Medical Laser Market Size, Share & COVID-19 Impact Analysis, By Type (Surgical Lasers, Dental Lasers, Aesthetic Lasers, and Others), By Product (Laser Systems, and Consumables), By End Users (Hospitals, and Specialty Clinics), and Regional Forecast, 2022-2029

The global medical laser market size was USD 4.15 billion in 2021 and is projected to grow from USD 4.80 billion in 2022 to USD 14.23 billion by 2029, exhibiting a CAGR of 16.8% during the forecast period. Based on our analysis, the market had exhibited a decline of 12.9% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The rising demand for minimally invasive and cosmetic procedures is expected to boost the market's growth rate during the forecast period. For instance, according to cosmetic surgery provider AEDIT, LLC, the number of laser hair removal reached one million, which was 735,000 in 2000.

Laser therapy is a medical treatment that uses an intense light beam to cut, burn, or destroy tissue. 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 the treatment of several diseases and the intensifying need for non-invasive treatments are factors propelling the market growth. The increasing demand for aesthetic laser procedures in developing countries is anticipated to boost market growth. According to the American Society for Aesthetic Plastic Surgery (ASAPS), the American population spends more than USD 13.00 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.

COVID-19 IMPACT

COVID-19 Pandemic Lead to Significant Decline in Medical Laser Demand

The market has witnessed a severe impact of the COVID-19 pandemic. Lockdowns imposed worldwide as a result of the recent COVID-19 pandemic have moderately reduced the demand for medical laser systems. In hospitals and other specialty clinics, patients undergoing laser surgeries have reduced drastically in recent months. For instance, according to the American Society of Plastic Surgeons, 757,808 laser hair removal procedures were performed in 2020 compared to 1,055,456 laser hair removal procedures in 2019.

Also, several market players witnessed a significant decline in the revenue generated during 2020. For instance, El.En. S.p.A. experienced a decline of 5.4% from their medical segment. Also, BIOLASE, Inc., witnessed a decrease in revenue from sales of laser systems by 46.0% in 2020 as compared to 2019. Various countries have updated healthcare resources, including hospital beds, nurses, essential personnel, and medical devices, to treat covid-19 patients. This has led to 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 substantially impacted the number of patient visits to surgical, dental, and aesthetic surgeries, especially in the U.S. and European countries.

LATEST TRENDS

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Growing Technological Advancement to Drive Market Growth

According to the Refractive Surgery Council, laser vision correction procedures increased in the U.S. Moreover, in the third quarter of 2021, laser vision correction procedure volume increased by 48.0% from 2020, with having an upward trend in processes such as LASIK, SMILE, PRK, and other. In skincare and dermatology, focus has shifted towards more advanced technologies. Adoption of minimally invasive procedures for anti-aging, skin lighting & pigmentation removal is 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.

DRIVING FACTORS

Rising Demand for Minimally Invasive Procedures to Foster Growth

The increasing popularity of minimally invasive procedures, the growing number of cosmetic surgery, and the rising incidence of eye disorders are major factors promoting the market’s 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. For instance, according to the American Society of Plastic Surgeons (ASPS), approximately 15.6 million surgical and minimally invasive cosmetic procedures were performed in the U.S. in 2020.

The introduction of new lasers, procedure-specific applications. Innovative technology integration is one of the major factors that boost the market during the forecast period. For instance, in August 2020, Cosmetic and medical laser manufacturer Erchonia Corporation launched a new low-level green laser designed for body fat reduction. This device emits 10 green lasers onto the skin to emulsify the adipose tissue and release excess fatty materials. The growing number of cosmetic procedures and entry of innovative new players are factors propelling the market's growth in 2021.

Introduction of Technologically Advanced Aesthetic Lasers to Boost Product Demand

Increasing consciousness on physical appearance is one of the reasons influencing people to adopt 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 aesthetic laser systems and consumables, driving the market.

The introduction of technologically advanced procedure-specific aesthetic laser systems is attracting the female population to undergo skin treatments for faster results in less time. The growing demand for -specific laser treatments impels key market players to introduce novel energy-based aesthetic laser systems. For instance, Quanta System - El.En. S.p.A. company successfully developed a new technology in laser lithotripsy, NextGen laser development technology named UHPTDL, offering the widest frequency range. The new solution promises to offer extremely fast and efficient kidney stone dusting treatments.

RESTRAINING FACTORS

High Cost and Side Effects Associated with Laser Surgeries to Limit Growth of the Market

The high cost associated with laser surgery procedures limiting their adoption in developed as well as emerging markets. For instance, in the U.S., in 2020, the average cost of LASIK surgery was USD 2,632 per eye. This cost was slightly higher than in 2019. Moreover, the complications associated with the laser surgeries, such as scarring, koebnerization, dyschromia, and others, also restricts market growth.

Additionally, alternative treatments 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 the high cost of laser systems, especially procedure specific laser systems in emerging countries. This has limited the adoption and demand for new laser systems in several countries and has led to the emergence of a refurbished market for these systems. The aforementioned factors together have been instrumental in limiting the demand for new laser systems in the global market.

SEGMENTATION

By Type Analysis

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Increasing Minimally Invasive Procedures to Add Impetus to Market

Based on type, the market is segmented into surgical lasers, dental lasers, aesthetic lasers, and others. The surgical lasers segment dominated the market in 2021. This segment is anticipated to grow at a comparatively higher CAGR due to the increasing technological advancements, high prevalence of chronic diseases, growing implementation for minimally invasive surgeries, and the rising prevalence of ophthalmic disorders. This segment accounted for 57.7% share of the market in 2021.

