Ocean View, DE -- (SBWire) -- 06/09/2020 --Medical Laser Market is expected to exceed USD 10 billion by 2025. Growing awareness among people regarding aesthetics will surge the adoption of cosmetic surgeries. Availability of minimally invasive surgical techniques will thus, increase the demand for procedures performed using medical laser technology, thereby accelerating industry growth.
Some major findings of the medical laser market report include:
- Growing concerns regarding aesthetics in developed as well as developing countries will serve to be a major impact rendering factor in the medical laser market growth
- Technological advancement in medical laser systems along with growing inclination towards minimally invasive treatments will ensure faster patient recovery and improved healthcare outcomes
- Government initiatives and favorable reimbursement scenario for a number of laser procedures will prove beneficial for the industry progress
- Few eminent players operating in the medical laser market include Alcon Laboratories, Bausch & Lomb, Philips, Dentsply Sirona, Biolase, Fotona, etc.
- Competitors focus on offering novel products to capitalize on market opportunities and sustain market competition
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Patient preference towards minimally or non-invasive procedures is increasing over the recent years. Laser treatments offer improved and secured patient care with minimum scaring that will increase its adoption during the forthcoming years. Applications of medical laser technology in ophthalmology, dentistry, cardiology, urology and other therapeutic areas will prove beneficial for the industry growth. For instance, LASIK is the most commonly performed laser eye surgery for vision correction owing to its benefits including reduced pain and faster patient recovery. Advantages associated with minimally invasive surgeries will thus, increase the adoption of medical laser systems, thereby stimulating the business progress.
Rising awareness among people regarding aesthetics will serve to be another positive impact rendering factor in the business growth. Growing adoption of cosmetic surgeries worldwide will surge the demand for advanced medical laser systems. Improvements in healthcare facilities and growing medical tourism in developing economies will benefit the market development. Moreover, favorable reimbursement policies for certain laser procedures will create several growth opportunities for industry players, thereby accelerating business growth over the forecast period.
Medical lasers are bifurcated into solid state laser systems, gas laser systems, diode laser systems and dye laser systems. Gas laser systems accounted for around USD 900 million in 2018 and is poised to witness significant growth during the analysis timeframe. Segment growth is attributed to adoption of gas lasers in surgeries that are highly sterile or involve risk of significant blood loss. These lasers are highly precise and less intrusive for patients as well as surgeons. Growing usage of gas lasers for skin, eye and other surgeries were will spur segment size in the foreseeable future.
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Applications of medical laser in ophthalmology, dermatology, gynecology, dentistry, urology, cardiology, gastroenterology and other surgeries will prove beneficial for the segmental growth. Urology segment is anticipated to witness more than 16% CAGR during the forecast period. Technological advances in the field of lithotripsy and benign prostatic hyperplasia (BPH) treatments to provide improved accuracy, speed and efficiency will favor business expansion. Increasing prevalence of kidney stones, benign prostate hyperplasia, bladder tumors and other urological diseases worldwide will thus accelerate the demand for medical laser in treatment of routine and complex urological conditions.
End-users of medical laser systems include hospitals, specialty clinics, ambulatory surgical centers and others. Ambulatory surgical centers (ASCs) held over 15% revenue share in 2018 and will show substantial growth over the projected years. Ambulatory surgical centers offer minimally invasive surgeries that require shorter hospital stay and significantly shorter recovery time. Increasing patient inclination towards ASCs for various laser procedures such as eye surgeries will lead to segment progression during the analysis period.
Asia Pacific medical laser market is estimated to exceed USD 2 billion by 2025 owing to increasing medical tourism in the region. Cost effective and high quality treatments offered in countries such as India, South Korea, Malaysia, etc. attract international patients for several surgical procedures. Moreover, growing awareness among people regarding availability of advanced products and treatments, technological advancements and rising healthcare expenditure will further foster Asia Pacific medical laser industry expansion.
Some of the notable players operating in the medical laser market include: American Medical Systems, Bausch & Lomb, Alcon, Fotona, Koninklijke Philips, Lumenis, Cynosure and Sisram. Industry players are focusing on various inorganic strategies including mergers, acquisitions and partnerships to develop innovative products and gain a competitive edge over other players. For instance, in January 2019, Alma launched Soprano Titanium, a laser hair removal platform that offers speed, efficacy and comfort. The new product launch will enable company to garner high market share and strengthen its revenue stream.
