Soaring Investments in Research & Development Activities to Aid Market Growth

Ever since the first laser was developed nearly 60 years ago, laser technologies have evolved at a rapid pace. Due to technological advancements and emphasis on the discovery of innovative laser concepts, at present, lasers are extensively used across a host of industrial sectors. Developments in laser technologies over the past few decades have played an imperative role in revolutionizing the modern-day healthcare sector. Medical laser systems are increasingly being used across hospitals and specialized clinics around the world in an array of medical applications, including dermatology, cancer therapy, cardiovascular treatment, ophthalmology, and dentistry. This is expected to drive the medical laser systems market.

While the science behind light remains the same, technologies and innovative laser concepts have matured at a rapid pace due to which, different types of lasers have entered the fray. Some of the most recent advancements within the laser field include the onset of new types of lasers such as holmium-doped laser, full silicon laser, and flying microlaser, among others. Advancements in photonics coupled with the surge in research and development activities have played a key role in increasing the adoption of medical laser systems over the past decade and the trend is likely to continue during the forecast period. At the back of these factors, the global medical laser systems market is on course to reach a market value of ~US$ 8.5 Bn the end of 2030.

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Demand for Solid-state Lasers on Rise Due to Progress in Photonics

Over the past few years, research institutes and the healthcare sector have extensively focused on exploring the potential benefits of new laser technologies in medical applications. The progress made by photonics in recent years has played a key role in the development of new lasers. Among different types of lasers, fiber lasers, a variant of the solid-state laser, have gained a considerable amount of popularity. The adoption of fiber lasers has consistently grown over the past few decades due to optimum physical characteristics of the waveguide structure of the fiber.

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Although fiber lasers are used across a broad spectrum of research and industrial applications, the demand from the medical field is on the rise. The adoption of fiber lasers in the medical field has shifted gears due to which, fiber lasers have emerged as one of the most promising tools that are likely to modernize the medical sector. The growing demand for painless and non-invasive medical treatments is another factor that is expected to propel the demand for medical laser systems in the forthcoming decade. Recent progress in cancer diagnosis using advanced laser technologies is another major factor that is likely to provide an impetus to the growth of the medical laser systems market.

Researchers around the world are increasingly focused on the development of photoacoustic imaging techniques, wherein living materials are thoroughly examined using laser light. At present, medical experts are increasingly exploring potential applications of photoacoustic imaging in the medical field.

Adoption of Medical Laser Systems May Potentially Fasten COVID-19 Diagnostics

The onset of the novel COVID-19 pandemic is expected to provide a new window of opportunity for players operating in the current medical laser systems market. Although the demand for a few types of non-essential laser treatments is likely to witness a slight decline, the adoption of medical laser systems for COVID-19 diagnostics is likely to grow. At present, COVID-19 diagnostics involves a swab test that typically takes several hours. However, researchers are exploring the potential applications of lasers to speed up COVID-19 diagnostics. A group of scientists from different universities in the U.S. is collaborating with each other to develop a diagnostic tool to identify different viruses using laser beams.

At present, considerable efforts are being made to streamline the screening process and make it more efficient. Medical laser systems have the potential to provide solutions to address these challenges. For instance, in May 2020, QuantLase Imaging Lab announced that the organization has successfully developed cutting-edge laser equipment that is likely to enable large-scale testing and mass screenings. Stakeholders operating in the current medical laser systems market landscape are expected to improvise, invest in research, and develop new solutions to capitalize on the looming opportunities.

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Analysts’ Viewpoint

The global medical laser systems market is expected to grow at an impressive CAGR of ~12% during the forecast period. The market growth is largely driven by advancements in laser technology, strides taken by photonics in the past decade, a growing number of research activities, and collaborations between medical and research institutes. The soaring demand for solid-state lasers will provide a boost to the prospects of the medical laser systems market during the forecast period despite treading through uncertain times during the COVID-19 pandemic.  

