Medical Laser Market Size to Hit Around US$ 15.63 Bn by 2030

June 23, 2022

According to Precedence Research, the global medical laser market size was valued at US$ 4.5 billion in 2021 and is expected to hit around US$ 15.63 billion by 2030 with a CAGR of 14.84% from 2022 to 2030.

/EIN News/ -- Ottawa, June 23, 2022 (GLOBE NEWSWIRE) -- The global medical laser market will reach valuation at US$ 5.17 billion in 2022. The global pandemic which struck the market during the last few years has created a downward market as anticipated by the experts. Based on the analysis the market has shown a decline of around 13% in 2020.

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Regional Snapshots

The region of North America has shown a tremendous growth in the market with the revenue of around 1.6 billion in 2021 and it's foreseen to show a greater growth during the forecast. The increasing market for minimally invasive medical procedures, high adoption rate of technologically advanced procedures and increasing need for cosmetic procedures has helped the US market to grow.

Europe is also seen to show a substantial growth in the forecast at a CAGR of 15% with an increasing incidence of sensory organ related disorders in the country. The region of Asia Pacific stands as the second largest market for the medical laser system. It is estimated to show the fastest growth during the forecast. Due to the developing infrastructure Latin America, Middle East and Africa markets are also showing significant growth.

Report Highlights

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 4.5 Billion
Revenue Forecast by 2030 USD 15.63 Billion
CAGR 14.84% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players BiolaseInc, Candela corporation, Top corn corporation, Lumenis limited, Sisram medical limited, Iridex Corporation

Recent Developments

The established players in the medical laser procedures market like En. S.p.A., Ellex Medical Lasers and Lumenis account for a significant growth in the market. The aesthetic laser system used for removal of tattoos, scar hair and others is conducted by Lumenis. It presented a new product of an energy based medical device in January 2020 under the new platform of LightSheer Quattro.

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Market Dynamics

Drivers

With the development of the laser market the demand for minimally invasive operative procedures has increased. This has led to the growing number of cosmetic surgeries and the increase in the total number of ophthalmic surgeries. The increase in the number of glaucoma related disorders, coronary artery diseases, heart diseases and other diseases have also contributed to fuel the growth of the current market. The adoption of new laser procedures and innovative technology is one of the important factors that boost the current market in the forecast period. Medical and cosmetic laser manufacturer Erchonia Corporation launched a new low level green laser model for body fat reduction. Increasing awareness among people regarding physical appearance is proving to be a great reason for the growth of the market globally. The increasing demand for aesthetic laser systems and consumables are proving to be a driving force for the laser market.

Restraints

The high cost associated with these medical laser services has led to the decline in the number of consumers opting for these facilities. People from the moderate to lower socio-economic background are not able to afford such kind of services due to the high cost of the procedures. Also, the increased number of side effects which are seen after the laser surgeries limits the growth that the market aims to show. The complications which are associated with these kinds of procedures such as dyschromia and scarring and many others also hinder the market size during the forecast period. Alternative treatments, which are additionally provided at a lower cost and which also show lesser side effects are being opted by the individuals. This in turn helps them to avoid future complications. The laser systems in the developing and underdeveloped countries are facing a challenge in its growth pattern.

Opportunities

The increasing demand for minimally invasive surgical procedures in the fields of ophthalmic laser surgeries and other surgeries relating to sensory organs help in providing a great opportunity for the market growth. Reduction in the amount of pain that the individual has to undergo has also proved to be a great opportunity for the medical laser market. Easy healing of wounds post surgical procedures has also provided. The emergence of various multi specialty hospitals which are providing a wide of services along with reimbursement facilities increases opportunities for growth. Painless procedures also attract the market of pediatric surgical treatments to a great extent.

Challenges

The choice of advanced laser operated surgical procedures over the traditional techniques increases the total cost of the services hence challenges the market growth during the forecast period. The installation cost of these laser surgical equipments poses a great challenge in front of the market. The high level safety regulations that need to be followed for these laser ttreatments and surgical procedures iincreases the total cost the hospital to create a conductive setup for the procedure. Further, it is a great challenge for the developing and underdeveloped nations to opt for this kind of laser operated surgical procedures.

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Market Segmentation

By Product

By Type

By End User

By System

By Application

By Geography

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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