According to a new report published by Allied Market Research, titled, " Medical Laser Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026 " 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. The dermatology segment accounted around one-third of the total market share in 2018.
Medical laser is a device that uses a strong beam of light to cut, burn, or destroy tissue. The medical laser treatments are non-invasive procedures that provide faster healing. These procedures are used to treat tissues without scarring and discoloration of the skin or tissues. They include treatment of the scares, reshaping the cornea, used for dental procedures, tumor removal, breast surgery, and others.
The medical laser market is expected to exhibit significant growth during the forecast period due to increase in number of cosmetic procedures and rise in number of patients using advanced laser-based treatments globally. In addition, various benefits offered by medical laser systems, such as decreased pain intensity and faster recovery and surge in the importance of aesthetics laser procedures are the major factors that boost the global medical laser market. However, stringent safety regulations and high rate of failure of laser-based surgical procedures is projected to impede the market growth. Moreover, increase in disposable incomes and growth in demand for laser treatment in the emerging countries are expected to offer significant profitable opportunities for the manufacturers in the global medical laser market growth.
Based on product type, the solid-state laser systems segment is accounted for the largest share in 2018, and is anticipated to continue this trend during the forecast period. This is attributed to its wider applications in several photodynamic therapy and aesthetic treatments as well as it provides the quality output.
Based on end user, the cosmetic segment is accounted for the largest share in 2018. This is attributed to increase in adoption of lasers in the cosmetic procedures such as hair removal and skin resurfacing. In addition, growth in demand for non-invasive treatments and rise in number of aesthetic procedures being performed further propels the market growth.
Region wise, Asia-Pacific is expected to be the fasted growing market during the forecast period, owing to increase in geriatric population, rapid adoption of technologically advanced laser treatment options, high disposable incomes, and rise in 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 (profiles 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.
Key Findings of the Medical Laser Market :
- Based on product type, the diode laser systems segment is expected to be the fasted growing segment during the forecast period.
- Based on application, dermatology segment contains the largest share in 2018, and is anticipated to continue this trend during the forecast period.
- Depending on end user, the surgical segment is expected to exhibit the highest CAGR with 11.6% during the forecast period.
- U.S. generated the highest revenue in the global medical laser market in 2018, accounting for more than two-fifth of the global market.
- Asia-Pacific is estimated to grow at a highest CAGR of 12.3% during the forecast period.