Market Size of Medical Laser Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Laser Market Analysis
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.
