Medical Laser Systems Market to Exceed US$ 7.5 Billion by 2031 Amid Higher Acceptance of Laser-based Plastic Surgery Worldwide
27 Sep 2022
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Holding Around 50% Share, North America Remains the Undisputed Leader in the Medical Laser Systems Market
A thorough analysis of the medical laser systems market is provided by Fact.MR in its latest research report. The study analyzes important factors such as growth drivers, trends, future outlooks, and strategies of major companies. It also provides information about emerging opportunities across top segments, including product, application, and region.
NEW YORK, Sept. 27, 2022 /PRNewswire/ -- The global medical laser systems market size was valued at US$ 4 Billion in 2020 and it is projected to reach a valuation of US$ 7.5 Billion by 2031. Sales of medical laser systems are projected to accelerate at a robust CAGR of 8.5% during the forecast period (2021-2031). Increasing incidence of chronic diseases, advancements in medical laser technology, and rising adoption of laser-based treatments across the world are some of the key factors driving growth in the global medical laser systems market.
Medical laser systems have become ideal devices for treating a wide range of diseases across healthcare facilities. They use precisely focused light sources to treat or surgically remove tissues. These medical devices are being increasingly used in dermatology, plastic surgery, wound healing, dentistry, ophthalmology and several other therapeutic & surgical procedures. Rising use of medical lasers systems in these procedures will therefore continue to spur growth in the market.
Besides, growing popularity of minimally invasive surgeries is likely to push the demand for medical laser systems during the forthcoming years. In recent years, there has been a robust increase in minimally invasive surgeries across the world.
For instance, according to the Journal of the Society of Laparoscopic & Robotic Surgeons, the total average residency case volumes for various minimally invasive procedures have increased from 270 to 368 (36%) over the 16-year period (2003-2018). This will continue to generate lucrative opportunities for medical laser system manufacturers in the next decade.
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Furthermore, growing confidence among both healthcare providers and patients on the efficacy of minimally invasive procedures is likely to have a positive impact on the sales of medical laser systems. For instance, according to BMC Neurology's study, in contrast to conservative medical treatment or craniotomy, minimally invasive surgery is an effective and safe method for treating hypertensive intracerebral hemorrhage. It is also associated with a low mortality and rebleeding rate, as well as a significant improvement in the prognosis and quality of life of patients.
As per Fact.MR, demand is likely to remain high for solid state lasers owing to their higher reliability, smaller compact designs, inexpensive nature, and prolonged lifespan. Regionally, with around 50% share, North America will continue to dominate the global medical laser systems market during the forecast period. Growth is attributed to high adoption of several medical laser technologies like diode lasers and crossbeam lasers, surging prevalence of chronic diseases, and presence of some of the leading medical device manufacturers across the U.S.
Based on product, solid state laser systems are projected to grow at 6% CAGR over the next decade due to higher reliability and lower cost of purchase.
By application, the surgical segment is expected to register a CAGR of 7% during the forecast period.
The U.S. medical laser systems market was valued at around US$ 1.1 Bn in 2020 and it is expected to grow at a steady pace during the assessment period.
The medical laser systems market size in China is estimated to reach around US$ 1.7 Bn by 2031.
The global medical laser systems market was valued at nearly US$ 4 Billion in 2020.
Growth Drivers:
Increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and dental diseases is likely to drive the market during the forecast period.
Growing acceptance of laser-based treatments due to their simple nature and higher effectiveness will push the demand for medical laser systems over the next ten years.
Rising number of cosmetic surgeries supported by increasing use of laser systems in these procedures is set to accelerate growth over the assessment period.
Restraints:
High failure rates and adverse effects associated with laser treatments are expected to limit growth in the market during the forthcoming years.
Lasers cannot be utilized in various regularly performed dental methods such as filling cavities between teeth, which may hinder their demand.
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Leading medical laser system manufacturers are actively involved in various strategic collaborations and mergers & acquisitions in order to ensure long-term growth and sustainability. Technological advancements such as the adoption of pulsed lasers for aesthetic appeal and new product launches with wide applicability are also considered to be some of the key strategies of renowned players.
For instance,
In April 2022, Acclaro introduced a new laser system called UltraClear to treat various skin conditions such as wrinkles, scars, acne scars, and pigmentation.
In December 2021, LASEROPTEK Co., Ltd., a manufacturer of world-class laser devices for aesthetic and medical dermatology applications, received FDA 510(k) clearance for its next generation PicoLO Premium Picosecond Nd:YAG Laser.
In January 2020, DEKA M.E.L.A. srl and Cartessa Aesthetics agreed to form an exclusive distribution agreement for the marketing of Luxea, a multi-modality platform system for strong pulsed light and laser.
Key Companies Profiled by Fact.MR
Elforlight Ltd.
More Valuable Insights on Medical Laser Systems Market
In its latest study, Fact.MR offers a detailed analysis of the global medical laser systems market for the forecast period of 2021 to 2031. This study also divulges key drivers and trends promoting the sales of medical laser systems through detailed segmentation as follows:
By Product:
Diode Medical Laser Systems
Dye Medical Laser Systems
Gas Medical Laser Systems
Solid State Medical Laser Systems
By Application:
Aesthetic
Surgical
Dental
Diagnostic
By Region:
North America
Latin America
Europe
Oceania
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Key Questions Covered in the Medical Laser Systems Market Report
What is the estimated market size of medical laser systems in 2021?
At what pace will worldwide medical laser systems sales increase till 2031?
What factors are driving demand in the medical laser systems market?
Which region is predicted to lead the worldwide medical laser systems market between 2021 and 2031?
What are the elements driving medical laser systems market sales during the forecast period?
What is the expected market estimation of the medical laser systems market during the forecast period?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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