Soaring Investments in Research & Development Activities to Aid Market Growth
Ever since the first laser was developed nearly 60 years ago, laser technologies have evolved at a rapid pace. Due to technological advancements and emphasis on the discovery of innovative laser concepts, at present, lasers are extensively used across a host of industrial sectors. Developments in laser technologies over the past few decades have played an imperative role in revolutionizing the modern-day healthcare sector. Medical laser systems are increasingly being used across hospitals and specialized clinics around the world in an array of medical applications, including dermatology, cancer therapy, cardiovascular treatment, ophthalmology, and dentistry. This is expected to drive the medical laser systems market.
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While the science behind light remains the same, technologies and innovative laser concepts have matured at a rapid pace due to which, different types of lasers have entered the fray. Some of the most recent advancements within the laser field include the onset of new types of lasers such as holmium-doped laser, full silicon laser, and flying microlaser, among others. Advancements in photonics coupled with the surge in research and development activities have played a key role in increasing the adoption of medical laser systems over the past decade and the trend is likely to continue during the forecast period. At the back of these factors, the global medical laser systems market is on course to reach a market value of ~US$ 8.5 Bn the end of 2030.
Demand for Solid-state Lasers on Rise Due to Progress in Photonics
Over the past few years, research institutes and the healthcare sector have extensively focused on exploring the potential benefits of new laser technologies in medical applications. The progress made by photonics in recent years has played a key role in the development of new lasers. Among different types of lasers, fiber lasers, a variant of the solid-state laser, have gained a considerable amount of popularity. The adoption of fiber lasers has consistently grown over the past few decades due to optimum physical characteristics of the waveguide structure of the fiber.
Medical Laser Systems Market Segmentation
Although fiber lasers are used across a broad spectrum of research and industrial applications, the demand from the medical field is on the rise. The adoption of fiber lasers in the medical field has shifted gears due to which, fiber lasers have emerged as one of the most promising tools that are likely to modernize the medical sector. The growing demand for painless and non-invasive medical treatments is another factor that is expected to propel the demand for medical laser systems in the forthcoming decade. Recent progress in cancer diagnosis using advanced laser technologies is another major factor that is likely to provide an impetus to the growth of the medical laser systems market.
Researchers around the world are increasingly focused on the development of photoacoustic imaging techniques, wherein living materials are thoroughly examined using laser light. At present, medical experts are increasingly exploring potential applications of photoacoustic imaging in the medical field.
Adoption of Medical Laser Systems May Potentially Fasten COVID-19 Diagnostics
The onset of the novel COVID-19 pandemic is expected to provide a new window of opportunity for players operating in the current medical laser systems market. Although the demand for a few types of non-essential laser treatments is likely to witness a slight decline, the adoption of medical laser systems for COVID-19 diagnostics is likely to grow. At present, COVID-19 diagnostics involves a swab test that typically takes several hours. However, researchers are exploring the potential applications of lasers to speed up COVID-19 diagnostics. A group of scientists from different universities in the U.S. is collaborating with each other to develop a diagnostic tool to identify different viruses using laser beams.
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At present, considerable efforts are being made to streamline the screening process and make it more efficient. Medical laser systems have the potential to provide solutions to address these challenges. For instance, in May 2020, QuantLase Imaging Lab announced that the organization has successfully developed cutting-edge laser equipment that is likely to enable large-scale testing and mass screenings. Stakeholders operating in the current medical laser systems market landscape are expected to improvise, invest in research, and develop new solutions to capitalize on the looming opportunities.
The global medical laser systems market is expected to grow at an impressive CAGR of ~12% during the forecast period. The market growth is largely driven by advancements in laser technology, strides taken by photonics in the past decade, a growing number of research activities, and collaborations between medical and research institutes. The soaring demand for solid-state lasers will provide a boost to the prospects of the medical laser systems market during the forecast period despite treading through uncertain times during the COVID-19 pandemic.
