MEDICAL LASER SYSTEMS MARKET ANALYSIS

The global medical laser systems market is estimated to be valued at US$ 3.67 Bn in 2023 and is expected to exhibit a CAGR of 12.9% during the forecast period (2023-2030).

Analysts’ Views on Global Medical Laser Systems Market:

 Rising chronic illness prevalence, an aging population, and an increase in product launches are expected to fuel the growth of the global market for medical laser systems during the forecast period.For instance, in September 2021, Zelira Therapeutics, a company involved in the research and development of clinically validated cannabinoid medicines, announced the launch of RAF FIVE acne treatment products through its dermatology subsidiary Ilera Derm LLC, a skincare medical company. RAF FIVE provides a proven acne-fighting regimen developed with Zylorma, a revolutionary complex with cannabidiol (CBD) Isolate, Salicylic Acid, and additional compounds that fight bacteria and clogged pores associated with acne while helping to balance out sebum production and aid in eliminating and preventing breakouts

Figure 1. Global Medical Laser Systems Market Share (%), by Product Type, 2023High cost of laser surgeries

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Global Medical Laser Systems Market – Driver

Increasing prevalence of ophthalmic disorders

Increasing prevalence of ophthalmic disorders leads to the increased use of medical lasers for elective surgeries or eye treatment is expected to drive the growth of the global medical laser systems market over the forecast period. For instance, in October 2022, according to National Glaucoma Research, more than 3 million Americans are living with glaucoma, 2.7 million of whom (aged 40 and older) are affected by its most common form, open-angle glaucoma and there are 80 million people worldwide with glaucoma, and this number is expected to increase to over 111 million by 2040.

Rise in chronic diseases such as cardiovascular disease (CVD)

Rise in the incidence of chronic diseases such as cardiovascular diseases leads to the use of medical laser systems which directly increases the need for the medical laser for the treatment and is expected to boost the growth of the global medical laser systems market over the forecast period. For instance, in June 2021, according to the World Health Organization, an estimated 17.9 million people died from CVDs in 2020, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Over three-quarters of CVD deaths take place in low and middle-income countries. Out of the 17 million premature deaths (under the age of 70) due to Non-communicable diseases in 2020, 38% were caused by CVDs.

Figure 2. Global Medical Laser Systems Market Share (%), by Region, 2023

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Global Medical Laser Systems Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global medical laser systems market over the forecast period. North America is estimated to hold 40.5% of the market share. North America medical laser systems market is expected to witness significant growth in the coming years, driven by factors such as the increasing prevalence of cardiovascular diseases and increase in the geriatric population Thus, the rise in medical laser systems market growth over the forecast period. For instance, on May 15, 2023, according to the Centers for Disease Control and Prevention, about 695,000 people in the U.S. died from heart disease in 2021—that’s 1 in every 5 death.

Global Medical Laser Systems Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, COVID-19 had a negative impact on the global medical laser systems market. The COVID-19 pandemic resulted in the cancellation of all elective procedures. Due to the Covid-19 outbreak, patients with appointments for elective surgeries for ophthalmic as well as chronic disease have postponed surgeries. As a result, restrictions on access to elective therapies, imposed either to decrease virus cross-transmission or to prepare the hospital structure to aid infected patients, have forced people to live with discomfort and ineffective temporary treatments. For instance, in February 2021, according to an article published in the Journal of Advances in Clinical and Experimental Medicine, the COVID-19 pandemic forced dental professionals to cope with an unexpected challenge and caused an abrupt cessation of conventional care practices. The high degree of contagiousness as well as the diffusion of the virus through the air and droplets via respiratory transmission placed dental professionals at top-level risk of contracting and spreading the disease. However, many dental treatments are performed using lasers, and some specific precautions must be added to conventional procedures to ensure the advantages of this technology to patients because of the particular tissue–matter interaction effects of laser wavelengths, but during the pandemic, the dental treatment decreases by using laser and increases post-pandemic, where elective surgeries also increase.

Global Medical Laser Systems Market Segmentation:

The global medical laser systems market report is segmented into product type, application, and region

Based on Product Type, the medical laser systems market is segmented into Diode Lasers, Solid State (Crystal), Gas Lasers, and Dye Lasers. Out of which, the gas lasers segment is expected to dominate the global medical laser systems market during the forecast period and this is due to the high incidence of sun damage, wrinkles, scars, warts, birthmarks, and other skin conditions as well as for the treatment for skin diseases in surgeries.

Based on Application, the medical laser systems market is segmented into Dermatology, Ophthalmology, Gynecology, Urology, Dentistry, Cardiovascular, and Others (Gastroenterology, Rheumatology, and Traumatology). The dermatology segment is expected to dominate the market over the forecast period and this is owing to the advances in technology, lower treatment costs, and rising average expenses associated with delivering healthcare to a population.

Based on Region, the medical laser systems market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The North America segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of chronic diseases and increasing product launches from the key market players.

Among all the segmentations, application segment has the highest potential due to the increasing product launches by the key market players over the forecast period. For instance on March 02, 2023, ViaLase, Inc., a clinical-stage medical technology company focused on addressing unmet needs in the conventional glaucoma treatment paradigm with the development of a truly non-invasive image-guided femtosecond laser treatment to enhance glaucoma patient care, announced positive results of the first-in-human study of femtosecond laser image-guided high-precision trabeculotomy (FLigHT) performed with the ViaLase technology.

