Medical Laser Market: Current Analysis and Forecast (2023-2030)

Report Description

Medical Laser Market is expected to grow at a significant CAGR of 13% during the forecast period (2023-2030). Medical Lasers are medical devices that 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 a 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 are driven by the increase in the prevalence of eye disorders in the geriatric population and the rise in the number of patients who use advanced laser based treatments. In addition to this, the surge in the number of cosmetic and non-invasive surgeries and the increase in the importance of aesthetic laser procedures are some of the major factors that boost the global medical laser market. However, stringent safety regulations and a high rate of failure of laser-based surgical procedures have restrained the market growth. On the contrary, an 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 will lead to increased 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 USD 600 to USD 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 USD 200 to over USD 3,400, according to the University of Michigan Cosmetic Dermatology & Laser Center.

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 Type, surgical laser is also expected to grow at a higher during the forecast”

Based on type, the medical laser market is segmented into surgical, dental, aesthetic, and others. The surgical laser is also expected to grow at a higher during the forecast. This is mainly due to the rising interest in harmless and negligibly obtrusive surgeries, the maturing populace, the pervasiveness of persistent sicknesses, and progressions in laser innovation. Moreover, the developing number of clinical offices and specialists utilizing lasers, as well as unofficial laws and approaches that help the utilization of careful lasers, are further expected to drive the market.

“Amongst Product, diode laser systems segment is expected to grow with a robust CAGR during the forecast period”

Based on product, the medical laser market is segmented into solid state laser systems, gas laser systems, dye laser systems, and diode laser systems. Amongst product, the diode laser systems segment is expected to grow with a robust CAGR during the forecast period. Diode lasers are compact, portable, and cost-effective, making them ideal for use in a variety of medical applications. Used in a range of procedures, including surgery, dermatology, and urology, and are particularly useful for minimally invasive procedures. Diode lasers are also highly precise, allowing for precise tissue removal and minimizing the risk of collateral damage. Making it ideal for use in delicate procedures, such as eye surgery and neurosurgery. Additionally, diode lasers are highly versatile, allowing for a wide range of wavelengths to be used for different applications. Making it a popular choice for medical professionals, also used for a variety of procedures with a single device.

Medical Laser Market Report Coverage

“North America is expected to grow with a considerable CAGR during the forecast period”

North America is expected to grow with a considerable CAGR during the forecast period. This is mainly owing to the high preference for cosmetic surgeries and the huge demand for medical technologies. Additionally, the rise in the prevalence of ophthalmology, cardiovascular diseases, cancer, orthopedic ailments, and dental diseases is further expected to drive the growth of the market. The developing business sector for clinical lasers in North America is being driven by the rising interest in harmless and negligibly obtrusive operations, the maturing populace, the predominance of persistent sicknesses, and headways in laser innovation. These variables are establishing a great climate for the proceeded with development of the clinical laser market in the district.

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

Customization Options:

Global Medical Laser market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Medical Laser Market Analysis (2023-2030)

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 & and sub-segments for major regions. Major segments included in the report as type, 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 the use of lasers in surgeries like tumor removal, aesthetics, etc. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers 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 were applied to arrive at the market forecast about 2030 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 on investments from the qualitative and quantitative analysis performed in the study. Current and future market trends 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

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