Medical Laser Market to Surpass USD 8.76 Billion by 2028 as Eye Disorders and Cosmetic Procedures Rises
The medical laser market size was estimated to be around USD 4.78 billion in 2021 and is predicted to reach USD 8.76 billion by 2028, growing at a CAGR of 12.35% during the forecast period (2022-2028).
Westford USA, Jan. 12, 2023 (GLOBE NEWSWIRE) — Some promising factors responsible for the rapid growth of the medical laser market include the rising demand for these lasers to treat various illnesses and the increasing desire for non-invasive therapies. Medical laser technology generates a focused beam of light with a specified wavelength. A medical laser is a non-invasive, powerful light source that helps treat tissue and promotes quick, uneventful healing. Additionally, one of the major drivers propelling the market is people’s increasing knowledge of aesthetic procedures, including body sculpting, acne prevention, and dermal resurfacing. The rise of medical tourism across several locations is projected to offer industry participants significant growth opportunities.
According to SkyQuest’s research, the U.S. performs about 700,000 procedures annually. While in the U.K., around 330,000 cataract surgeries are carried out annually. According to the World Health Organization’s (WHO) official report, published in October 2021, roughly 2.2 billion individuals worldwide suffer from near- or far-sightedness, with about 1 billion of these instances being preventable or unaddressed. Additionally, the WHO estimates that approximately 17.5 million chronic cardiovascular disorders requiring surgical follow-up are recorded each year involving these individuals. Such statistic shows that the medical laser market is likely to witness significant traction to deal with the rising prevalence of eye-related diseases.
Cosmetic Laser Treatment Segment to Register Fastest Growth Rate owing to Increased Cost-Effectiveness
North America clearly dominates the market with a revenue share of more than 50%. This dominance is anticipated to grow further due to the widespread use of cosmetic lift-ups and rising patient healthcare spending. According to SkyQuest’s market research, 50 to 55 million Americans experience acne issues each year, making it a prevalent condition. Machine learning and artificial intelligence provide new and more effective solutions to the aging and expanding global population. According to estimates, China spends 6% of its GDP on healthcare, and the country’s market for medical equipment has increased by double digits during the last three decades.
A.I. integration into cosmetic laser treatment can help reduce risks and side effects, improve precision for better results, eliminate the possibility of human mistakes, simplify therapy for doctors, and create a more cost-effective strategy for patients and doctors. The rising use of cosmetic operations drives the expansion of the medical laser market, advancements in laser technology, increased attention to physical appearance among both men and women, and high disposable income in developing nations.
The market segmentation and size information by categories, product types, applications, and regions are covered in the research report on the medical laser market. In addition, in-depth analyses of important topics, trends, drivers, difficulties, and business scope are also included in the research. The research thoroughly examines the geographic outlook to clarify the regional context and highlight the potential and unexplored opportunities in the target market.
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Growing Demand for Minimally Invasive Surgical Procedures to Boost Medical Laser Market
The minimally invasive surgery industry witnessed a 4.6% year-over-year gain. The global minimally invasive surgery market is projected to grow at a CAGR of 5.4% from 2022 to 2028 and reach a value of US$ 8.5 billion. The rising demand provides significant potential for the medical laser market’s growth for minimally invasive surgical procedures in the realms of ophthalmic laser surgery and other treatments involving sensory organs. Growth opportunities are increased by the emergence of numerous multi-specialty hospitals offering various services along with reimbursement options. Reduced patient discomfort levels have also proven to be a substantial commercial opportunity for medical lasers.
The crucial information, which includes facts, figures, and projections, is gathered from various industry sources. The report provides information on the market’s current opportunities and offers predictions for new market developments that may provide more lucrative future opportunities. The study does a great job of exposing significant potential in various regional markets worldwide with analysis accuracy that meets industry standards and strong data quality.
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Key Developments in Medical Laser Market
- AdValue Photonics, Inc., a top producer of cutting-edge fiber lasers for the materials processing, scientific, LIDAR, and medical markets, recently delivered a high-power, single-frequency 308 nm U.V. laser to NASA Goddard Space Flight Center for use in atmospheric investigations.
- Keranova, a firm specializing in developing surgical ophthalmic equipment, has announced the completion of regulatory and clinical tests for their robotic laser technology, FemtoMatrix®. With these extraordinary and unparalleled results, the company will now submit an application for C.E. marking for this newly developed surgical equipment in cataract surgery.
- FibroLux, a laser-based therapy developed by Multi Radiance Medical, became the Food and Drug Administration’s (FDA) first “photoceutical” device approved to help people with fibromyalgia manage pain. Patients with fibromyalgia are frequently hypersensitive to pain that would not usually affect most people, and they may endure significant exhaustion and memory issues.
- LASEROPTEK Co., Ltd., a leading manufacturer of lasers for medical aesthetic and dermatological reasons, has announced the signing of a multi-year, nationwide distribution deal with Monarch Lasers. The agreement covers sales, marketing, and clinical education for LASEROPTEK’s line of FDA-cleared laser systems for medical aesthetic reasons in the United States.
The research demonstrates that it is a trustworthy source for market participants seeking a competitive advantage over their competitors and achieving long-term success in the target market. The facts, data, and findings included in the research report are authentic due to the contributions of reliable sources. In addition to this, the market report also covers crucial case studies of leading market players who are performing well in the industry. Such insights will help market participants plan their future strategies.
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Prominent Players in the Medical Laser Market
- IRIDEX Corporation
- Ellex Medical Lasers Ltd.
- Lumenis Ltd.
- Novartis AG
- CryoLife, Inc.
- Biolase Inc.
- Koninklijke Philips N.V.
- Bausch & Lomb Holdings, Inc.
- Boston Scientific Corporation
- Quantel laser
- Syneron Medical Ltd.
- Topcon Corporation
- Nidek CO., LTD.
- SharpLight Technologies
- DEKA M.E.L.A. S.r.l.
- Alma Lasers
- Sciton, Inc.
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