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The Global Medical Lasers Market is likely to expand considerably in the coming years due to recent technological advancements. According to a report published by Fortune Business Insights, titled “Medical Lasers: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 3,778.9 Mn in 2018. Fortune Business Insights has predicted that the market will reach US$ 12,327.8 Mn by 2026, thereby exhibiting a CAGR of 15.9%.
Recent technological advancements in products associated with medical lasers have opened the floodgates for market growth. Due to the high demand for technologically advanced and user friendly products, companies are constantly engaged in manufacturing technologically advanced products.
The applications of medical lasers to burn or cut damaged tissues in surgical procedures, without the need for incisions have led to a rising adoption across the world. The report analyses several factors that have contributed to the global medical lasers market growth and signifies the importance and impact of activities such as mergers and acquisitions (M&As) and company collaborations.
Additionally, the report focuses on a few of the growth restraints and discusses the steps taken by leading medical lasers market companies in order to overcome these challenges. Besides, the report forecasts market values for the period of 2019-2026 and labels leading product types, companies, and regions through extensive research analysis methods.
Increasing Demand for Minimally Invasive Surgeries to Create Significant Growth Opportunities
The demand for non-invasive and minimally invasive surgical procedures has contributed to significant growth of the global medical lasers market in recent years. The growing number of cosmetic procedures, coupled with increasing incidence of eye disorders, has created the demand for non-invasive surgical procedures.
This in turn has contributed to a subsequent rise in the demand for medical lasers across the world. Furthermore, the growing prevalence of coronary artery disease, glaucoma, congenital heart disease, and age-related macular edema will fuel the demand for medical lasers, which in turn will aid the growth of the global medical lasers market in the forthcoming years.
Due to the rising adoption of sedentary lifestyle and demand for better aesthetic appeal, there is a rise in cosmetic surgeries around the world. According to the annual plastic surgery procedural statistics, around 17.5 million minimally-invasive plastic surgeries were conducted in the U.S. in 2017. Fortune Business Insights predicts that the increasing number of cosmetic surgeries will propel medical lasers market growth in the coming years.
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Increasing Healthcare Expenditure to Favor Growth of the Market in North America
The growing demand for minimally-invasive procedures and adoption of novel technologies has aided the growth of the medical lasers market in North America. Fortune Business Insights states that the North America dominated the global medical lasers market in 2018 and is likely to lead the market throughout the forecast duration.
The medical lasers market in North America was valued at US$ 1,635.3 Mn in 2018. The medical lasers market in Asia Pacific is likely to witness an increase in its previous CAGR, favored by the increasing number of hair-transplant procedures in this region.
Fortune Business Insights has profiled a few of the prominent medical lasers market companies that have constituted a substantial amount of market value in recent years. Additionally, Fortune Business Insights labels the companies that are likely to lead the market in the coming years. Some of the leading companies that are operating in the global market are El.En. S.p.A., Lumenis, Fotona, Ellex Medical Lasers Ltd., BIOLASE, Inc., Sisram Medical Ltd., IRIDEX Corporation, CANDELA CORPORATION, and Topcon Corporation.
The global medical lasers market is segmented based on:
By End User