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The global Medical Laser Market size was valued at USD 4.37 billion in 2019 and is projected to reach USD 10.57 billion by 2027, exhibiting a CAGR of 13.9% during the forecast period.
Laser therapy is a medical treatment that uses an intense beam of light to cut, burn, or destroy tissue. The term LASER stands for Light Amplification by Stimulated Emission of Radiation. Lasers are used in many areas of medical treatment. The earliest medical applications of lasers were in ophthalmology and dermatology. A medical laser is a non-invasive and intensive light source to treat tissue and provide quick healing without scarring or discoloration. The escalating need for these lasers for the treatment of several diseases and intensifying need for non-invasive treatments are some of the factors propelling the market growth. The increasing demand for the aesthetic laser procedures in the developing countries is anticipated to boost the market growth. According to the American Society for Aesthetic Plastic Surgery (ASAPS), the American population spends more than USD 13 billion on several aesthetic treatments including acne prevention, body contouring, dermal resurfacing and others. This is expected to further foster the demand for these procedures.
Medical Lasers Shows Moderate Impact Amid COVID-19 Pandemic
The market has witnessed a severe impact of the covid-19 pandemic. Lockdowns imposed all over the world as a result of the recent COVID-19 pandemic have moderately reduced the demand for medical laser systems. Both in hospitals and other specialty clinics, patients undergoing laser surgeries has reduced drastically in recent months. Various countries have updated healthcare resources including hospital beds, nurses, essential personnel, and medical devices, for the treatment of covid-19 patients. This has led to these lasers being exempted from necessary procedures, and incorporated in the elective procedures list. Healthcare facilities including specialty clinics, and hospitals with dedicated lasers treatment have been closed. This has led to a substantial impact on number of patient visits to surgical, dental and aesthetic surgeries, especially in the U.S., and European countries.
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Growing Technological Advancement to Drive the Market Growth
According to the Refractive Surgery Council, laser vision correction procedures increased in the United States Moreover, procedure volume increased by 6.2% from 2017 with more than 843,000 procedures performed having an upward trend in processes such as LASIK, PRK, and others. In the areas of skincare and dermatology, the focus has now shifted from conventional methods of treatment to advance technologies. The adoption of minimally invasive anti-aging, skin lighting, and pigmentation removal treatment options are anticipated to upsurge the market growth during the forecast period. The rising number of eye disorder cases, and the subsequently increasing number of non-invasive surgeries performed using laser systems are likely to augment growth.
Rising Demand for Minimally Invasive Procedures to Foster Growth
The increasing popularity of minimally invasive procedures, growing number of cosmetic surgery, and rising incidence of eye disorders are some of the major factors promoting Medical Laser Market growth. In addition to this, the increasing prevalence of congenital heart diseases, coronary artery diseases, glaucoma, age-related macular edema, and other diseases are also anticipated to fuel the growth of the market. In October 2018 Lumenis introduced new laser hair removal system, SPLENDOR X, at the 2018 American Society of Dermatological Surgery (ASDS). SPLENDOR X, the first solid-state laser system equipped with the unique BLEND X technology for fast and effective hair removal and skin solutions.
The introduction of new medical lasers, with procedure specific applications, and innovative technology integration, are some of the major factors boosting the market during forecast period. For instance, according to the American Society of Plastic Surgeons (ASPS), approximately 17.5 million of surgical and minimally invasive cosmetic procedures were performed in the United States in 2017, with a 2 percent increase in 2016. The growing number of cosmetic procedures, coupled with entry of new market players offering innovative systems are factors propelling the growth of this market in 2019.
Introduction of Technologically Advanced Aesthetic Lasers to Boost Product Demand
Increasing consciousness on physical appearance is one of reason influencing people to adopt the minimally invasive cosmetic procedures globally. This is subsequently surging the demand for less invasive and less time-consuming laser aesthetic procedures. This factor is likely to increase the demand for the aesthetic laser systems and consumables, hence driving the market.
The introduction of technologically advanced procedure-specific aesthetic laser systems is majorly attracting the female population to undergo skin treatments for faster results in less time. The growing demand for procedure specific laser treatments is impelling key market players to introduce novel energy-based aesthetic laser systems. For instance, Quanta System an El.En. S.p.A. company, successfully developed a new technology in laser lithotripsy, NextGen laser development technology named UHPTDL offering widest frequency range. The new solution promises to offer extremely fast and efficient kidney stone dusting treatments. The product is expected to be commercially available in the market by end of 2020.
High Cost and Side Effects Associated with Laser Surgeries to Limit Market Adoption
The high cost associated with the laser surgery procedures are limiting their adoption in developed as well as emerging markets. For instance, in the U.S. in 2019, the average cost of LASIK surgery was US$ 2,246 per eye, this cost was slightly higher than 2018. Moreover, the complications associated with the laser surgeries such as scarring, koebnerization, dyschromia, and others. are also limiting the growth of the medical lasers market.
Additionally, alternative treatments which are available at lower cost and have fewer side effects as compared to laser procedures, are being preferred by healthcare providers to avoid complications.
