Market Research Report
Medical Laser Market Size By Product, By Application, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Medical Laser Market Size By Product, By Application, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: October 22, 2021
Global Market Insights Inc.
Content info: 173 Pages
Delivery time: 2-3 business days
The medical laser market is estimated to register robust growth by 2027 owing to surging product demand in a wide range of medical procedures across the globe. Medical lasers refer to medical devices that employ precisely focused light sources for removing or treating tissues.
As lasers can accurately focus on tiny areas, they are preferred for precise surgical work or for cutting through tissues instead of scalpels. When used properly, lasers help surgeons perform more complex tasks, decrease post-operative discomfort, achieve better wound healing, lower chances of wound infection, and reduce blood loss, which has played a vital role in the revenue growth of the industry in recent years.
Following the COVID-19 outbreak, researchers focused on exploring the use of medical lasers in COVID-19 treatment, which has created massive growth potential in the market during the pandemic. To that effect, a July 2020 study published in the Canadian Journal of Respiratory Therapy found that low-level laser therapy (LLLT), in combination with conventional therapy for acute respiratory distress syndrome (ARDS), a key cause of mortality from the COVID-19 illness, could reduce the time patients remain on ventilators, expedite the healing process, and shorten the recovery time.
The medical laser market has been bifurcated based on product, application, end-use, and region. On the basis of product, the market has further been segmented into gas laser systems, solid state laser systems, diode laser systems, and dye laser systems.
The solid state laser systems sub-segment held a notable market share in 2020 and is anticipated to grow at a steady pace over 2021-2027. Various benefits of these systems, including their small size, light weight, and extended life span, are driving product adoption, which is set to fuel segmental growth in the coming years.
From the application perspective, the medical laser market has been categorized into dermatology, gastroenterology, ophthalmology, gynecology, urology, dentistry, cardiology, and others. The urology sub-segment is expected to observe sizable growth at a CAGR of approximately 21% through the assessment timeframe. Surging adoption of minimally invasive procedures as a replacement for open operations in urology is likely to boost segmental demand through the following years.
With respect to end-use, the market has been segregated into specialty clinics, hospitals, ambulatory surgical centers, and others. The ambulatory surgical centers sub-segment is slated to witness substantial growth through 2027, delivering a stable CAGR over the review period. Sophisticated infrastructure and multispecialty operations with shorter admission time has boosted consumer preference for ambulatory surgical centers, which is foreseen to impel segmental development in the upcoming years.
On the regional spectrum, the Latin America medical laser market accounted for over 4% of the overall industry revenue in 2020 and is speculated to see significant growth over the forecast period. Rising demand for advanced surgeries, along with growing adoption of aesthetic procedures in LATAM, is projected to foster regional market outlook in the future.