Medical Lasers Market

Market Overview

The global medical lasers market size was valued at USD 4.82 billion in 2022. It is estimated to reach USD 15.40 billion by 2031, growing at a CAGR of 13.78% during the forecast period (2023–2031). The global medical lasers market soaring demand for aesthetic and cosmetic procedures among adult and aging populations fuels the market. There is a high level of awareness regarding physical appearance, surging the number of people opting for medical laser-based treatments.

Lightwave amplification by stimulated emission of radiation is the abbreviation for LASER. Typically, it transforms electrical energy into optical energy. Medical lasers are light-emitting devices that are utilized to treat or remove tissues. They rely on non-ionizing radiation to decrease blood loss, alleviate postoperative pain, and reduce the risk of wound infection.

Medical lasers contribute to cancer therapy, biosensing, bioimaging, drug delivery, and cancer cell diagnostics. They assist with removing tattoos, stretch marks, sunspots, creases, scars, birthmarks, spider veins, and hair during cosmetic surgery. They also assist with removing tumors and cataracts, plastic surgery, breast surgery, and other surgical procedures. Thus, they find widespread use in hospitals, specialty clinics, and outpatient surgical centers.

Market Dynamics

Global Medical Lasers Market Drivers

High Demand for Non-invasive Cosmetic Surgeries

There is a rise in awareness about medical aesthetic procedures and better access to minimally invasive and non-invasive surgical procedures. The demand for aesthetic treatments has consistently increased with the popularity of non-invasive treatments. There is a high demand for aesthetic treatments globally among the younger and aging population. In 2019, around 13.6 million non-surgical cosmetic procedures were registered globally.

Non-invasive procedures have become popular recently, as some can be performed within an hour or less. Non-invasive aesthetic procedures, such as Botox, body sculpting, lip filling, skin tightening, and microneedling, are highly popular. In addition to these procedures, medical laser-based cosmetic procedures, such as skin resurfacing, hair removal, scar removal, and others, will contribute highly to the market's growth during the forecast period.

Higher Acquisitions and Product Approvals 

A wide base of medical laser manufacturers is established worldwide with the growth in demand for laser-based treatments. Well-known companies acquire emerging and start-up medical laser manufacturers to strengthen their positions in the market globally. For instance, Quantel Medical, a subsidiary of the Lumibird Group, acquired Optotek Medical (Ljubljana, Slovenia), a developer of optical and laser solutions for medical applications.

The availability of advanced medical lasers is rising with ongoing product approvals by the US FDA. It issued numerous approvals for using laser products in aesthetic and medical applications. For instance, in September 2019, LAP LLC announced that its Apollo MR3T became its class's first (and is the only) product to receive the US FDA 510(k) approval. This magnetic resonance (MR)-compatible laser permits high-precision positioning of patients before administering radiation therapy. Thus, the rising acquisitions and product approvals are expected to boost market growth.

Global Medical Lasers Market Restraint

High Cost of Laser-based Treatments

High-cost cosmetic procedures may reduce the preference for laser-based treatment, negatively impacting the demand for medical lasers. The cost of various cosmetic procedures varies between places and is also based on the equipment used. Certified doctors and professionals charge more for these procedures in their clinics, thus intensifying the cost structure competition of these treatments. This may lower the adoption of laser-based cosmetic procedures.

Global Medical Lasers Market Opportunities

Increased Product Launches

Medical lasers have been used in the surgical field for decades. Major vendors operating in the market are focused on developing products with advanced techniques for better serving healthcare professionals and patients. For instance, in September 2018, Iridex Corporation launched TruFocus LIO, a device with a light combination and reflection viewing system combined with IRIDEX retina laser systems. The device can examine and treat patients of all ages, including infants, in an operating room, office, or ambulatory surgical center setting.

