Market Research Report
Medical Laser Market: Current Analysis and Forecast (2021-2027)
|Medical Laser Market: Current Analysis and Forecast (2021-2027)|
Published: December 1, 2021
UnivDatos Market Insights Pvt Ltd
Content info: 248 Pages
Delivery time: 1-2 business days
Medical Laser Market is expected to grow at a significant CAGR of ~15% during the forecast period (2021-2027). Medical Lasers are medical devices which focus light precisely on the required area to treat or remove tissues. The term 'laser' stands for light amplification by Stimulated Emission of Radiation. Ordinary light like that from a light bulb has many wavelengths and spreads in all directions. Laser lights on the other hand have a specific wavelength. It is focused in a narrow beam and creates a very high-intensity light. Since lasers can focus very accurately on tiny areas, they can be used for very precise surgical work or for cutting through tiny tissue sections (in place of scalpel). Lasers are used in all kinds of surgical procedures, from cosmetic surgery (to remove tattoos, scars, stretch marks, wrinkles, sunspots, spider veins, hair etc.), refractive eye surgery, dental procedures, and general surgery (for treatments of cataract, breast, tumor, plastic surgery, and other such procedures).
Key reasons for the growth of the medical laser market is driven by the increase in prevalence of eye disorders of geriatric population and rise in number of patients which use advanced laser based treatments. In addition to this, the surge in number of cosmetic and non-invasive surgeries and increase in importance of aesthetics laser procedures are some of the major factors which boost the global medical laser market. However, stringent safety regulations and high rate of failure of laser based surgical procedure have restrained the market growth. On the contrary, increase in disposable incomes and growth in laser treatment demand in emerging countries are expected to offer significant profitable opportunities for the market players, which leads to increase growth in the global medical laser market. Treatments can also be expensive and are therefore not accessible to everyone. Laser eye surgery can cost anywhere from US$600 to US$8,000 or more based on your healthcare plan and the provider or facility you use for your surgery. The costs of laser skin therapies can range from US$200 to over US$3,400, according to the University of Michigan Cosmetic Dermatology & Laser Center.
Bausch Health Companies Inc., Biolase Inc., Boston Scientific Corporation, Cryolife Inc., Ellex Medical Lasers Limited, Iridex Corporation, Koninklijke Philips N.V., Lumenis Ltd., Novartis Ag, and Syneron Medical Ltd. are some of the prominent players operating in the Medical Laser market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Product, Diode Laser Systems segment holds the major share"
Based on Product, the Medical Laser Market is segmented into Solid State Laser Systems, Gas Laser Systems, Dye Laser Systems, and Diode Laser Systems. According to the American Society of Plastic Surgeons (ASPS), 18 million people underwent aesthetic surgeries in 2018 in the United States which is almost a quarter of a million more than 2017. In addition to this, favorable reimbursement policies and government initiatives are aiming to broaden treatment accessibility and will stimulate the expansion of industry.
"Amongst Application, Dermatology Segment holds the major share"
Based on Type, the Medical Laser Market is segmented into Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiology, Gastroenterology, and Others. The number of dermatologists have increased significantly in the years. In the 1970s, there were 4,004 dermatologists in the United States and the number has increased to 19,957 till 2019. Much of the 50-year increase comes from the larger proportion of women entering the specialty.
"Amongst End-User, Power Utilities segment holds the major share"
Based on End-User, the Medical Laser market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. Especially during the covid-19 pandemic, hospitals beds and hospital constructions increased significantly all over the world. For example, in NYC, March 2020, they tripled their number of beds in the intensive care unit (ICU) originally present in 11 hospitals.
"North America represents one of the largest markets of Medical Laser market"
For a better understanding of the market dynamics of the Medical Laser market, a detailed analysis was conducted for different regions across India including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. North America dominated the market and grabbed around XX% market share owing to increasing plastic surgeries and Lasik eye surgeries in the region.
Reasons to buy this report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts
The report presents a quick review of overall industry performance at one glance
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
The study comprehensively covers the market across different segments
Deep dive regional level analysis of the industry
Medical Laser market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.