Medical Laser Systems Market: Overview
The global medical laser systems market was valued at ~US$ 2 Bn in 2019 and is projected to expand at a high CAGR from 2020 to 2030. Rise in prevalence of various chronic conditions, such as ophthalmic, dermatology, cardiovascular, neurology, and orthopedic, leading to associated surgeries are anticipated to augment the global medical laser systems market during the forecast period. Moreover, technological advancements leading to the development of innovative laser devices, increase in geriatric population, faster adoption of medical lasers, especially in developing markets, stringent regulatory guidelines, and efficiency of lasers in minimally invasive surgeries are expected to propel the global medical laser systems market.
Medical lasers are devices, which use light source for treatment of various medical conditions. Laser technologies utilize specific wavelengths and create higher intensity beam for cutting or removing through tissues. Medical laser surgical procedures include cosmetic surgeries, ophthalmic surgeries, dental surgeries, general surgeries, and orthopedic surgeries. Standard guidelines are established for medical laser manufacturers for production of medical lasers using innovative technologies. Key players offering innovative diode, crossbeam, and solid-state lasers are likely to propel the market at the global level.
According to the American Academy of Dermatology, acne is a highly common condition affecting around 50 millionpeople in the U.S. each year. According to statistics, 17.7 million cosmetic procedures were performed in the U.S. in 2018. According to the CDC, 17.2% of the people in the U.S. suffer from cataract conditions, which is around 20.5 million people, affecting majorly over 40 years of age. Incidence of cataract is projected to reach 30 million by 2028 in the U.S. This is anticipated to drive the demand for medical laser systems to treat various ophthalmic conditions. According to WHO statistics, oral diseases are expected to affect around 3.5 billion people globally by 2020, which drives the drives the demand for medical lasers for dental surgeries. The factors mentioned above are likely to boost the demand for medical lasers systems for treatment of various minimally invasive surgical procedures.
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Medical Laser Systems Market: Segmentation
The global medical laser systems market has been segmented based on product type, application, end user, and region
In terms of product type, the global medical laser systems market has been classified into gas lasers, solid-state lasers, fiber lasers, diode lasers, femtosecond lasers, and others. The solid-state lasers segment has been split into Nd: YAG, Ho: YAG, Er: YAG, and dye laser. The gas lasers segment has been segregated into CO2 laser, argon laser, excimer laser, and others. The solid-state lasers segment accounted for the largest market share owing to higher power, short wavelengths, and fast & qualitative beam quality compared to other medical lasers. The diode lasers segment is anticipated to grow at a rapid pace attributable to faster adoption and wide acceptance in aesthetics, cancer therapy, photodynamic therapy, surgical treatment, microsurgery, general surgery, and urology surgical procedures.
Based on application, the global medical laser systems market has been categorized into ophthalmology, cosmetic/dermatology, dentistry, cancer therapy, cardiovascular, and others. The others segment includes biosensing, diagnostics, orthopedic, wound healing, and general surgery. The cosmetic/dermatology segment accounted for the largest market share in 2019, as medical laser technologies are efficient in these minimal invasive surgeries. Moreover, high expenditure on cosmetic procedure treatments is another factor likely to propel the segment during the forecast period.
In terms of end user, the global medical laser systems market has been divided into hospitals, ambulatory surgical centers, and others. The hospitals segment dominated the global medical laser systems market in 2019, as it is the preferred setting for conducting various medical laser surgeries. Hospital-based healthcare systems with well-equipped infrastructure provide easy access to medical laser systems, which in turn augments the segment.
Medical Laser Systems Market: Regional Segmentation
In terms of region, the global medical laser systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global medical laser systems market in 2019, owing to faster adoption of various medical laser technologies such as diode laser and crossbeam laser. Moreover, rise in prevalence of ophthalmology, cardiovascular, cancer, orthopedic, and dental diseases is a major factor driving the demand for medical laser systems for performing associated surgeries in the region. Furthermore, increase in cosmetic surgeries is likely to augment the medical laser systems market in the region. In 2018, 12.2 million cosmetic procedures were performed across the U.S., including 15.9 million cosmetic minimal invasive procedures. Presence of leading players such as Modu-Laser and BIOLASE, Inc. in the U.S. that offer a series of strong medical laser devices are likely to drive the medical laser systems market in the region. Technological advancements, increase in various surgical procedures, rise in the geriatric population, and surge in investments by key players in the development of innovative and promising medical laser technologies are projected to propel the medical laser systems market in North America.
