Medical Laser Market - Growth, Trends, and Forecast (2020 - 2025)
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 surgeries with faster recovery, fewer post-surgery infections, less pain, reduced scarring, better control on bleeding, and increased accuracy are anticipated to boost the demand for various endoscopy devices. Technological advances in surgical techniques and enhancement in equipment handling have transformed surgical procedures, including the introduction of minimally invasive surgeries.
These procedures usually provide equivalent outcomes to traditional open surgery, along with offering significant benefits, such as less major bleeding, fewer post-op infections, fewer complications, shorter length of stay, quicker return to normal activities, less scarring, and comparable/lower cost, among other such benefits. As a result, these procedures have become more popular in recent times. Aging patients are fragile, and thus, the use of minimally invasive devices (while performing surgeries) becomes important. Hence, the increase in the prevalence of geriatric population is also driving the market.
Key Market Trends
Semiconductor is Expected to Hold the Largest Revenue in the Products Segment
The semiconductor segment has a maximum share in the market, as these semiconductors are widely used in aesthetic procedures and photodynamic treatment. Furthermore, semiconductor laser systems offer the deepest penetration levels and superior melanin absorption. These unique characteristics make the semiconductor laser the most suitable technology for laser hair removal, hence, enabling safe and effective treatment of all skin and hair types in all body areas. With the increase in the number of cosmetic surgeries performed annually, both in developing and developed nations, the growth of this segment is increasing too, and cosmetic-based companies observe a lot of opportunities to grow in this segment.
North America Holds the Largest Market Share of the Market and it is Estimated to Follow the Same Trend over the Forecast Period
The North American medical laser market dominated the global market, and it is estimated to show a similar trend during the forecast period. The increasing preference for cosmetic procedures and the high adoption rate of novel technologies are the primary factors behind the large market size. For instance, according to the 2018 Plastic Surgery Statistics report, 17.7 million cosmetic procedures were performed in the year, a 2% increase from the previous year.
Asia-Pacific is expected to grow at a rapid pace over the forecast period, owing to the increasing healthcare expenditure, increasing awareness, and the trend of medical tourism in the developing economies of the region.
The medical laser market consists of several major players, including Bausch & Lomb Incorporated, Koninklijke Philips NV, and IRIDEX Corporation. 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. For instance, in February 2018, Lumenis launched Pico Fractional, a photoacoustic fractional laser system for skin resurfacing procedure.
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