Medical Laser Systems Market: Overview

  • The global medical laser systems market was valued at ~US$ 2 Bn in 2019 and is projected to expand at a high CAGR from 2020 to 2030. Rise in prevalence of various chronic conditions, such as ophthalmic, dermatology, cardiovascular, neurology, and orthopedic, leading to associated surgeries are anticipated to augment the global medical laser systems market during the forecast period. Moreover, technological advancements leading to the development of innovative laser devices, increase in geriatric population, faster adoption of medical lasers, especially in developing markets, stringent regulatory guidelines, and efficiency of lasers in minimally invasive surgeries are expected to propel the global medical laser systems market.
  • Medical lasers are devices, which use light source for treatment of various medical conditions. Laser technologies utilize specific wavelengths and create higher intensity beam for cutting or removing through tissues. Medical laser surgical procedures include cosmetic surgeries, ophthalmic surgeries, dental surgeries, general surgeries, and orthopedic surgeries. Standard guidelines are established for medical laser manufacturers for production of medical lasers using innovative technologies. Key players offering innovative diode, crossbeam, and solid-state lasers are likely to propel the market at the global level.
  • According to the American Academy of Dermatology, acne is a highly common condition affecting around 50 million people in the U.S. each year. According to statistics, 17.7 million cosmetic procedures were performed in the U.S. in 2018. According to the CDC, 17.2% of the people in the U.S. suffer from cataract conditions, which is around 20.5 million people, affecting majorly over 40 years of age. Incidence of cataract is projected to reach 30 million by 2028 in the U.S. This is anticipated to drive the demand for medical laser systems to treat various ophthalmic conditions. According to WHO statistics, oral diseases are expected to affect around 3.5 billion people globally by 2020, which drives the drives the demand for medical lasers for dental surgeries. The factors mentioned above are likely to boost the demand for medical lasers systems for treatment of various minimally invasive surgical procedures.

Medical Laser Systems Market: Segmentation

  • The global medical laser systems market has been segmented based on product type, application, end user, and region
  • In terms of product type, the global medical laser systems market has been classified into gas lasers, solid-state lasers, fiber lasers, diode lasers, femtosecond lasers, and others. The solid-state lasers segment has been split into Nd: YAG, Ho: YAG, Er: YAG, and dye laser. The gas lasers segment has been segregated into CO2 laser, argon laser, excimer laser, and others. The solid-state lasers segment accounted for the largest market share owing to higher power, short wavelengths, and fast & qualitative beam quality compared to other medical lasers. The diode lasers segment is anticipated to grow at a rapid pace attributable to faster adoption and wide acceptance in aesthetics, cancer therapy, photodynamic therapy, surgical treatment, microsurgery, general surgery, and urology surgical procedures.
  • Based on application, the global medical laser systems market has been categorized into ophthalmology, cosmetic/dermatology, dentistry, cancer therapy, cardiovascular, and others. The others segment includes biosensing, diagnostics, orthopedic, wound healing, and general surgery. The cosmetic/dermatology segment accounted for the largest market share in 2019, as medical laser technologies are efficient in these minimal invasive surgeries. Moreover, high expenditure on cosmetic procedure treatments is another factor likely to propel the segment during the forecast period.
  • In terms of end user, the global medical laser systems market has been divided into hospitals, ambulatory surgical centers, and others. The hospitals segment dominated the global medical laser systems market in 2019, as it is the preferred setting for conducting various medical laser surgeries. Hospital-based healthcare systems with well-equipped infrastructure provide easy access to medical laser systems, which in turn augments the segment.

Medical Laser Systems Market: Regional Segmentation

  • In terms of region, the global medical laser systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America dominated the global medical laser systems market in 2019, owing to faster adoption of various medical laser technologies such as diode laser and crossbeam laser. Moreover, rise in prevalence of ophthalmology, cardiovascular, cancer, orthopedic, and dental diseases is a major factor driving the demand for medical laser systems for performing associated surgeries in the region. Furthermore, increase in cosmetic surgeries is likely to augment the medical laser systems market in the region. In 201812.2 million cosmetic procedures were performed across the U.S., including 15.9 million cosmetic minimal invasive procedures. Presence of leading players such as Modu-Laser and BIOLASE, Inc. in the U.S. that offer a series of strong medical laser devices are likely to drive the medical laser systems market in the region. Technological advancements, increase in various surgical procedures, rise in the geriatric population, and surge in investments by key players in the development of innovative and promising medical laser technologies are projected to propel the medical laser systems market in North America.
  • Europe was the second largest market for medical laser systems in 2019. Presence of key players such as Zeiss, LASOS Lasertechnik GmbH, and Alcon are anticipated to boost the growth of the medical laser systems market in Europe. The European Society for Lasers and Energy Based Devices (ESLD) and the European Medical Laser Association (EMLA) are communication platforms, where various members can exchange and promote laser technologies. This is likely to boost awareness about medical laser systems across Europe.
  • Asia Pacific is expected to be the fastest growing market for medical laser systems during the forecast period. Large number of cosmetic surgeries are performed in countries in Southeast Asia, which is likely to fuel the growth of the medical laser systems market in the region. South Korea is considered the largest market for cosmetic laser surgeries in the region, with around 1 million procedures performed per year. Moreover, rise in prevalence of chronic diseases is another factor propelling the medical laser systems market in Asia Pacific during the forecast period.

