Medical Laser Market: Current Analysis and Forecast (2021-2027)

Report Description

Medical Laser Market is expected to grow at a significant CAGR of ~15% during the forecast period (2021-2027). Medical Lasers are medical devices which focus light precisely on the required area to treat or remove tissues. The term ‘laser’ stands for light amplification by Stimulated Emission of Radiation. Ordinary light like that from a light bulb has many wavelengths and spreads in all directions. Laser lights on the other hand have a specific wavelength. It is focused in a narrow beam and creates a very high-intensity light. Since lasers can focus very accurately on tiny areas, they can be used for very precise surgical work or for cutting through tiny tissue sections (in place of scalpel). Lasers are used in all kinds of surgical procedures, from cosmetic surgery (to remove tattoos, scars, stretch marks, wrinkles, sunspots, spider veins, hair etc.), refractive eye surgery, dental procedures, and general surgery (for treatments of cataract, breast, tumor, plastic surgery, and other such procedures).

Key reasons for the growth of the medical laser market is driven by the increase in prevalence of eye disorders of geriatric population and rise in number of patients which use advanced laser based treatments. In addition to this, the surge in number of cosmetic and non-invasive surgeries and increase in importance of aesthetics laser procedures are some of the major factors which boost the global medical laser market. However, stringent safety regulations and high rate of failure of laser based surgical procedure have restrained the market growth. On the contrary, increase in disposable incomes and growth in laser treatment demand in emerging countries are expected to offer significant profitable opportunities for the market players, which leads to increase growth in the global medical laser market. Treatments can also be expensive and are therefore not accessible to everyone. Laser eye surgery can cost anywhere from US$600 to US$8,000 or more based on your healthcare plan and the provider or facility you use for your surgery. The costs of laser skin therapies can range from US$200 to over US$3,400, according to the University of Michigan Cosmetic Dermatology & Laser Center.

Average Cost of Laser Refractive Surgery (US$), Q4-2015 to Q2-2019

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 facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Product, Diode Laser Systems segment holds the major share”

Based on Product, the Medical Laser Market is segmented into Solid State Laser Systems, Gas Laser Systems, Dye Laser Systems, and Diode Laser Systems. According to the American Society of Plastic Surgeons (ASPS), 18 million people underwent aesthetic surgeries in 2018 in the United States which is almost a quarter of a million more than 2017. In addition to this, favorable reimbursement policies and government initiatives are aiming to broaden treatment accessibility and will stimulate the expansion of industry.

“Amongst Application, Dermatology Segment holds the major share”

Based on Type, the Medical Laser Market is segmented into Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiology, Gastroenterology, and Others. The number of dermatologists have increased significantly in the years. In the 1970s, there were 4,004 dermatologists in the United States and the number has increased to 19,957 till 2019. Much of the 50-year increase comes from the larger proportion of women entering the specialty.

 “Amongst End-User, Power Utilities segment holds the major share”

Based on End-User, the Medical Laser market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. Especially during the covid-19 pandemic, hospitals beds and hospital constructions increased significantly all over the world. For example, in NYC, March 2020, they tripled their number of beds in the intensive care unit (ICU) originally present in 11 hospitals.

“North America represents one of the largest markets of Medical Laser market”

For a better understanding of the market dynamics of the Medical Laser market, a detailed analysis was conducted for different regions across India 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. North America dominated the market and grabbed around XX% market share owing to increasing plastic surgeries and Lasik eye surgeries in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Medical Laser market were the three major steps undertaken to create and analyze the adoption of Medical Laser in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Medical Laser market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Medical Laser through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Medical Laser market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Product, Application, and End-User. Further country-level analyses were conducted to evaluate the overall adoption of Medical Laser in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Medical Laser. Further, we conducted factor analysis using dependent and independent variables such as increasing use of lasers in surgeries like tumor removal, aesthetics etc. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Medical Laser sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Medical Laser market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Medical Laser across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Medical Laser market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Medical Laser market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Medical Laser market.

The main objective of the Medical Laser Market Study

The current & future market trends of Medical Laser were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Medical Laser in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and their subtypes
• Define and analysis of the regulatory framework for the Medical Laser industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Medical Laser market for the major region
• Major regions studied in the report include 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.
• Company profiles of the Medical Laser market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry