Surgical Medical Laser Systems Demand Is Set to Witness a High Growth Rate of 9.2% is Expected to Reach US$ 7.68 Billion by 2032: Fact.MR Report
Rising awareness of medical tourism poses one of the major opportunities for demand growth of surgical medical laser systems.
Rockville, April 13, 2023 (GLOBE NEWSWIRE) -- It is anticipated that by the end of 2032, sales of surgical medical laser systems will reach US$7.68 billion worldwide. The global surgical medical laser systems market is forecasted to reach a market size of US$ 3.18 billion in 2022, with a forecasted CAGR of 9.2% from 2022 to 2032.
The demand for surgical medical lasers on a global scale accounted for 72.7% of the $4.05 billion market for lasers in 2021. According to Fact.MR, the demand for solid-state laser systems would account for more than 35% of all surgical medical laser sales in 2022.
Due to growing consumer and healthcare professional awareness of surgical laser systems globally, the demand for surgical medical lasers expanded at a CAGR of 6.7% during the last five years (2017-2021).
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Surgical Medical Laser Systems Market Scope | |
Report Coverage | Details |
Historic period | 2017-2021 |
Forecast period | 2022-2032 |
Growth momentum & CAGR | Accelerate at a CAGR of 9.2 % |
Market growth 2022-2032 | US$ 7.68 Billion |
Market structure | Fragmented |
Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
Key countries | US, Canada, UK, France, and Germany |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | Lumenis, Alcon, Baush & Lomb, Inc. IREDEX Corp., Photomedex, Inc., Philips (Spectranetics Corporation), Fotona, Elforlight Ltd., Alma Lasers, Accu-Tech Co., Ltd, BISON MEDICAL Co., Ltd., ASUKA MEDICAL inc., Quantel Laser (Lumibird Medical), Nidek Co. Ltd.,, Carl Zeiss Meditec AG. |
Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Drivers
Surgical medical laser systems are increasingly being used in minimally invasive procedures, which have become more popular among patients due to their shorter recovery time, reduced scarring, and fewer complications. This trend is driving the demand for surgical medical laser systems.
Chronic diseases such as cancer, cardiovascular diseases, and ophthalmic disorders are on the rise globally. Surgical medical laser systems are used in the treatment of these diseases, which is increasing the demand for these systems.
Advancements in laser technology have led to the development of more efficient and effective surgical medical laser systems, which are driving the market growth.
With the aging of the global population, the incidence of age-related diseases such as cataracts and glaucoma are increasing. Surgical medical laser systems are commonly used in the treatment of these diseases, which is driving the demand for these systems.
The increasing healthcare expenditure in both developed and developing countries is driving the demand for surgical medical laser systems. Governments and private organizations are investing in healthcare infrastructure and technologies, which is boosting the growth of the surgical medical laser systems market.
There is a growing demand for cosmetic surgery worldwide. Surgical medical laser systems are commonly used in cosmetic procedures such as skin resurfacing, hair removal, and tattoo removal, which is driving the demand for these systems.
Restraints
Surgical medical laser systems are expensive and require significant investments in terms of installation, maintenance, and operation. This high cost is a major restraint on the growth of the market.
The development and commercialization of surgical medical laser systems are subject to stringent regulatory requirements, which can delay the market entry of new products and increase the cost of development.
The operation of surgical medical laser systems requires specialized skills and training. The shortage of skilled professionals is a major challenge to the growth of the market.
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Key Market Trends
The integration of AI and ML technology in surgical medical laser systems can improve their precision and accuracy, reduce the risk of complications, and enhance patient outcomes.
The development of portable and handheld laser systems is a growing trend in the surgical medical laser systems market. These systems offer greater mobility and convenience, making them ideal for use in remote locations and ambulatory care settings.
Robotic-assisted surgery is increasingly being used in conjunction with surgical medical laser systems to improve surgical outcomes. The use of robotics can enhance precision, reduce the risk of complications, and shorten recovery times.
Patient safety is a key concern in the surgical medical laser systems market. Manufacturers are increasingly developing laser systems that are designed to minimize the risk of complications and improve patient outcomes.
There is a growing trend towards non-invasive and minimally invasive procedures, which is driving the demand for surgical medical laser systems. These procedures offer shorter recovery times, reduced scarring, and fewer complications.
The surgical medical laser systems market is highly competitive, and manufacturers are focusing on product differentiation to gain a competitive advantage. This includes developing laser systems with unique features, such as multiple wavelengths and advanced imaging capabilities.
Regional Landscape:
The US accounted for the majority of the market share, by revenue. As per the American Society of Plastic Surgeons, ~200,000 laser tattoo removal procedures were performed in the US in 2020. Moreover, a high willingness to opt for innovative medical procedures and highly developed infrastructure is expected to contribute to the adoption.
Demand for surgical lasers in Germany which accounted for ~30% of the market share. Moreover, the market is expected to witness a CAGR of ~10% during the forecast period.
Competitive Landscape:
Key surgical laser manufacturers are adopting new technologies to offer laser-based treatment options for their consumers.
For instance, in January 2022, Alcon acquired Ivantis, Inc. (the company that offers Hydrus micro stent, a device used for treating glaucoma into its surgical portfolio).
In March 2023, the industry-leading medical device provider, Lumenis launched a new CO₂ laser, called ULTRApulse Alpha, to the UK market.
Key Segments Covered in Surgical Medical Laser Systems Industry Research
By Product:
Solid-state Laser Systems
Holmium Yttrium Aluminium Garnet Laser (Ho:Yag) Systems
Erbium Yttrium Aluminium Garnet Laser (Er:Yag) Systems
Neodymium Yttrium Aluminium Garnet Laser (Nd:Yag) Systems
Potassium Titanyl Phosphate Laser Systems
Alexandrite Laser Systems
Ruby Laser Systems
Gas Laser Systems
Co2 Laser Systems
Argon Laser Systems
Krypton Laser Systems
Metal Vapor (Copper And Gold) Laser Systems
Helium – Neon (He-Ne) Laser Systems
Excimer Laser Systems
Dye Laser Systems
Diode Laser Systems
By Application:
Ophthalmology
Dermatology
Gynaecology
Dentistry
Urology
Cardiovascular
Others
By End User:
Hospitals
Specialty Clinics
Ambulatory Surgical Centres
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
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Key Questions Covered in the Surgical Medical Laser Systems Market Report
What will be the estimated size of the Market in 2023?
At what rate will the global Surgical Medical Laser Systems sales grow until 2032?
Which are the factors hampering the Surgical Medical Laser Systems demand?
Which region will spearhead the growth in the global industry by 2032?
Which are the factors driving sales in the Surgical Medical Laser Systems Market during the forecast period?
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