Pune, India, April 12, 2022 (GLOBE NEWSWIRE) -- The global Medical Laser Market is anticipated to rise during the forecast period due to rising demand for minimally invasive procedures among the population. Fortune Business Insights™ publishes this information in a report titled, "Medical Laser Market, 2022-2029". As per the report, the curcumin market size was USD 4.15 billion in 2021. The Medical Laser Market size is expected to rise from USD 4.80 billion in 2022 to USD 14.23 billion by 2029, at a CAGR of 16.8% during the projected period.
Laser therapy is a medical treatment that uses an intense light beam to destroy, burn, or cut tissue. These lasers are used in various medical treatments where the recent medical application of medical lasers was in ophthalmology and dermatology. The increasing demand for minimally invasive procedures and aesthetic laser procedures is expected to drive the market during the forecast period. According to the American Society for Aesthetic Plastic Surgery (ASAPS), the American population spends around USD 13.00 billion on various aesthetic treatments.
Industry Developments:
- April 2021: Alma Lasers, an energy-based medical and aesthetic solutions provider launched Alma PrimeX, a combination of ultrasound and radiofrequency technologies for circumference reduction and skin tightening in the abdomen, thigh, and waist areas.
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COVID-19 Impact:
Restriction on Non-Essential Treatment to Restrict Market Growth
The market has witnessed a mild impact of the COVID-19 pandemic as the demand for a laser treatment was declined during the pandemic. The laser treatment lies under non-essential treatments, due to which the government restricted these medical services. Thus, the product demand and Medical Laser Market growth was highly affected. According to the America Society of Plastic Surgeons, 757,808 laser hair removal procedures were performed in 2020 compared to 1,055,456 laser hair removal procedures in 2019. These factors have affected the market growth and expansion during the pandemic.
Segments:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2022 to 2029 CAGR | 13.9 % |
| 2027 Value Projection | USD 10.57 billion |
| Base Year | 2019 |
| Market Size in 2021 | USD 4.37 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 160 |
| Segments covered | By Product, By Geography, By Type, By End-User |
| Growth Drivers | The escalating need for these lasers for the treatment of several diseases and intensifying need for non-invasive treatments are some of the factors propelling the market growth. |
| The increasing demand for the aesthetic laser procedures in the developing countries is anticipated to boost the market growth. |
Surgical Lasers to Dominate Market Due to Advanced Technologies
By type, the market is segregated into surgical lasers, dental lasers, aesthetic lasers, and others.
Based on the product, the market is bifurcated into laser systems and consumables.
On the basis of end-users, the market is divided into hospitals and specialty clinics.
Finally, by geography, the market share is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides complete market growth and development data such as partnerships, mergers, acquisitions, and alliances. Also, the impact of COVID-19 pandemic on market growth and product demand is highlighted further in this report. Furthermore, the drivers and restraints affecting the market growth are elaborated further, along with the key developments and advancements in the industry. Key players in the industry are listed further along with their business growth strategies. Regional market share information is further highlighted in this report.
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Technological Advancements to Propel Growth
The Medical Laser Market is expected to grow significantly during the forecast period due to rising technological advancements in the healthcare industry. Also, increasing demand for aesthetic cosmetic procedures is likely to drive the market. Furthermore, developments in the healthcare infrastructure are expected to drive the market during the forecast period.
However, laser surgeries' high cost and side effects may hinder the market growth.
North America Dominates Global Market Due to Increasing Product Demand
North America holds the highest global Medical Laser Market share during the forecast period owing to the increasing demand for aesthetic procedures and high preferences for cosmetic procedures. The regional market share stood at USD 1.74 billion in 2021 and is expected to grow higher during the forecast period.
Europe is expected to witness substantial growth at a CAGR of 16.4% during the projected period. The increasing incidence of ophthalmic disorders in this region is anticipated to drive the market during the forecast period.
New Product Launch Allow Companies to Enhance Product Portfolio
The prominent market players focus on implementing various business growth strategies to ensure a higher growth rate during the forecast period. The companies form strategic alliances, mergers, partnerships, and acquisitions to expand their business globally. Also, the key market players focus on implementing innovative product development strategies to enhance their product portfolio and attract global customers. These strategies will allow key players to gain a competitive advantage in the emerging market.
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List of Key Players Profiled in Market Report:
- El.En. S.p.A. (Italy)
- Lumenis Ltd. (U.S.)
- BIOLASE, Inc. (U.S.)
- Sisram Medical Ltd. (Israel)
- IRIDEX Corporation (U.S.)
- Ellex Medical Lasers Ltd. (Australia)
- CANDELA CORPORATION (U.S.)
- Topcon Corporation (Japan)
- Cynosure Inc. (U.S.)
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Technological Advancements
- New Product Launches, by Key Players
- Detailed Product Portfolio, by Key Players
- Pricing Analysis, by Key Players
- Overview of Laser Surgical Procedures, by Key Regions
- Key Mergers & Acquisitions, by Key Players
- Impact of COVID-19 on Medical Laser Market
- Global Medical Laser Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Surgical Lasers
- Dental Lasers
- Aesthetic Lasers
- Others
- Market Analysis, Insights and Forecast – By Product
- Laser Systems
- Consumables
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Medical Laser Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Surgical Lasers
- Dental Lasers
- Aesthetic Lasers
- Others
- Market Analysis, Insights and Forecast – By Product
- Laser Systems
- Consumables
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Type
- Canada
- U.S.
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