Medical Laser Market Expected to Reach $17.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Laser Market," The medical laser market was valued at $5.8 billion in 2022, and is estimated to reach $17.1 billion by 2032, growing at a CAGR of 11.3% from 2023 to 2032. 

Medical lasers are highly specialized and versatile tools used in a wide range of medical applications. These devices generate and emit intense beams of concentrated light energy at specific wavelengths, making them ideal for precise and minimally invasive procedures. The most common types of medical lasers include solid-state laser systems, gas laser systems, diode lasers, and dye lasers, each tailored to specific medical tasks. They have a multitude of applications, such as dermatology for skin resurfacing and hair removal, ophthalmology for vision correction, and general surgery for cutting, coagulating, and vaporizing tissue.  

The major key factors that contribute toward the market growth is surge in adoption of medical laser for cosmetic surgeries and technological advancement in medical laser technology. The high adoption of medical lasers by healthcare professionals has emerged as a significant driving force behind the rapid growth of the medical laser Medical Laser Market Size. The precision and accuracy of medical lasers enable healthcare professionals to target specific tissues or cells with unparalleled precision, minimizing damage to surrounding healthy tissue. This capability is particularly crucial in complex surgeries, such as ophthalmology, dermatology, and cosmetic procedures, where precision is paramount. Candela Corporation, a leading medical devices company, provides Gentle Pro series, Nordlys SWT IPL Laser Device, PicoWay, Vbeam Perfecta, and Vbeam Prima for dermatological applications. The efficiency and effectiveness of medical lasers in these applications have not only garnered the trust of healthcare professionals but also improved patient satisfaction, further driving their adoption. As a result, the Medical Laser Industry continues to experience substantial growth, driven by the ever-increasing reliance of healthcare professionals on this innovative technology to provide safer, more precise, and less invasive medical treatments. Thus, the rise in adoption of medical lasers for cosmetic surgeries is expected to drive the growth of the market.  

The key Medical Laser Market Trends such as Technological advancements in medical laser technology have emerged as a major drivers for the growth of the Medical Laser Market Size, revolutionizing the way medical procedures are conducted and opening new avenues for treatment. One significant breakthrough lies in the development of precision and minimally invasive laser systems. These systems enable surgeons to target specific tissues or cells with unmatched accuracy, reducing collateral damage to surrounding healthy tissue. For instance, the advent of femtosecond lasers has transformed eye surgery, allowed bladeless LASIK procedures, and enhanced outcomes for patients with minimal discomfort and faster recovery times. In addition, the continuous development of more powerful and versatile laser systems has expanded their applications in various medical fields. Furthermore, AI has revolutionized the medical field by enhancing the precision, efficiency, and efficacy of various medical procedures, and the domain of medical lasers is no exception. AI algorithms are now integrated into laser systems to optimize treatment planning, improve real-time monitoring, and enhance the overall patient experience. For instance, according to 2020 report by National Library of Medicine, the world’s largest biomedical library and a leader in research in computational health informatics, possible avenue for AI includes predicting laser refractive surgery outcomes and enhancing the accuracy for SMILE outcomes, with the current algorithms' performance getting comparable to that of an experienced surgeon for safety, efficacy, and predictability. Thus, the technological advancement in medical laser technology is expected to drive the growth of the market.  

However, high cost of medical lasers is a major restraint for the market growth. In addition, expanded applications of lasers across clinical areas is a major factor that is expected to propel Medical Laser Industry growth in the future. 

The medical laser market is segmented on the basis of product type, application, end user, and region. By product type, the market is classified into solid state laser systems, gas laser systems, dye laser systems, and diode laser systems. By application, the market is categorized into ophthalmology lasers, surgical lasers, aesthetic and dermatology lasers, and others. By end user, the market is divided into hospital, dermatology and cosmetic clinics, ophthalmic clinics, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and rest of LAMEA). 

On the basis of product type, solid state laser systems segment was the major revenue contributor in 2022, owing to its their ability to generate precise and controlled output wavelengths, essential for targeting specific tissues or chromophores in medical procedures. 

On the basis of applications, the surgical lasers segment was the major revenue contributor in 2022, owing to the prevalence of cancer and advancements in tumor ablation technology.

On the basis of end user, the hospital segment was the highest revenue contributor in 2022, owing to owing to rise in demand of medical laser in major surgeries such tumor removal surgery in the hospitals.

North America accounted for a majority of the global medical laser market share in 2022 and is anticipated to remain dominant during the Medical Laser Market Forecast period. This is attributed to rise in prevalence of chronic disorder, strong presence of key players, and high number of tattoo removal procedures. However, Asia-Pacific is anticipated to witness fastest growth during the Medical Laser Market Analysisperiod, owing to increase in prevalence of ophthalmic disorders, and rise in number of hospitals & clinics. 

Key findings of the study 

• By product, the solid state laser systems segment was the highest contributor to the market in 2022. 

• By application, the surgical lasers segment was the highest contributor to the Medical Laser Market Share in 2022. 

• By end user, the hospital segment dominated the market in 2022, and is expected to continue this trend during the forecast period. 

• By region, North America garnered the largest revenue share in 2022. However, Asia-Pacific is expected to grow at the fastest rate   during the forecast period.