Medical Lasers Market by Technology (Solid (ER:YAG, ND:YAG, HO:YAG, Alexandrite), Gas (CO2, Argon, Excimer), Pulsed Dye, Diode), Application (Aesthetics, Dermatology, Urology), End User (Hospital, Clinic, Home), Unmet Needs - Global Forecast to 2028
The global medical lasers market in terms of revenue was estimated to be worth $4.8 Billion in 2023 and is poised to reach $8.3 Billion by 2028, growing at a CAGR of 11.5% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The global market is poised for growth during the forecast period, primarily driven by two key factors. Firstly, there is a rise in the utilization of non-surgical cosmetic procedures, motivating a greater number of individuals to consider and undergo these treatments. Secondly, the market is experiencing positive growth due to the increasing favorability of minimally invasive devices. Patients are increasingly inclined towards these devices because of their lower risk, quicker recovery times, and the attainment of more nuanced results. This dual interaction of heightened awareness and the acceptance of minimally invasive alternatives is anticipated to serve as a substantial catalyst for market expansion in the upcoming years.
Medical Lasers Market
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e- Estimated; p- Projected
Medical Lasers Market: Market Dynamics
Driver: Increase in the number of non surgical cosmetic procedures
The field of cosmetic medicine is witnessing a growing preference for minimally invasive and non-surgical laser treatments, presenting a convenient and lower-risk alternative to traditional surgical procedures. Procedures such as laser therapy and microdermabrasion are becoming increasingly popular as they offer natural-looking results while addressing a variety of cosmetic concerns. One of the key advantages of these treatments is their minimal downtime, allowing for quick recovery and the resumption of daily activities without significant interruption. This attribute contributes to their widespread acceptance across different age groups, further fueled by their accessibility and customizable options.
The appeal of these treatments extends to their ability to minimize scarring, making them especially attractive to individuals who are concerned about the potential for surgical scars. Nevertheless, it is essential that these procedures be conducted by qualified medical professionals to ensure both safety and effectiveness. Seeking consultation with healthcare providers is imperative for the development of personalized treatment plans, emphasizing the importance of a cautious and informed approach to cosmetic interventions.
Restraint: Stringent safety regulation
The market is characterized by rigorous regulatory compliance and safety standards, which play a crucial role in ensuring patient well-being and treatment effectiveness. Despite their significant benefits, these standards pose several challenges for industry participants. New entrants face obstacles such as resource-intensive compliance requirements, resulting in hindrances to market entry. Delays in product development and approvals, coupled with increased treatment costs, further compound the challenges. Additionally, the extensive oversight associated with regulatory compliance can potentially lead to legal issues for non-compliant companies.
Furthermore, these regulations impose limitations on practitioner flexibility, and their global variations add complexity to the industry, necessitating ongoing education and training. While these constraints may present difficulties, they ultimately prioritize patient safety, foster trust within the industry, and contribute to the long-term viability of the market. Companies that successfully navigate this regulatory landscape are rewarded with a strengthened position in the market.
Opportunity: Growth of medical tourism
The rapid growth of medical tourism has emerged as a significant opportunity within the market. As global travel becomes more accessible and healthcare costs rise in certain regions, patients increasingly seek affordable and high-quality medical treatments abroad. Medical lasers play a crucial role in various cosmetic and therapeutic procedures, ranging from dermatology to ophthalmology. This surge in international patient traffic has created a burgeoning demand for advanced medical laser technologies in popular medical tourism destinations. Healthcare facilities in these destinations are investing in cutting-edge laser equipment to attract medical tourists seeking cost-effective treatments without compromising on quality. The intersection of medical tourism and the expanding market presents a compelling opportunity for manufacturers and providers to cater to a growing global clientele.
Challenge: Risk associated with lasers
The market faces challenges due to the prevalence of alternative beauty and cosmetic products. Competing for consumer attention against a diverse range of over-the-counter options, providers must highlight the advantages of professional treatments. Economic considerations often influence consumer choices, with many opting for more affordable beauty products over expensive procedures. The perceived convenience of non-invasive beauty products adds another layer of complexity. To distinguish themselves, providers require effective marketing strategies and distinctive brand identities. It is crucial to educate consumers on the safety and benefits of professional treatments while navigating diverse regulatory standards. In a saturated market, providers must underscore the importance of personalized care, enduring results, and expertise to attract and retain clients.
