Surgical laser device is a medical device that uses a beam to remove diseased tissues or treat blood vessels that are bleeding by focusing on the cell to heat them until they burst to shrink tumors or treat tissues. Several types of laser beams are available in the market, each type has a different use and color. The color of the light beam is related to the type of surgery being performed and color of the tissue being treated. Lasers can be used in nearly every surgical procedure. General surgeons use various laser delivery systems and laser wavelengths to remove, vaporize, and cut tissue. Increasing inclination toward minimally invasive surgeries boosts the growth of the global surgical lasers devices market owing to gaining popularity over radiation therapy, conventional surgeries, and systematic chemotherapy for chronic conditions’ treatment. Usage of laser technology is increasing in oncology, urogynecological, cardiovascular, dermatology, and ophthalmology-related surgeries. However, like any other surgical procedure, there are certain risk factors involved with laser surgeries such as incomplete treatment of the disease, change of skin color, and formation of scars. These factors restrain the global surgical lasers devices market.
According to the U.S. Food and Drug Administration (FDA), the laser surgery device uses non-ionizing radiation, so it does not have the same long-term risks as x-rays or other types of ionizing radiation. The global surgical laser devices market can be segmented based on product type, procedure type, application, end-user, and region. In terms of product type, the market can be divided into diode lasers, Neodymium:Yttrium-Aluminum-Garnet (Nd:YAG) laser, argon lasers, CO2 lasers, and other surgical lasers. CO2 lasers held the largest market share in 2016 owing to continuous technological development. However, diode lasers, Nd:YAG lasers, and argon lasers are anticipated to grow during the forecast period due to procedural benefits, awareness among patients, and demand for minimally invasive procedures.
Based on procedure type, the global surgical laser devices market can be classified into laparoscopic surgery, open surgery, and percutaneous surgery. Laparoscopic surgery held significant market share in 2016 due to high popularity and procedural benefits. In terms of application, the global surgical lasers devices market can be segmented into oncology, urology, gynecology, cardiology, dermatology, dentistry, ophthalmology, and others. The urology segment held major market share due to rise in the prevalence of urological disorders such as kidney stones, renal cancer, and prostate enlargement.
Geographically, the global surgical laser devices market can be classified into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. North America held the largest market share owing to availability of advanced and technologically improved surgical laser devices. The market in North America is likely to continue to witness strong grow during the forecast period due to rise in the number of surgical procedures such as cosmetic surgeries (to remove hair, spider veins, birthmarks, wrinkles, sunspots, stretch marks, scars or tattoos), dental procedures (oral, tooth whitening, periodontics, or endodontic surgery), refractive eye surgery (to improve or correct vision by reshaping the cornea as in photorefractive keratectomy or LASIK), general surgeries (cataract removal, tumor removal, plastic surgery, breast surgery, and many other surgical procedures). Europe held the second largest market share due to awareness about the advantages such as reduced blood loss, reduced chance of wound infection, decreased postoperative discomfort, and better wound healing. The market in Asia Pacific is anticipated to experience strong growth during the forecast period owing to high awareness, increased inclination toward minimally invasive surgical procedures, improvements in health care infrastructure, and public health systems especially in India, Japan, Australia, South Korea, and China.
New product launches is the latest trend gaining momentum in the global surgical laser devices market. The players in the market are increasingly focusing on the development and launch of new surgical laser devices. To enhance the growth and sustain in the market, the players must focus on research and development coupled with new product launches. Key players engaged in the development of innovative devices to improve the efficacy of surgical laser procedures include BISON Medical Co., Ltd., Cynosure, Inc., Fotona, Biolitec AG, Spectranetics Corporation, IPG Photonics Corporation, Alma Lasers, Lumenis Ltd., Boston Scientific Corporation, and Abbott Laboratories, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.