The medical laser market is poised to grow at a CAGR of 13.4% over the forecast period.
COVID-19 impacted the medical laser market owing to supply chain disruptions due to initial suspensions of elective procedures involving medical lasers. For instance, according to the study published in the British Medical Journal in November 2021, the number of surgical procedures for Rhegmatogenous Retinal Detachment (RRD) decreased during the COVID-19 lockdown period in France without any offsetting post-lockdown activity. As a result, the studied market reported a decline due to a reduction in minimally invasive eye surgeries wherein lasers are used. The market growth was compensated due to the increased demand for medical lasers in the later phase of the pandemic. For instance, as per the Hamadan University of Medical Sciences article in February 2022, there has already been an increased usage of dental lasers to decontaminate surfaces and destroy germs. Dental lasers produce fewer aerosols and droplets than high-speed dental headpieces and ultrasonic devices. Hence, dental lasers were widely used in dentistry as it reduces the COVID-19 contamination risk. Therefore, the COVID-19 pandemic has had a significant impact on market growth.
The growth of the medical laser market is attributed to the rising preference for minimally invasive procedures, increasing incidences of eye disorders, and an increase in the number of cosmetic procedures.
The rising demand for minimally invasive procedures over traditional open surgeries is expected to boost the market growth. For instance, as per the article published by the National Center for Biotechnology Information (NCBI) in December 2022, novel micro-invasive or minimally invasive glaucoma surgery (MIGS) is mainly used in patients with mild-to-moderate glaucoma who are noncompliant or intolerant to topical drugs and are ideal cases for MIGS. The MIGS implant can be implanted during phacoemulsification surgery, reducing dependence on topical medications.
Additionally, as a result of the growing demand for aesthetic procedures, there has been advancing research on hair removal procedures with the help of various devices available in the market. For instance, in September 2021, doctors and researchers at the SL Aesthetic Clinic in Singapore launched an innovative new laser hair removal treatment method using a medical-grade Fotona Laser. Hence, with the innovation in treatment, there is a growing demand for advanced lasers used for hair removal.
Furthermore, according to the Aesthetic Plastic Surgery National Databank 2021 report, about 423.8 thousand non-surgical hair removal procedures were performed in women and 26.4 thousand in men in the United States. Hence, the large number of hair removal procedures is expected to boost the utility of non-surgical aesthetic devices such as lasers, thereby accelerating the market growth during the forecast period.
Therefore, owing to the factors such as rising demand for laser hair removal and other medical laser procedures, as well as technological advancements in laser devices, the medical laser market is expected to register significant growth during the forecast period. However, high installation costs and stringent safety regulation is expected to restrain the market growth over the forecast period.
According to the data updated by the WHO in October 2022, approximately 2.2 billion people around the world have near or distant vision impairment, and about 1 billion of these cases of vision impairment could be prevented or has yet to be addressed. In addition, as per the article published by Healio in May 2022, there were around 19.5 million cases of children with myopia in the United States in 2021 and the nationwide prevalence of Myopia was 36.1%. Due to the high prevalence of eye-related diseases, the demand for medical lasers is anticipated to grow during the forecast period.
The rising technological advancements and launches by market players significantly contribute to market growth. For instance, in April 2022, Lumibird Group, the parent company of Quantel Medical, launched the Capsulo Nd: YAG laser. Also, in June 2022, Iridex Corporation a provider of innovative ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases received regulatory clearance from National Medical Products Administration (NMPA) to market and sell its Cyclo G6 platform for the treatment of glaucoma diseases in China. Such approvals and launches of technologically advanced products are expected to accelerate the segment's growth during the forecast period.
Thus, the aforementioned factors such as the high burden of ophthalmic diseases, and rising launches and approvals of ophthalmic lasers are likely to boost the segment growth over the forecast period.
The rising number of cosmetic procedures in the region is expected to boost the demand for medical lasers during the forecast period. For instance, according to the Aesthetic Plastic Surgery National Databank's 2021 report, a total of 431.5 thousand skin treatments deploying combination lasers were performed in the United States in 2021, representing a growth of 55% as compared with the previous year.
Furthermore, in March 2021, Solta Medical business launched the next-generation Clear + Brilliant laser in the United States. The Clear + Brilliant Touch laser delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths. By seamlessly switching between two wavelengths with the Original and Perméa handpieces, physicians can now more easily deliver a more complete treatment during a single appointment.
Additionally, in July 2021, Alma received US FDA 510(k) clearance for Alma Hybrid, one of the first laser platforms to include an ablative 10,600 nm (CO2) laser and a non-ablative 1570 nm laser for skin resurfacing. Also, in April 2022, Acclaro Corporation launched UltraClear, a laser technology system in the country. The emergence of such advanced lasers is contributing to the market growth in the country.
Therefore, owing to the rising demand for cosmetic procedures utilizing medical lasers and launches of technologically advanced lasers, the North American region is expected to register significant growth during the forecast period.
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COVID-19 impacted the medical laser market owing to supply chain disruptions due to initial suspensions of elective procedures involving medical lasers. For instance, according to the study published in the British Medical Journal in November 2021, the number of surgical procedures for Rhegmatogenous Retinal Detachment (RRD) decreased during the COVID-19 lockdown period in France without any offsetting post-lockdown activity. As a result, the studied market reported a decline due to a reduction in minimally invasive eye surgeries wherein lasers are used. The market growth was compensated due to the increased demand for medical lasers in the later phase of the pandemic. For instance, as per the Hamadan University of Medical Sciences article in February 2022, there has already been an increased usage of dental lasers to decontaminate surfaces and destroy germs. Dental lasers produce fewer aerosols and droplets than high-speed dental headpieces and ultrasonic devices. Hence, dental lasers were widely used in dentistry as it reduces the COVID-19 contamination risk. Therefore, the COVID-19 pandemic has had a significant impact on market growth.