Europe was the second largest market for medical laser systems in 2019. Presence of key players such as Zeiss, LASOS Lasertechnik GmbH, and Alcon are anticipated to boost the growth of the medical laser systems market in Europe. The European Society for Lasers and Energy Based Devices (ESLD) and the European Medical Laser Association (EMLA) are communication platforms, where various members can exchange and promote laser technologies. This is likely to boost awareness about medical laser systems across Europe.
Asia Pacific is expected to be the fastest growing market for medical laser systems during the forecast period. Large number of cosmetic surgeries are performed in countries in Southeast Asia, which is likely to fuel the growth of the medical laser systems market in the region. South Korea is considered the largest market for cosmetic laser surgeries in the region, with around 1 million procedures performed per year. Moreover, rise in prevalence of chronic diseases is another factor propelling the medical laser systems market in Asia Pacific during the forecast period.
Medical Laser Systems Market: Major Players
Key players operating in the global medical laser systems market include
- LASOS Lasertechnik GmbH
- Fujikura Ltd.
- BIOLASE, Inc.
- IRIDEX Corporation
- Candela Corporation
- Bausch & Lomb
These players focus on adopting various growth strategies to expand their product portfolios and strengthen geographic presence across the globe. Key players have incorporated various strategies such as launch of innovative products, participation in events and fairs pertaining to medical laser technologies, mergers & acquisitions, and entering into emerging economies to remain competitive in the global medical laser systems market.
Key Questions Answered in Medical Laser Systems Market Report
- What is the sales/revenue generated by the global medical laser systems market across all the regions during the forecast period?
- What are the key trends in the global medical laser systems market?
- What are the major drivers, restraints, and opportunities in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2030 and which product type will expand at the fastest CAGR during the forecast period?
Medical Laser Systems Market – Segmentation
- Gas Lasers
- CO2 Lasers
- Argon Lasers
- Excimer lasers
- Solid-state Lasers
- Dye Laser
- Fiber Lasers
- Diode Lasers
- Femtosecond Lasers
- Cancer Therapy
- Ambulatory Surgical Centers
- Specialized Clinics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Medical Laser Systems Market
4. Market Overview
4.1.1. Market Definition
4.1.2. Industry Evolution / Developments
4.3. Market Dynamics
4.4. Global Medical Laser Systems Market Analysis and Forecast, 2018–2030
4.4.1. Market Revenue Projections (US$ Mn)
5. Key Insights
5.1. Disease Prevalence & Incidence Rate globally with Key countries
5.2. Regulatory Scenario by Region/globally
5.3. Technological Advancements
6. Global Medical Laser Systems Market Analysis and Forecast, by Product Type
6.1. Introduction & Definition
6.2. Key Findings / Developments
6.3. Global Medical Laser Systems Market Value Forecast, by Product Type, 2018–2030
6.3.1. Gas Lasers
184.108.40.206. CO2 Lasers
220.127.116.11. Argon Lasers
18.104.22.168. Excimer Lasers
6.3.2. Solid-state Lasers
22.214.171.124. Dye Lasers
6.3.3. Fiber Lasers
6.3.4. Diode Lasers
6.3.5. Femtosecond Lasers
6.4. Market Attractiveness Analysis, by Product Type
7. Global Medical Laser Systems Market Analysis and Forecast, by Application
7.1. Introduction & Definition
7.2. Key Findings / Developments
7.3. Global Medical Laser Systems Market Value Forecast, by Application, 2018–2030
7.3.4. Cancer therapy
7.4. Market Attractiveness Analysis, by Application
8. Global Medical Laser Systems Market Analysis and Forecast, by End-user
8.1. Introduction & Definition
8.2. Key Findings / Developments
8.3. Global Medical Laser Systems Market Value Forecast, by End-user, 2018–2030
8.3.2. Diagnostic Centers
8.4. Market Attractiveness Analysis, by End-user
9. Global Medical Laser Systems Market Analysis and Forecast, by Region
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