According to Vision Research Reports, the global medical laser systems market size surpassed at US$ 2.2 Bn in 2020 and to reach US$ 8.3 bn by 2028.
The market growth is largely driven by advancements in laser technology, strides taken by photonics in the past decade, a growing number of research activities, and collaborations between medical and research institutes. The soaring demand for solid-state lasers will provide a boost to the prospects of the medical laser systems market during the forecast period despite treading through uncertain times during the COVID-19 pandemic.
Rise in prevalence of various chronic conditions, such as ophthalmic, dermatology, cardiovascular, neurology, and orthopedic, leading to associated surgeries are anticipated to augment the global medical laser systems market during the forecast period. Moreover, technological advancements leading to the development of innovative laser devices, increase in geriatric population, faster adoption of medical lasers, especially in developing markets, stringent regulatory guidelines, and efficiency of lasers in minimally invasive surgeries are expected to propel the global medical laser systems market.
Medical lasers are devices, which use light source for treatment of various medical conditions. Laser technologies utilize specific wavelengths and create higher intensity beam for cutting or removing through tissues. Medical laser surgical procedures include cosmetic surgeries, ophthalmic surgeries, dental surgeries, general surgeries, and orthopedic surgeries. Standard guidelines are established for medical laser manufacturers for production of medical lasers using innovative technologies. Key players offering innovative diode, crossbeam, and solid-state lasers are likely to propel the market at the global level.
Adoption of Medical Laser Systems May Potentially Fasten COVID-19 Diagnostics
The onset of the novel COVID-19 pandemic is expected to provide a new window of opportunity for players operating in the current medical laser systems market. Although the demand for a few types of non-essential laser treatments is likely to witness a slight decline, the adoption of medical laser systems for COVID-19 diagnostics is likely to grow. At present, COVID-19 diagnostics involves a swab test that typically takes several hours. However, researchers are exploring the potential applications of lasers to speed up COVID-19 diagnostics. A group of scientists from different universities in the U.S. is collaborating with each other to develop a diagnostic tool to identify different viruses using laser beams.
At present, considerable efforts are being made to streamline the screening process and make it more efficient. Medical laser systems have the potential to provide solutions to address these challenges. For instance, in May 2020, QuantLase Imaging Lab announced that the organization has successfully developed cutting-edge laser equipment that is likely to enable large-scale testing and mass screenings. Stakeholders operating in the current medical laser systems market landscape are expected to improvise, invest in research, and develop new solutions to capitalize on the looming opportunities.
Increase in Ophthalmic and Cosmetic Surgeries to Propel Global Market
Increase in cosmetic and dermatology minimal invasive procedures boosts demand for medical laser systems across the globe. Efficiency of innovative diode lasers and solid-state lasers in offering non-scarring, bloodless operation drives demand for medical laser surgeries. In 2018, 15.9 million cosmetic minimal invasive procedures were performed in the U.S., along with 5.8 million reconstructive procedures. Around 4.5 million tumor removal medical procedures were performed in 2017 and 313,000 breast augmentation procedures were performed in the U.S. in 2018.
Increase in incidence of ophthalmic disorders leading to associated surgeries, such as LASIK, is likely to drive the ophthalmology segment during forecast period. According to cataract statistics in the U.K., 330,000 cataract operations are performed every year in the country. Moreover, 30% of people aged 65 years and above are expected to have cataract in one or both eyes. Increase in incidence of cataract is anticipated to augment the global medical laser systems market. LASIK is a widely preferred surgery in the treatment of severe visual impairments. In the U.S., around 718,000 surgeries are projected to be performed by 2020. In Europe, around 757,000 laser eye surgeries are likely to be performed by 2020. The factors mentioned above are expected to augment the global medical laser systems market.
Rise in Prevalence of Chronic Diseases to Drive Global Market
Rise in prevalence of chronic diseases leads to increase in the number of surgical procedures. This, in turn, is anticipated to propel the demand for medical laser systems across the globe. In 2016, India had 54.5 million patients with cardiovascular disease. Moreover, the estimated prevalence of cardiovascular diseases increased to 15% in China in 2016, affecting 6,037 per 100,000 people. CVD accounts for over 40% deaths in China. Use of low-level laser therapy in treating inflammation is another factor propelling the market, especially in developing countries. According to the NCBI research in 2018, multiple sclerosis is the most common and prevailing disease in Asia Pacific, affecting around five to 20 people per 100,000 in South Asia and Japan.
According to the Centers for Disease Control and Prevention (CDC), by 2020, astigmatism is likely to affect one in every 10 people in the U.S. Farsightedness affects around 8.4% of the U.S. population aged over 40, which is around 14.2 million people. Nearsightedness affects 23.9% of the U.S. population aged above 40, which is around 34 million people.
According to the CDC, 17.2% of the population of the U.S. suffers from cataract, which is around 20.5 million people aged over 40 years. By 2028, cataract is expected to affect 30 million people in the U.S.
In terms of region, the global medical laser systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical laser systems market in 2019. This can be attributed to increase in ophthalmic, cosmetic, orthopedic, dermatology, and gynecology surgeries and is also considered to be effective in biosensing and diagnostics. Rise in prevalence of cataract, vision problem, psoriasis, cancer, cardiovascular, and other chronic diseases drives the demand for medical laser technologies for treatment. Moreover, adoption of emerging and innovative medical laser devices is another major factor propelling the medical laser systems market in North America.
The medical laser systems market in Asia Pacific is likely to expand at the fastest CAGR from 2020 to 2030. Asia Pacific is a hub for cosmetic surgeries, with around 1 million surgeries performed in South Korea. Moreover, rise in burden of diseases leading to associated minimal invasive surgeries is projected to augment the medical laser systems market in the region. Presence of key players offering technically advanced lasers in the region is anticipated to fuel the growth of the market in Asia Pacific.
Key players operating in the global medical laser systems market include
By Product Type
By End User
The Medical laser systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Medical laser systems market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Medical laser systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Medical laser systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Medical laser systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Medical laser systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Medical laser systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Medical laser systems market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Medical laser systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Medical laser systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Medical laser systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Medical laser systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Medical laser systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Medical laser systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Medical laser systems market. These factors have benefited the growth of the global market for Medical laser systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Medical laser systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Medical laser systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Orthopedic Soft Tissue Repair Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Coagulation Analyzer Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Biological Implants Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automated Dispensing Machines Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Neurodiagnostics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...