Similarly, in 2019, Ra Medical Systems, a US-based medical laser company, launched Pharos, a new dermatology excimer laser for treating psoriasis, atopic dermatitis, and vitiligo. Furthermore, Aspen Laser Systems, an FDA-registered medical device company and emerging global leader in photomedicine, launched the Apex Laser Series. The Apex Laser Series allows healthcare practitioners a new and effective clinical tool for optimal treatment outcomes. Thus, frequent product launches by such established vendors and advances in medical lasers by emerging vendors will create opportunities for market growth.

Regional Analysis

Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global market shareholder and is anticipated to exhibit a CAGR of 13.44% during the forecast period. The most important reason for the huge demand for medical lasers in this region is the availability of technologically advanced devices and treatments that are minimally invasive, less painful, and enable faster recovery. The ASPS reported increased demand for non-surgical procedures in the US in 2017. According to the ASPS, about 17.5 million minimally invasive surgeries and cosmetic procedures were performed in the US in 2017, a 2% increase over 2016. In addition, according to data from the Aesthetic Society members using the Aesthetic Neural Network (ANN) data, Americans spent over USD 8.7 billion on aesthetic plastic surgeries from January 1, 2021, to July 1, 2021. According to the ISAPS, the US had the highest number of non-surgical procedures (2.63 billion) in 2019. Non-invasive aesthetic procedures in the US have picked up momentum with power-assisted devices. The increased demand for laser-based aesthetic devices will propel the market's growth.

Europe is estimated to exhibit a CAGR of 13.82% over the forecast period. The prevalence of various eye-related disorders in the region has led to the need for early prevention and treatment through laser eye surgeries. The increase in the aging population is also driving the demand for laser-based treatments in the region. For instance, only in Western Europe, 8.5 million people are affected by moderate-severe vision loss due to refractive disorders. Eastern Europe shows a high prevalence of eye problems. As of 2020, almost 7.5% of the population in Europe was affected with near vision impairment, 3.6% with vision loss, and 2% with mild vision affliction. Furthermore, the diabetic population will increase to 35 million by 2030, with 40% likely susceptible to undiagnosed retinopathy and 3% to serious visual impairment. Thus, all these factors are expected to boost regional market growth.

Asia-Pacific is the fastest-expanding region of the global medical laser market owing to growth in the number of cosmetic and aesthetic procedures performed in the region. Skilled professionals perform high volumes of cardiovascular, orthopedic, ophthalmic, and dental surgeries at a reliable cost in the region. This has led to an increase in the significance of laser-based treatments in the region. There is also a growth in the prevalence of obesity in the region for two decades, with a parallel and rapid increase in overweight people and obesity. In addition, Asia-Pacific is home to the largest number of overweight and obese people, accounting for one billion, two of every five adults. This increases the demand for bariatric and metabolic surgeries, which include laser-based surgeries, such as gastric bypass, sleeve gastronomy, and others. These aspects will augment the growth of the market.

In the Middle East and Africa, the elevated prevalence of eye disorders, such as presbyopia, myopia, glaucoma, and cataracts, influences the market's growth. The number of females undergoing cosmetic procedures and treatments in Saudi Arabia is rising. In the UAE, esthetic procedures and treatments are expected to flourish as the country's healthcare sector, aesthetics and dermatology being the center of attraction, is in the developing phase and because the aesthetic expectations of the population are high. This is expected to increase the demand for esthetic treatments in the region. A recent study found that over USD 1 billion is spent yearly on cosmetic surgeries and procedures in Gulf countries, of which about USD 272 million is spent in the UAE alone. The Saudis spend over USD 213 million on plastic surgery. These factors will drive the demand for medical lasers in the region.

Segmental Analysis

The global market is segmented by type, power, application, procedure, and end-user.

Based on type, the global market is segmented into diode laser devices, gas laser devices, solid-state lasers, and dye laser devices. 