Market Ecosystem/Map
By technology, the solid-state lasers system segment of medical lasers industry accounted for the largest share in 2023.
Based on technology, the medical lasers market is segmented into solid-state laser systems, gas laser systems, pulsed dye laser systems, diode laser systems, and other technologies system. in 2023, the solid-state laser systems segment accounted for the largest market share. The rising utilization of advanced instruments that improve precise diagnostics and the increasing desire for enhanced sensitivity are driving the growth of this particular segment in the market.
By application, medical lasers industry of the dermatology application market will register significant growth in the near future.
Based on application, the medical lasers market is segmented into aesthetic/cosmetic applications, dermatology applications, urology applications, ophthalmology applications, dental applications, ob/gyn applications, oncology applications, cardiovascular applications, and other applications. The aesthetic/cosmetic applications segment market by application registers the highest growth rate during the forecast period. The primary drivers contributing to the highest growth rate in this segment are attributed to the increased use of innovative devices that facilitate precise targeting of specific areas within the realm of medical laser treatments.
By end user, the hospitals and surgical centers segment of medical lasers industry accounted for the largest share in 2023.
Based on end users, the medical lasers market is segmented into hospitals and surgical centers, dermatology clinics and dental clinics, medical and beauty spas, home use and self care and other end users. In 2022, the hospitals and surgical centers segment accounted for the largest market share. The highest share of this segment is attributed to the rising utilization of automated systems. The primary factor influencing the significant growth in this sector is the increasing use of automated systems in medical laser clinics, particularly for the early detection of diseases, driven by a heightened awareness. This upswing is primarily a consequence of the digitization of patient workflows in medical practices, a rise in the number of laser procedures conducted, and an increased adoption of advanced systems in these clinics to improve the overall quality of patient care.
By region, North America is expected to be the largest market of the medical lasers industry during the forecast period.
In 2023, North America, which includes both the United States and Canada, held the leading position in market share. The growth of the medical lasers market in the North American region can be attributed to several factors such as the increasing applications in the healthcare sector, favorable reimbursement policies, and the notable presence of major industry players. Furthermore, the market is experiencing additional momentum from the rapid rise in the elderly population and the significant establishment of aesthetic imaging centers in the region.
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As of 2023, prominent players in the market are Lumenis Be Ltd. (Israel), Alma Lasers (Israel), and Cynosure (US), among others.
Scope of the Medical Laser Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$4.8 Billion |
|
Projected Revenue by 2028 |
$8.3 Billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 11.5% |
|
Market Driver |
Increase in the number of non surgical cosmetic procedures |
|
Market Opportunity |
Growth of medical tourism |
This report has segmented the medical lasers market to forecast revenue and analyze trends in each of the following submarkets:
By Technology
- Solid-State Laser Systems
- ER:YAG Laser Systems
- NG:YAG Laser Systems
- HO:YAG Laser Systems
- Alexandrite Laser Systems
- Other Solid-State Laser Systems
- Gas Laser Systems
- Co2 Laser Systems
- Argon Laser Systems
- Krypton Laser Systems
- Excimer Laser Systems
- Other Gas Laser Systems
- Pulsed Dye Laser Systems
- Diode Laser Systems
- Other Technologies
By Application
- Aesthetic/Cosmetic Applications
- Hair Removal
- Acne And Scar Removal
- Tattoo Removal
- Other Aesthetic Applications
- Dermatology Applications
- Urology Applications
- Ophthalmology Applications
- Dental Applications
- Ob/Gyn Applications
- Oncology Applications
- Cardiovascular Applications
- Other Applications
By End User
- Hospitals And Surgical Centers
- Dermatology Clinics And Dental Clinics
- Medical And Beauty Spas
- Home Use And Self Care
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- Thailand
- South Korea
- Indonesia
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
Recent Developments of Medical Lasers Industry:
- In March 2022, Cynosure has introduced the PicoSure Pro system, the only FDA-cleared 755nm picosecond laser utilizing rapid pressure pulses instead of heat. This innovative technology ensures safe and effective pigmentation removal and skin rejuvenation for all skin types. The launch is scheduled to take place at the AMWC Congress in Monaco.