Medical Laser Systems Market: Major Players

  • Key players operating in the global medical laser systems market include 
    • LASOS Lasertechnik GmbH
    • Fujikura Ltd.
    • Modu-Laser
    • Zeiss
    • BIOLASE, Inc.
    • Alcon
    • IRIDEX Corporation
    • Candela Corporation
    • Cynosure
    • Lumenis
    • Bausch & Lomb
  • These players focus on adopting various growth strategies to expand their product portfolios and strengthen geographic presence across the globe. Key players have incorporated various strategies such as launch of innovative products, participation in events and fairs pertaining to medical laser technologies, mergers & acquisitions, and entering into emerging economies to remain competitive in the global medical laser systems market.

Medical Laser Systems Market – Scope of the Report

TMR’s report on the global medical laser systems market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides revenue of the global medical laser systems market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global medical laser systems market for the forecast period.

The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global medical laser systems market.

Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global medical laser systems market.

The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global medical laser systems market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global medical laser systems market. The next section of the global medical laser systems market report highlights the USPs, which include disease prevalence of cardiovascular, ophthalmology, neurosurgery, dermatology, cancer, wounds, surge in cosmetic surgeries across the globe, technological advancements, and regulatory scenario of medical laser devices across the globe.

The report delves into the competition landscape of the global medical laser systems market. Key players operating in the global medical laser systems market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global medical laser systems market report.

Key Questions Answered in Medical Laser Systems Market Report

  • What is the sales/revenue generated by the global medical laser systems market across all the regions during the forecast period?
  • What are the key trends in the global medical laser systems market?
  • What are the major drivers, restraints, and opportunities in the global market?
  • Which region is set to expand at the fastest CAGR during the forecast period?
  • Which segment will have the highest revenue globally in 2030 and which product type will expand at the fastest CAGR during the forecast period?

Medical Laser Systems Market - Research Objectives and Research Approach

The comprehensive report on the global medical laser systems market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global medical laser systems market. It is followed by market introduction, market dynamics, and an overview of the global medical laser systems market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the medical laser systems market. The next section of the global medical laser systems market report highlights the USPs, which include disease prevalence of cardiovascular, ophthalmology, neurosurgery, dermatology, cancer, wounds, surge in cosmetic surgeries across the globe, technological advancements, and regulatory scenario of medical laser devices in the global market.

For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section further divided into smaller sections. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.

Revenue generated by key medical laser systems manufacturers has been mapped to ascertain the size of the global medical laser systems market in terms of value. The forecast presented here assesses the total revenue generated in the medical laser systems market. In order to provide an accurate forecast, we initiated by sizing up the current medical laser systems market with the help of the parent market.

The report analyzes the global medical laser systems market in terms of product type, application, end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global medical laser systems market.

Medical Laser Systems Market – Segmentation

Product Type

  • Gas Lasers
    • CO2 Lasers
    • Argon Lasers
    • Excimer lasers
    • Others
  • Solid-state Lasers
  • Nd:YAG
  • Ho:YAG
  • Er:YAG
  • Dye Laser
  • Fiber Lasers
  • Diode Lasers
  • Femtosecond Lasers
  • Others

Application

  • Ophthalmology
  • Cosmetic/Dermatology
  • Dentistry
  • Cancer Therapy
  • Cardiovascular
  • Others

End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialized Clinics

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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