Global Medical Laser Systems Market Cross Sectional Analysis:

Rising incidence of cardiovascular diseases and increasing geriatric population is expected to boost demand for the medical laser systems market in North America. For instance, on June 05, 2023, according to the Statista, in 2020, about 16.9 percent of the American population was 65 years old or over; a figure which is expected to reach 22 percent by 2050.

Global Medical Laser Systems Market: Key Developments

On February 23, 2023, BIOLASE, Inc., a medical device company, announced the U.S. launch of the Waterlase Fractional Handpiece for doctors seeking a faster and more efficient way to perform skin resurfacing. The Waterlase Fractional Handpiece is U.S. FDA 510(k) cleared and built on the patented and proven Waterlase iPlus platform, the leading all-tissue laser in the marketplace. The hand piece can deliver both ablative and non-ablative fractional treatments and provides the doctor with control over the depth of penetration with different parameters and treatment techniques.

In June 2020, LUMIBIRD, a developer, and manufacturer of markets lasers acquired all of Ellex’s laser and ultrasound activities, including the Ellex brand, the R&D and production site in Adelaide and the commercial subsidiaries based in Australia, Japan, the US, France, and Germany. In addition to the scale effect, this alliance represents a strong value-creating project thanks to their complementary product ranges, R&D, and commercial presence. Through this acquisition, the Group has further strengthened its current range with complementary high-quality products, while extending its geographical presence, particularly in the US and Japan, which are the top two global markets for ophthalmological medical devices.

On May 08, 2023, Reveal Lasers LLC, an energy-based technology for medical and aesthetic procedures company, announced the acquisition of Med Rep Meeting, a start-up company that arranges meetings for medical representatives in industries including medical aesthetics. This acquisition will allow Med Rep Meeting to act as the inside sales team for Reveal Lasers, enhancing the efficiency and productivity of Reveal Lasers' sales reps in the field.

In July 2022, STRATA Skin Sciences, Inc., a medical technology company dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions, announced the U.S. commercial launch of TheraClearX, a non-invasive, in-office acne treatment targeting the root causes of mild to moderate acne, including comedonal, pustular and inflammatory acne vulgaris.

Global Medical Laser Systems Market: Key Trends

The growing number of cosmetic procedures

The growing desire for non-invasive, painless medical procedures is anticipated to be advantageous for the sector. Additionally, opportunities for market expansion can be found in the numerous activities taken by healthcare organizations to promote medical tourism. Growing disposable incomes and the desire for laser therapy in developing countries both encourage market expansion in the future year. Additionally, there is space for expansion due to the emergence of multi-specialty hospitals that provide a variety of treatments and payment choices. For instance, in June 2020, Cynosure, Inc. a developer and manufacturer of light-based aesthetic and medical treatment systems, announced the U.S., European, and Australian launch of the Elite iQ platform, the next generation of the Elite+ Aesthetic Workstation that allows for faster treatments with higher max energy compared to previous generation devices. The Elite iQ platform leverages Skintel, the aesthetic industry's only live Melanin Reader, to offer customized laser hair removal treatments and permanently reduce unwanted hair for all skin types, anywhere on the body including the face, back, chest, arms, underarms, bikini area, and legs.

Global Medical Laser Systems Market: Restraint

High costs of laser surgeries

High costs of laser surgeries is slated to hinder market expansion over the forecast period. Due to the high cost of laser surgeries, it produces high chance of shifting from laser skin treatment of skin lesions to manual treatment and is slated to hinder the growth of the global medical laser systems market over the forecast period. So, the use of other techniques for meeting the demand can be suitable to avoid the high cost of laser surgeries. For instance, in June 2021, according to the American Society of Plastic Surgeons, the average cost of laser skin resurfacing is US$ 2,509 for ablative and US$ 1,445 for non-ablative.

Global Medical Laser Systems Market - Key Players

Major players operating in the global medical laser systems market include Johnson & Johnson Services, Inc., Alcon Inc., Bausch & Lomb Incorporated or its affiliates, LENSAR, Inc., NIDEK CO., LTD., iVIS Technologies, ZEISS International, Ziemer Ophthalmic Systems AG, Ra Medical Systems, SCHWIND eye-tech-solutions, CryLaS Crystal Laser Systems GmbH, Excel Technologies Inc., Elforlight Ltd, LTB Lasertechnik Berlin GmbH, Quanta System, Inc., LUMIBIRD, DEKA M.E.L.A. srl, Fotona, Syneron Medical Ltd ( Acquired by Candela Corporation), and Radiant Dyes Laser & Accessories GmbH.

*Definition: Medical lasers are medical devices that use precisely focused light sources to treat or remove tissues. Medical laser systems are used in several surgical procedures such as cosmetic surgery, refractive eye surgery, dental procedures, and general surgery such as tumor removal, cataract removal, breast surgery, plastic surgery, and most other surgical procedures. Medical lasers have three types of excitation mechanisms. In most gas lasers, high-voltage direct current electricity is used. With some CO2 lasers, radiofrequency electricity excites the gas. This type of excitation is needed to produce an ultra-pulsed output, which is the delivery of very fast, extremely powerful bursts of light.