This is further augmented by high cost of laser systems, especially procedure specific laser systems in the emerging countries. This has limited the adoption and demand for new laser systems in several countries, and has led to the emergence of refurbished market for these systems. The aforementioned factors together have been instrumental in limiting the demand for new laser systems in the global market.
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Increasing Minimally Invasive Procedures to Add Impetus to Market
Based on type, the market is segmented into, dental lasers, aesthetic lasers, and others. The aesthetic lasers segment dominated the market in 2019. This segment is anticipated to grow at a comparatively higher CAGR due to the increasing number of minimally invasive cosmetic surgical procedures. This segment accounted for 47.1% share of the market in 2019. On the other side, dental laser segment is anticipated to grow at a significant CAGR during the forecast period. Increasing prevalence of dental disorders, coupled with the growing awareness regarding oral hygiene are other factors augmenting the market growth.
However, the surgical lasers segment accounted for the second largest medical laser market share in 2019, attributed to increasing technological advancements, high prevalence of chronic diseases, growing implementation for minimally invasive surgeries, and the rising prevalence of ophthalmic disorders.
Growing Usage of Consumables to Aid Market Growth
Based on product, the market segments include laser systems and consumables. Consumables segment accounted for the highest market share in 2019, and is projected to grow at a significant CAGR during the forecast period. Increasing number of consumables used per laser system is propelling the growth of the consumables segment. Around 100-140 consumables are used on the basis of per year per system. Rising demand for various surgeries will subsequently increase the demand for the consumables leading to significant growth of the consumables segment.
Besides, laser systems include solid state lasers, dye laser, diode lasers, gas lasers and others. Rising disposable incomes, coupled with the growing demand for laser treatment in the developing countries are expected to offer lucrative growth opportunities for the laser systems in the forecast period.
Increasing Number of Specialty Clinics to Assist Market Growth
Based on end user, the market is segmented into hospitals and specialty clinics. Among these, the specialty clinics segment accounted for the highest share in 2019. An increase in the number of specialty clinics in developing countries, rising per capita expenditure, and growing demand for aesthetic appeal are poised to augment the segment growth during the forecast period.
Besides this, the hospitals segment will witness significant growth due to rising inclination towards hospital settings, further attributed to cost efficiency and better patient care.
North America Medical Laser Market Size, 2016-2027 (USD Billion)
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Escalating Healthcare Expenditure, and Increasing Number of Cosmetic Surgeries Will Help North America Dominate Market
North America dominated this market with a revenue of USD 1.87 billion in 2019 and is projected to continue the same over the forecast period. The growing demand for minimally invasive medical procedures, high preference for cosmetic procedures, and high adoption rate of novel technologies in U.S., are the primary factors responsible for the dominance of this region. Asia Pacific accounted for the second largest medical laser systems market in 2019, followed by Europe. Asia Pacific is anticipated to witness the fastest growth in the coming years due to developing healthcare infrastructure, and increasing number of laser centers. Moreover, increasing demand for anti-aging treatment and rise in a number of hair removal procedures are some factors anticipated to increase the demand of the aesthetic lasers, hence propelling market growth. Latin America and Middle East and Africa markets are expected to grow and witness a significant CAGR during the forecast period.
Strong Product Portfolio of Key Players to Assist Market Growth.
The competitive landscape of this market is semi-consolidated in nature with the top three players including El.En. S.p.A., Lumenis, and Ellex Medical Lasers Ltd., accounting for a significant share in the market in 2019. A well-established brand presence in the lasers segment, combined with a strong product portfolio of medical lasers, are factors influencing the dominance of these players in the global market. Lumenis is one of the prominent players in the market, offering a wide range of products in different application segments such as surgical, aesthetics and ophthalmology. The aesthetic laser systems by Lumenis are used for hair removal, tattoo removal, scar removal, and others. In April 2019, Lumenis introduced a New Skin Rejuvenating Technology, Legend Pro+, at the 17th Aesthetic & Anti-Aging Medicine World Congress conference in Monte-Carlo, Monaco from 4th – 6th April, 2019.
However, other market players are expanding their portfolio especially in the cosmetic lasers segment. Additionally, companies are also focusing on the expansion of geographic presence and strengthening their distribution channel to gain market share during the forecast period.
The Medical Laser Market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market, current trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over the recent years.
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Value (USD billion)
By End User
Fortune Business Insights says that the global Medical Laser Market size was USD 4.37 billion in 2019 and is projected to reach USD 10.57 billion by 2027.
In 2019, the North America market value stood at USD 1.86 billion.
Growing at a CAGR of 13.9%, the market will exhibit a steady growth rate in the forecast period (2020-2027).
The Aesthetic Lasers are expected to be leading segment in this market during the forecast period.
Rising demand for minimally invasive aesthetic procedures, and new and procedure specific product launches by market players are key factors propelling the growth of the market.
Lumenis, TOPCON Corporation, and El.En. S.p.A., are major players of the global market.
North America dominated the market share in 2019.
Growing awareness among general population towards aesthetic procedures, and increasing per capita income in emerging countries, are factors attracting large population undergoing aesthetic and cosmetic surgical procedures in Asia Pacific countries.
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