Pune, July 29, 2020 (GLOBE NEWSWIRE) — The global medical lasers market is anticipated to gain impetus from the rising demand for aesthetic laser procedures, especially in the developing nations. Laser therapy is a medical treatment that uses intense beams of light for burning, cutting, or destroying a tissue. LASER stands for Light Amplification by Stimulated Emission of Radiation and is used for various diagnostic treatments. As per a report by Fortune Business Insights, titled, “Medical Laser Market Size, Share & COVID-19 Impact Analysis, By Type (Surgical Lasers, Dental Lasers, Aesthetic Lasers, and Others), By Product (Laser Systems, and Consumables), By End Users (Hospitals, and Specialty Clinics), and Regional Forecast, 2020-2027,” the value of this market was USD 4.37 billion in 2019 and is likely to reach USD 10.57 billion by 2027, at a CAGR of 13.9% between 2020 to 2027.
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The report is based on the following questions:
- What is the nature of the market for medical lasers?
- Which is the leading segment?
- What is the impact of COVID-19 pandemic on the medical lasers market?
- What are the current trends of the market?
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Drivers & Restraints-
Increasing Demand for Minimally Invasive Surgeries to Bode Well for Market
The increasing prevalence of cosmetic procedures such as lip augmentation, rhinoplasty, facelift, liposuction, breast augmentation, and others stands as a key factor propelling the medical laser market growth. Additionally, the rising prevalence of coronary artery diseases, age-related macular edema, coronary artery diseases, and other diseases is also adding fuel to the growth of the market. This, coupled with the advent of innovative technology and the integration of aesthetic medical laser procedures are likely to aid in the expansion of the market in the forecast period.
On the contrary, factors such as the high cost of laser surgeries may pose a major drawback to the market. This, coupled with the side effects of medical lasers such as acne, infection, scarring, changes in skin color, redness, itching, and others may also hamper the overall growth of the market. Furthermore, the current coronavirus pandemic is also creating new challenges for the market.
Nevertheless, the increasing popularity of procedure-specific aesthetic laser systems for various skin and beauty related treatments is attracting a large number of the female population, thereby creating lucrative growth opportunities for the market.
Aesthetics Segment Earned Dominance Attributed to Increasing Number of Minimally Invasive Surgeries
With respect to segmentation by type, the aesthetics segment emerged dominant in 2019 with 47.1% medical laser market share. The growth of this segment is attributed to the increasing number of cosmetic minimally invasive surgeries.
North America Dominated Market with Highest Number of Cosmetic Procedures
Geographically, North America earned the dominant share with USD 1.87 billion in 2019. This is accountable to the increasing number of cosmetic surgeries and the rising demand for minimally invasive surgeries. Europe ranked second whereas Asia Pacific is likely to become the fastest growing region in the forecast period. This is attributable to the rising popularity of anti-aging treatment, hair removal procedures, and others. Furthermore, the rising demand for aesthetic lasers is likely to help the market in Latin America and Europe showcase significant growth in the coming years.
Players Focusing on Establishing Brand across Geographies to Earn Lion’s Share
The global market for medical lasers is semi-consolidated as only a few top companies are holding prominent shares. Some of the players are engaging in establishing their brand presence and offering a wide range of products in various fields, such as ophthalmology, aesthetics, and surgical areas. The other players in this market are focusing on strengthening their distribution channel and expanding their geographical presence to gain a significant position in the competitive landscape.
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Prominent Industry Developments of the Market for Medical Laser Include:
February 2020 – ClearSkin PRO was launched by Alma Lasers for delivering an estimated 3,000 ml of non-ablative laser energy per pulse. This will help improve the aesthetic laser sector portfolio of the company.
January 2020 – Lumenis disclosed a new platform called the LightSheer Quattro during the 22nd International Master Course on Aging Science (IMCAS) conference. The LightSheer is meant for laser hair removal for all types of skin.
List of the Leading Companies Profiled in the Medical Lasers Market Research Report include:
- IRIDEX Corporation (California, United States)
- Sisram Medical Ltd. (Caesarea, Israel)
- CANDELA CORPORATION (Massachusetts, United States)
- El.En. S.p.A. (Calenzano FI, Italy)
- BIOLASE, Inc. (California, United States)
- Fotona (Ljubljana, Slovenia)
- Ellex Medical Lasers Ltd. (Adelaide, Australia)
- Topcon Corporation (Tokyo, Japan)
- Lumenis Ltd. (Maryland, United States)
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Detailed Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Technological Advancements
4.2. New Product Launch, By Key Players
4.3. Detailed Product Portfolio, By Key Players
4.4. Pricing Analysis, By Key Players
4.5. Overview of Laser Surgical Procedures, By Key Regions
4.6. Key Mergers & Acquisitions, By Key Players
5. Global Medical Lasers Market Analysis, Insights and Forecast, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.3. Market Analysis, Insights and Forecast – By Product
5.4. Market Analysis, Insights and Forecast – By End User
5.5. Market Analysis, Insights and Forecast – By Country
5.5.5.Middle East & Africa
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