The diode laser devices contact lens segment owns the highest market share and is estimated to exhibit a CAGR of 13.41% during the forecast period. Semiconductor diode laser devices are compact, inexpensive, and offer an incomparable level of customization of the output power, wavelength, and beam delivery. They offer a broad choice of output wavelengths and enable tailoring of the laser system to match the needs of each application; for instance, maximizing blood coagulation, maximizing tissue ablation and surface treatment or in-depth penetration of soft tissue, stimulating collagen, bursting target cells, and others. Such properties make them very attractive for diverse applications in medicine and biology.

Diode laser devices have wide applications in various areas, such as aesthetics, surgery, ophthalmology, dentistry, sports medicine, and photodynamic therapy. Diode lasers are popular in medical applications owing to their small size, cost-effectiveness, robustness, compactness, ease of operation, and high efficiency of up to 70%.

Based on power, the global market is bifurcated into high- and low-power lasers. 

The high-power segment dominates the global market and is projected to exhibit a CAGR of 12.91% over the forecast period. High-power lasers provide therapeutic effects by generating high kinetic energy and heat in the tissue. These effects include the removal of carbonation (dirt, oil, and impurities in clogged pores), skin necrosis, blood vessel coagulation, and cellulitis. High-power lasers are used in varying tissue densities. The capacity of high-power lasers is more than half a watt. High power and correct wavelength choice allow deep tissue penetration. High-power lasers offer a non-addictive and powerful form of pain management.

Based on application, the global medical laser market is divided into diagnosis, therapy, and surgery, and aesthetics. 

The diagnosis, therapy, and surgery segment accounts for a large market share and is expected to grow at a CAGR of 13.01% throughout the forecast period. Lasers, such as early cancer detection and other diseases, are widely used for imaging and diagnostic purposes. Laser-based systems are likely to replace X-rays as laser imaging poses less risk for patients and proves more accurate. In addition, the growth of laser technology led to the development of a new medical field called laser surgery within the past few decades. Lasers in surgery are used for vaporizing, coagulating, and cutting. However, each medical specialty has different requirements and thus prefers lasers with different parameters.

Based on procedure, the global market is divided into ophthalmology, dermatology, dentistry, gynecology, urology, cardiology, and others. 

The ophthalmology segment is the most significant contributor to the market and is predicted to exhibit a CAGR of 14.02% throughout the forecast period. The growth in the population with eye-related conditions contributes to the rise in applications of various medical lasers in ophthalmology. According to the WHO, 80% of visual impairment worldwide can be prevented or cured, and about USD 102 billion can be saved with proper eye care services. Several areas within ophthalmology use laser surgery to treat eye conditions other than vision problems. However, vision correction is among the most popular procedures that use lasers for treatment. Laser eye surgeries can be performed using various types of lasers in cataract surgery, refractive surgery, glaucoma, and retinal disease treatment.

Based on end-users, the global medical laser market is divided into hospitals, aesthetics clinics, physicians' offices, and others. 

The hospitals segment is the largest revenue contributor and is expected to exhibit a CAGR of 13.11% over the forecast period. Hospitals are the primary providers of medical laser-based treatments. Cosmetic solutions and services offered at hospitals include skin, hair, and overall body enhancement and improvement. Millions of cosmetic, non-invasive, and minimally invasive surgeries are performed annually in hospitals worldwide. The Plastic Surgery Statistics Report 2018 states that, based on cosmetic demographic analysis, around 25% of cosmetic surgeries were performed in hospitals in 2018, a 1% growth from 2017 to 2018. The availability of experts and state-of-the-art technological innovations will expedite the market growth based on the hospital segment.

Recent Developments

• February 2023- Rhein Laser Technologies released the new UroFiber 150Q SuperPulsed thulium fiber laser (TFL) system for treating stone lithotripsy.
• August 2023- Acclaro Medical, an emerging leader in energy-based, non-invasive aesthetic medical devices, announced the launch of UltraClear Laser-Coring, the first laser of its kind to enable tissue coring to enhance deep scars, deep wrinkles, and other age-related issues on all skin types with minimal discomfort and downtime.