The growth of the medical laser market is attributed to the rising preference for minimally invasive procedures, increasing incidences of eye disorders, and an increase in the number of cosmetic procedures.
The rising demand for minimally invasive procedures over traditional open surgeries is expected to boost the market growth. For instance, as per the article published by the National Center for Biotechnology Information (NCBI) in December 2022, novel micro-invasive or minimally invasive glaucoma surgery (MIGS) is mainly used in patients with mild-to-moderate glaucoma who are noncompliant or intolerant to topical drugs and are ideal cases for MIGS. The MIGS implant can be implanted during phacoemulsification surgery, reducing dependence on topical medications.
Additionally, as a result of the growing demand for aesthetic procedures, there has been advancing research on hair removal procedures with the help of various devices available in the market. For instance, in September 2021, doctors and researchers at the SL Aesthetic Clinic in Singapore launched an innovative new laser hair removal treatment method using a medical-grade Fotona Laser. Hence, with the innovation in treatment, there is a growing demand for advanced lasers used for hair removal.
Furthermore, according to the Aesthetic Plastic Surgery National Databank 2021 report, about 423.8 thousand non-surgical hair removal procedures were performed in women and 26.4 thousand in men in the United States. Hence, the large number of hair removal procedures is expected to boost the utility of non-surgical aesthetic devices such as lasers, thereby accelerating the market growth during the forecast period.
Therefore, owing to the factors such as rising demand for laser hair removal and other medical laser procedures, as well as technological advancements in laser devices, the medical laser market is expected to register significant growth during the forecast period. However, high installation costs and stringent safety regulation is expected to restrain the market growth over the forecast period.
Medical Laser Market Trends
Ophthalmology is Expected to Hold a Significant Market Share Over The Forecast Period
Laser eye surgery is a medical procedure where the eye's surface is altered using a laser. This improves or corrects astigmatism, long-sightedness, and short-sightedness. It can also help people overcome presbyopia. The increasing burden of optical disorders such as myopia (nearsightedness), hyperopia (far-sightedness) astigmatism (distorted vision), and presbyopia, among others around the world are expected to be the major driving factor for the growth of the ophthalmology segment during the forecast period of the study.According to the data updated by the WHO in October 2022, approximately 2.2 billion people around the world have near or distant vision impairment, and about 1 billion of these cases of vision impairment could be prevented or has yet to be addressed. In addition, as per the article published by Healio in May 2022, there were around 19.5 million cases of children with myopia in the United States in 2021 and the nationwide prevalence of Myopia was 36.1%. Due to the high prevalence of eye-related diseases, the demand for medical lasers is anticipated to grow during the forecast period.
The rising technological advancements and launches by market players significantly contribute to market growth. For instance, in April 2022, Lumibird Group, the parent company of Quantel Medical, launched the Capsulo Nd: YAG laser. Also, in June 2022, Iridex Corporation a provider of innovative ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases received regulatory clearance from National Medical Products Administration (NMPA) to market and sell its Cyclo G6 platform for the treatment of glaucoma diseases in China. Such approvals and launches of technologically advanced products are expected to accelerate the segment's growth during the forecast period.
Thus, the aforementioned factors such as the high burden of ophthalmic diseases, and rising launches and approvals of ophthalmic lasers are likely to boost the segment growth over the forecast period.
North America Holds the Largest Share of the Market and it is Estimated to Follow the Same Trend over the Forecast Period
North America is expected to register healthy growth owing to factors such as the rising demand for aesthetic procedures, product approvals, and launches along with the high concentration of market players in the region.The rising number of cosmetic procedures in the region is expected to boost the demand for medical lasers during the forecast period. For instance, according to the Aesthetic Plastic Surgery National Databank's 2021 report, a total of 431.5 thousand skin treatments deploying combination lasers were performed in the United States in 2021, representing a growth of 55% as compared with the previous year.
Furthermore, in March 2021, Solta Medical business launched the next-generation Clear + Brilliant laser in the United States. The Clear + Brilliant Touch laser delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths. By seamlessly switching between two wavelengths with the Original and Perméa handpieces, physicians can now more easily deliver a more complete treatment during a single appointment.
Additionally, in July 2021, Alma received US FDA 510(k) clearance for Alma Hybrid, one of the first laser platforms to include an ablative 10,600 nm (CO2) laser and a non-ablative 1570 nm laser for skin resurfacing. Also, in April 2022, Acclaro Corporation launched UltraClear, a laser technology system in the country. The emergence of such advanced lasers is contributing to the market growth in the country.
Therefore, owing to the rising demand for cosmetic procedures utilizing medical lasers and launches of technologically advanced lasers, the North American region is expected to register significant growth during the forecast period.
Medical Laser Industry Overview
The medical laser market consists of several major players, including Bausch & Lomb Incorporated, Koninklijke Philips NV, IRIDEX Corporation, and Candela Medical. The companies are implementing certain strategic initiatives such as mergers, new product launches, acquisitions, and partnerships, which may help them in strengthening their market positions.Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bausch & Lomb Incorporated
- Koninklijke Philips NV
- IRIDEX Corporation
- Biolase Inc.
- Syneron-Candela
- Boston Scientific (Lumenis Ltd)
- Alcon Laboratories Inc.
- Cutera Inc.
- PhotoMedex Inc.
- Alma Lasers
Methodology
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