- March 2021, Bausch Health Companies Inc. and its Solta Medical division have introduced the Clear + Brilliant Touch laser in the United States. This next-generation product offers an advanced treatment protocol, delivering customized and comprehensive benefits to patients of varying ages and skin types through the utilization of two wavelengths.
- Arpil 2021, Lumenis Ltd. has received FDA approval for their newest IPL device, specially crafted to alleviate symptoms of dry eye disease stemming from meibomian gland dysfunction (MGD). This represents a noteworthy breakthrough in the treatment of dry eye conditions.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global medical lasers market?
The global Medical Lasers market boasts a total revenue value of $8.3 Billion by 2028.
What is the estimated growth rate (cagr) of the global medical lasers market?
The global Medical Lasers market has an estimated compound annual growth rate (CAGR) of 11.5% and a revenue size in the region of $4.8 Billion in 2023. .
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The study involved four major activities in estimating the current size of the medical laser market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial medical lasers market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the medical lasers market. The primary sources from the demand side include medical OEMs, CDMOs, and service providers. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2021, Tier 1 = >USD 1,000 million, Tier 2 = USD 500–1,000 million, and Tier 3 = <USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Estimation Methodology
In this report, the size of the medical lasers market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value. This process involved the following steps:
- Generating a list of major global players operating in the medical lasers market.
- Mapping annual revenues generated by major global players from the product segment (or nearest reported business unit/category)
- Revenue mapping of major players to cover a major share of the global market share as of 2022
- Extrapolating the global value of the medical lasers market industry
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global medical lasers market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the medical lasers market was validated using top-down and bottom-up approaches.
Market Definition
The medical lasers market encompasses the global industry involved in the development, manufacturing, and distribution of laser-based technologies for diverse medical applications. These devices emit focused and intense beams of light with specific wavelengths, serving diagnostic, therapeutic, and surgical purposes in medical and healthcare settings. The market includes a variety of laser types, such as solid-state lasers (e.g., Nd: YAG lasers), gas lasers (e.g., CO2 lasers, argon lasers), diode lasers, and excimer lasers, each finding application in specialties like ophthalmology, dermatology, dentistry, cardiology, gynecology, urology, and surgery. As a result, medical lasers are widely employed in the formulation and production processes of various industries, including hospitals & surgical centers, dermatology clinics & dental clinics, medical& beauty spa.
Key Stakeholders
- Dermatology Clinics and Aesthetic Centers
- Hospitals and Surgical Centers
- Cosmetic Product Manufacturers
- Pharmaceutical Companies
- Medical Spas and Beauty Spas
- Cosmetologists and Plastic Surgeons
- Medical Aesthetics Device Distributors and Suppliers
- Dermatologists and Aesthetic Practitioners
- Urologists and Urological Surgeons
- Obstetricians and Gynecologists
- Nurses and Oncology Nurse Navigators
- Oncologists
- Cardiac Surgeons
- Regulatory Agencies
- Public Health Organizations
- Research and Development Organizations
- Medical Laser Manufacturers
Objectives of the Study
- To define, describe, and forecast the size of the medical lasers market based on technology, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth potential of the global medical lasers market (drivers, restraints, opportunities, challenges, and trends)
- To analyze the micro markets with respect to individual growth trends, prospects, and contributions to the global medical lasers market.
- To analyze key growth opportunities in the global medical lasers market for key stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Spain, Italy, and the RoE), Asia Pacific (Japan, China, India, Australia, South Korea, Indonesia, Thailand and the RoAPAC), Latin America (Brazil, Mexico, RoLA), and Middle East and Africa.
- To profile the key players in the medical lasers market and comprehensively analyze their market shares and core competencies
- To track and analyze the competitive developments undertaken in the global medical lasers market, such as product launches, agreements, expansions, and mergers & acquisitions.
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present medical lasers market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe medical lasers market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others
- Further breakdown of the Rest of Asia Pacific diagnostic imaging market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
Growth opportunities and latent adjacency in Medical Lasers Market