On the other side, the aesthetic lasers segment accounted for the second-largest share in 2021 and is anticipated to grow at a significant CAGR of 17.9%, attributed to an increasing number of minimally invasive cosmetic surgical procedures.

The dental laser segment is anticipated to grow at a CAGR of 15.1% due to the increasing prevalence of dental disorders, coupled with the growing awareness regarding oral hygiene.

By Product Analysis

Growing Usage of Consumables to Aid Market Growth

Based on product, the market segments include laser systems and consumables. The consumables segment accounted for the highest medical laser market share in 2021 and is projected to grow at a significant CAGR during the forecast period. The increasing number of consumables used per laser system is propelling the growth of the consumables segment. Around 100-140 consumables are used based on 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 lasers, diode lasers, gas lasers, and others. Rising disposable incomes, and the growing demand for laser treatment in developing countries, are expected to offer lucrative growth opportunities for the laser systems in the forecast period.

By End-Users Analysis

Increasing Number of Specialty Clinics to Assist Market Growth

Based on end-user, the market is segmented into hospitals and specialty clinics. The specialty clinics segment accounted for the highest share in 2021. An increase in 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.

The rising focus on improving the healthcare and hospital infrastructure, especially in emerging countries, is poised to drive the demand for medical laser from these settings. The emergence of multi-specialty hospitals offering a diverse array of services and adequate reimbursement policies are attracting a large patient pool towards these settings. This, combined with adoption of technologically advanced systems by hospitals, is poised to support the growth of the segment.  

REGIONAL INSIGHTS

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Escalating Healthcare Expenditure and Increasing Number of Cosmetic Surgeries Will Help North America Dominate Market

North America dominated the market with a revenue of USD 1.74 billion in 2021 and is projected to continue 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 the U.S. are the primary factors responsible for the dominance of this region. For instance, in 2020, according to an article published by Ocular Surgery News, there was 42.0% increase in the number of laser vision correction procedures in Pacific Vision Institute, San Francisco, as compared to 2019. Also, according to the American Society of Plastic Surgeons, the total expenditure on cosmetic surgeries in 2020 was USD 20.17 billion.

Europe is expected to witness substantial growth at a CAGR of 16.4% during the forecast period. The increasing incidence of ophthalmic disorders in countries such as Germany, the U.K., and other countries present a large patient population undergoing treatment. This is driving the number of LASIK surgical procedures being performed in these countries, driving the demand for ophthalmic lasers in these countries. This, along with an increasing number of people undergoing aesthetic procedures in Europe is poised to augment the demand for aesthetic lasers during the forecast period.

Asia Pacific accounted for the second-largest medical laser systems market in 2021, followed by Europe. Asia Pacific is anticipated to witness the fastest growth in the coming years due to developing healthcare infrastructure and an increasing number of laser centers. Moreover, increasing demand for anti-aging treatment and a rise in the number of hair removal procedures are some factors anticipated to increase the demand of the aesthetic lasers, hence propelling market growth. For instance, in 2020, 387,793 and 97,920 hair removal procedures were performed in Japan & India respectively.

Latin America and Middle East & Africa markets are expected to witness a significant CAGR of 15.1% &14.3%, respectively, during the forecast period. The increasing aging population is responsible for the growth of market in Latin America. For instance, according to Med Device Online estimates, by 2060, around 30 countries in this region will have a larger proportion of the older population than children under 15. There are 71 million people over the age of 60 in the region; that number is expected to double by 2035.

KEY INDUSTRY PLAYERS

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 2021. A well-established brand presence in the market, 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 and major 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. For instance, in January 2020, Lumenis, an energy-based medical device company, presented its new platform, the LightSheer Quattro, at the 22nd International Master Course on Aging Science (IMCAS) conference held in France. LightSheer Quattro system provides laser hair removal treatment for all skin types.

However, other market players are expanding their portfolio, especially in the cosmetic lasers segment. Additionally, companies are also focusing on expanding geographic presence and strengthening their distribution channel to gain market share during the forecast period.

LIST OF KEY COMPANIES PROFILED:

• El.En. S.p.A. (Italy)


• Lumenis Ltd. (U.S.)


• BIOLASE, Inc. (U.S.)


• Sisram Medical Ltd. (Israel)


• IRIDEX Corporation (U.S.)


• Ellex Medical Lasers Ltd. (Australia)


• CANDELA CORPORATION (U.S.)


• Topcon Corporation (Japan)


• Cynosure Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• January 2022 –BILOASE, Inc., a key player in dental lasers and EdgeEndo, a company involved in commercializing endodontic products, received FDA 510(k) clearance of the EdgePRO laser-assisted irrigation device, used as effective cleaning and disinfection alternative within root canal procedures.


• December 2021 – El.En. S.p.A partnered with Clarion Medical Technologies Inc. to distribute the DEKA surgical CO2 laser system and accessories of Clarion Medical Technologies Inc. to the Canadian market. This allowed Canadian hospitals and physicians to use this system for ENT and Gynecology procedures.

REPORT COVERAGE

An Infographic Representation of Medical Lasers Market

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The global research report provides a detailed medical laser market analysis 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 medical laser market growth over the recent years.

Report Scope & Segmentation