others. Furthermore, these lasers are used in many surgical procedures such as cosmetic surgery, refractive eye surgery, dental procedures, and general surgery. Therefore, rise demand for non-invasive procedure in such surgical procedure drive the growth of the medical laser market.
Moreover, the medical lasers can be used for very precise surgical procedures due to its specific wavelength, which is focused in a narrow beam and creates a very high-intensity light. In addition, the lasers have proven useful in all medical specialties to vaporize or coagulate tissue. Lasers can be used for surgery on all parts of the body but are used most extensively in eye surgery and cosmetic skin procedures. Therefore, the key market players has launched many new products recently. For instance, in 2019, Lumenis has launched ResurFx laser system for the fractional non-ablative skin resurfacing treatment. Therefore, the aforementioned reasons are expected to provide lucrative opportunity for the growth of the medical laser market during the forecast period.
The growth of the medical laser market is driven by increase in prevalence of eye disorders of geriatric population and rise in number of patients using advanced laser-based treatments. In addition, surge in number of cosmetic & non-invasive surgeries and increase in importance of aesthetics laser procedures are some of the major factors that boost the global medical laser market. However, stringent safety regulations and high rate of failure of laser-based surgical procedure restrain the market growth. On the contrary, increase in disposable incomes and growth in demand for laser treatment in the emerging countries are expected to offer significant profitable opportunities for the market players; thereby, increasing the growth of the global medical laser market .
Product type segment review
Based on product type, the market is categorized into solid-state laser systems, gas laser systems, dye laser systems, and diode laser systems. The solid-state laser systems segment is further categorized into holmium yttrium aluminum garnet laser (Ho:Yag) systems, erbium yttrium aluminum garnet laser (Er:Yag) systems, neodymium yttrium aluminum garnet laser (Nd:Yag) systems, potassium titanyl phosphate laser systems, alexandrite laser systems, ruby laser systems, and Q switch laser. Further, the gas laser systems segment is divided into CO2 laser systems, argon laser systems, krypton laser systems, metal vapor laser systems, helium–neon (He-Ne) laser systems, and excimer laser systems. The solid-state laser systems segment accounted for the largest share in 2018. This is attributed to the safe use of solid-state laser system and quality output provided by it. In addition, these are widely used in diverse surgical areas such as ophthalmology, dermatology, gynecology, dentistry, urology, cardiology, and others due to its cost-effective treatment procedure.
Application segment review
Depending on application, the market is categorized into ophthalmology, dermatology, gynecology, dentistry, urology, cardiovascular, and others. The ophthalmology segment is divided into refractive error surgery, cataract surgery, glaucoma surgery, and others. The dermatology segment is divided into skin resurfacing, pigment treatment, tattoo removal, hair removal, and others. Whereas, the urology segment is bifurcated into lithotripsy and tissue ablation. The gynecology segment is divided into vaginal rejuvenation and others. Further, the cardiology segment is categorized into coronary artery disease, ventricular & supraventricular arrhythmias, hypertrophic cardiomyopathy, congenital heart disease, and cardiovascular. The cardiology is projected to be the fastest growing segment during the forecast period, owing to the development of advanced medical laser treatment techniques and increase in occurrence of heart diseases globally.
Region segment review
Region wise, the medical laser market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the leading revenue contributor to the global medical laser market in 2018, and is anticipated to continue this trend during the forecast period. This is attributed to upsurge in number of cosmetic surgeries, increase in geriatric population, and rise in the risk of developing ophthalmic disorders mainly cataract that leads to increase in the demand for medical laser in North America. Asia-Pacific is expected to be the fasted growing region during the forecast period, owing to the high population base, high disposable incomes, and rise in patient awareness toward the adoption of medical lasers as a replacement of invasive surgery.
The report provides a comprehensive analysis of the key players operating in the global medical laser market, which include IRIDEX Corporation, Lumenis Ltd., Ellex Medical Lasers Ltd., CryoLife, Inc., Novartis AG, Koninklijke Philips N.V., Biolase Inc., Boston Scientific Corporation, Bausch & Lomb Holdings, Inc., and Syneron Medical Ltd.
The other players in the value chain (companies not included in the report) include Quantel laser, Nidek CO., LTD., Topcon Corporation, DEKA M.E.L.A. S.r.l., SharpLight Technologies, Sciton, Inc., and Alma Lasers.
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The growth of the medical laser market is driven by high prevalence of various diseases such as eye disorder, cardiovascular, skin disorders, and others across the world and increase in number of patients demanding advanced laser-based treatments. In addition, increase in number of cosmetic & non-invasive surgeries and rise in importance of aesthetics laser procedures further propel the growth of the market. However, stringent safety regulations and high rate of failure of laser-based surgical procedures is projected to hinder the market growth.
North America was the leading revenue contributor to the global medical laser market in 2018, and is anticipated to continue this trend during the forecast period, due to upsurge in number of cosmetic surgeries, increase in geriatric population, and rise in risk of developing ophthalmic disorders. However, Asia-Pacific and LAMEA are expected to have the fasted CAGR during the forecast period, due to high population base, high disposable incomes, and improvement in patient awareness regarding the adoption of medical lasers as a replacement of invasive surgery.
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