Medical Laser Holds Huge Potential in Revolutionizing Numerous Surgeries. North America to Witness the Highest Growth.
- Vikas Kumar
- December 18, 2021
- HEALTHCARE, NEWS
- Medical Laser market, Medical Laser market Growth, Medical Laser market news, Medical Laser market Report, Medical Laser market Share, Medical Laser market Size, Medical Laser market Trend
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Medical Laser market is expected to expand at a reasonable CAGR of around ~15% during the forecast period (2021-2027). In 2021, the average cost of LASIK eye surgery is about US$ 2,246 per eye in the United States. Costs are gathered from ophthalmologists who routinely perform LASIK surgery and other vision correction procedures, like PRK, SMILE and refractive lens exchange. The actual price you pay for LASIK will depend on many factors, including the experience and reputation of your surgeon and the type of technology used during your procedure. Most refractive surgeons in the U.S. (more than 71% in 2019) charge one price for all vision correction procedures performed with an excimer laser to reshape the cornea of the eye. Other LASIK surgeons, however, base their prices on the specific technology used during the procedure. For example, they may charge more for all-laser LASIK or custom LASIK that employs wave front technology for a more customized procedure. In other words, additional technology such as the use of a femtosecond laser to create the flap in the cornea for bladeless LASIK is included in a single fee and not priced separately as an “extra.” A small percentage of surgeons base their laser surgery prices on the strength of your eye prescription. With this kind of pricing, patients with stronger prescriptions will pay more than those with weaker prescriptions.
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Laser hair removal process is the treatment of hair follicles with laser light which results in permanent hair reduction or removal. This procedure can be performed in almost any area of the body with unwanted hair. For women, the most treated areas include legs, bikini line, underarms, face, back and upper lips. Laser hair removal is safe (FDA-cleared), effective and provides long-lasting results. After advanced laser technology was introduced, one can finally get rid of waxing, razor bumps and painful electrolysis. Hair removal treatment results can vary depending on an individual’s genetics, hormone levels, and other metabolic and skin related factors. A series of 4 to 6 sessions results typically in permanent hair reduction in most people. Studies have shown up to 90% hair reduction after 6 treatments.
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As Covid-19 drove the nation into a lockdown in March 2020, ophthalmology practices were handling only procedures deemed medically necessary. Even after restrictions were eased, fear of contracting the coronavirus infection caused many patients to cancel or postpone appointments for examinations and elective procedures involving physical visits. Refractive surgery has proven to be an exception and seems to have benefitted from a kick start during the Covid-19 era. Laser vision correction (LVC) procedures including LASIK, SMILE and PRK were all put on the back burner. Now, more than 17 months later, the U.S. refractive sector is flourishing in the wake of the Covid-19 pandemic. As the pressures on public health and safety have given rise to multiple factors motivating people to reevaluate their eye health and vision correction options, demand for LVC procedures continues to increase. According to data from the Refractive Surgery Council (RSC), consistent, strong growth in LVC procedure volume has been reported since the fourth quarter of 2020. While 2020 was a year of disruptions, 2021 is showing clear promise with procedure volume picking up where it left off in 2018, rising to its highest levels since RSC began tracking in 2015.
Based on Product, the Medical Laser Market is segmented into Solid State Laser Systems, Gas Laser Systems, Dye Laser Systems, and Diode Laser Systems. Diode laser systems offer precise and accurate outcomes in minimal time periods. Furthermore, application of diode lasers in minimally invasive surgeries reduces post-surgical complications in aesthetic surgeries which is expected to fuel to product demand as aesthetic surgeries are gaining traction in the coming days.
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Based on Application, the Medical Laser Market is segmented into Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiology, Gastroenterology, and Others. Dermatology segment has numerous applications in the medical lasers have proven to be highly efficient in treating cutaneous malignancies as well as primary skin disease. Moreover, increasing product adoption and preference of non-invasive cosmetic treatments is improving facial aesthetics which will further improve the market segmentation growth.
Based on End-User, the Instrument Transformer market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. The increasing presence of state of art facilities and skilled professionals in hospital settings. The growing preference towards facilities due to cost efficiency with reimbursements and better patient care will further augment the segment progression.
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Additionally, the report provides detailed initiatives that are being taken in the field of Medical Laser globally. The report provides a detailed analysis of regions including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. Bausch Health Companies Inc., Biolase Inc., Boston Scientific Corporation, Cryolife Inc., Ellex Medical Lasers Limited, Iridex Corporation, Koninklijke Philips N.V., Lumenis Ltd., Novartis Ag, and Syneron Medical Ltd. are some of the prominent players operating in the Medical Laser market. Several M&As along with partnerships have been undertaken by these players to make Medical Laser as cost-effective and as widely available as possible.
Medical Laser Market Segmentation
Market Insight, by Product
- Solid State Laser Systems
- Gas Laser Systems
- Dye Laser Systems
- Diode Laser Systems
Market Insight, by Application
Market Insight, by End-User
- Specialty Clinics
- Ambulatory Surgical Centers
Market Insight, by Region
- North America Medical Laser Market
- United States
- Rest of North America
- Europe Medical Laser Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Medical Laser Market
- Rest of Asia-Pacific
- Rest of World Medical Laser Market
Top Company Profiles
- Bausch Health Companies Inc.
- Biolase Inc.
- Boston Scientific Corporation
- Cryolife Inc.
- Ellex Medical Lasers Limited
- Iridex Corporation
- Koninklijke Philips N.V.
- Lumenis Ltd.
- Novartis Ag
- Syneron Medical Ltd.