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The global medical laser market size was valued at USD 5.05 billion in 2022 and is projected to grow from USD 5.57 billion in 2023 to USD 13.17 billion by 2030, exhibiting a CAGR of 13.1% during the forecast period.
The rising demand for minimally invasive and cosmetic procedures is expected to boost the market growth rate during the forecast period. For instance, according to 2022 report published by The British Association of Aesthetic Plastic Surgeons (BAAPS), a total of around 31,057 cosmetic surgery procedures were carried out in 2022 in the U.K., witnessing an increase by 102% as compared to the previous year.
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. Medical lasers are 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 intensifying need for non-invasive treatments are some of the 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 billion on several aesthetic treatments including acne prevention, body contouring, dermal resurfacing, and others. This is expected to foster the demand for these procedures further.
Significant Decline in Market due to Low Demand for Medical Lasers during COVID-19 Pandemic
The market witnessed severe impact of the COVID-19 pandemic. Lockdowns imposed globally during the pandemic had moderately reduced the demand for medical lasers. Both in hospitals and other specialty clinics, patients undergoing laser surgeries were reduced drastically.
Also, several market players witnessed a significant decline in the revenue generated during 2020.
Various countries have updated healthcare resources including hospital beds, nurses, essential personnel, and medical devices, for the treatment of COVID-19 patients. This led to lasers being exempted from necessary procedures, and incorporating them in the elective procedures list.
Healthcare facilities including specialty clinics, and hospitals with dedicated lasers treatment have been closed. This led to a substantial impact on number of patient visits to surgical, dental and aesthetic surgeries, especially in the U.S., and European countries.
However, in 2021, as the COVID-19 cases decreased the healthcare facilities opened and the surgical procedures resumed. Due to which the demand for medical lasers increased. As a result, the companies witnessed an increase in their revenues.
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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 U.S. Moreover, in the third quarter of 2021, laser vision correction procedure volume increased by 48.0% from 2020, with an upward trend in processes such as LASIK, SMILE, 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, the growing number of cosmetic surgery, and the rising incidence of eye disorders are some of the 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.
The introduction of new lasers, with procedure-specific applications and innovative technology integration, are some of the major factors boosting 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, aiming to emulsify the adipose tissue and release excess fatty materials.
The growing number of cosmetic procedures, coupled with entry of new market players offering innovative systems are factors propelling the growth of the market in 2022.
Introduction of Technologically Advanced Aesthetic Lasers to Boost Product Demand
Increasing consciousness of physical appearance is one of the reasons influencing people to adopt the minimally invasive cosmetic procedures globally. This subsequently surges the demand for less invasive and less time-consuming laser aesthetic procedures. This factor is likely to increase demand for aesthetic laser systems and consumables, hence anticipated to drive the Medical Laser Market growth.
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.
High Cost and Side Effects Associated with Laser Surgeries to Limit Market Adoption
The high cost associated with the laser surgery procedures is limiting their adoption in developed as well as emerging markets. The complications associated with the laser surgeries, such as scarring, koebnerization, dyschromia, and others, are also limiting the growth of the 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 the Demand for Surgical Lasers
Based on type, market is segmented into surgical lasers, dental lasers, aesthetic lasers, and others.
The surgical lasers segment dominated the market in 2022. 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. The growing number of surgical procedures owing to the increasing technological advancements in the devices and procedures is expected to fuel the segmental growth.
On the other side, the aesthetic lasers segment accounted for the second largest share in 2022 and is anticipated to grow at a significant CAGR during the forecast period. The growth of the segment is attributed to increasing number of minimally invasive cosmetic surgical procedures.
Dental laser segment is anticipated to grow at CAGR of 15.4% due to increasing prevalence of dental disorders, coupled with the growing awareness regarding oral hygiene. The rising healthcare expenditure and improving reimbursement scenario in the developed as well as emerging countries is another major factor contributing to the growth of the segment.
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 Medical Laser Market share in 2022, 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 segment during the forecast period.
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 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 2022. 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 toward hospital settings, further attributed to cost efficiency and better patient care.
North America Medical Laser Market Size, 2022 (USD billion)
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Escalating Healthcare Expenditure, and Increasing Number of Cosmetic Surgeries Will Help North America Dominate the Market
North America dominated the market with a revenue of USD 2.13 billion in 2022 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 the U.S., are the primary factors responsible for the dominance of this region.
Asia Pacific accounted for the second largest market share in 2022, followed by North America. 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 witness a significant CAGR during the forecast period. The rising healthcare expenditure, growing awareness among the population regarding the aesthetic and cosmetic procedures are some of the major factors anticipated to spur the segmental growth.
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 of the market in 2022.
A well-established brand presence in the market, combined with a strong product portfolio of 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.
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.
An Infographic Representation of Medical Lasers Market
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The 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 Medical Laser Market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market growth over the recent years.
CAGR of 13.1% from 2023-2030
Value (USD billion)
By Type, Product, End User, and Geography
By End User
Fortune Business Insights says that the global market size was USD 5.05 billion in 2022 and is projected to reach USD 13.17 billion by 2030.
In 2022, the North America market value stood at USD 2.13 billion.
Growing at a CAGR of 13.1%, the market will exhibit a steady growth in the forecast period (2023-2030).
The aesthetic lasers are expected to be leading segment based on the type in this market during the forecast period.
Rising demand for minimally invasive aesthetic procedures, and new 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 2022.
Growing awareness among general population toward 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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