Medical Laser Systems MarketSize and Trends

The global medical laser systems market is estimated to be valued at US$ 3.67 Bn in 2023 and is expected to exhibit a CAGR of 12.9% during the forecast period (2023-2030).

Figure 1. Global Medical Laser Systems Market Share (%), by Product Type, 2023

Global Medical Laser Systems Market - Driver

Increasing prevalence of ophthalmic disorders

Increasing prevalence of ophthalmic disorders leads to the increased use of medical lasers for elective surgeries or eye treatment is expected to drive the growth of the global medical laser systems market over the forecast period. For instance, in October 2022, according to National Glaucoma Research, more than 3 million Americans are living with glaucoma, 2.7 million of whom (aged 40 and older) are affected by its most common form, open-angle glaucoma and there are 80 million people worldwide with glaucoma, and this number is expected to increase to over 111 million by 2040.

Rise in chronic diseases such as cardiovascular disease (CVD)

Rise in the incidence of chronic diseases such as cardiovascular diseases leads to the use of medical laser systems which directly increases the need for the medical laser for the treatment and is expected to boost the growth of the global medical laser systems market over the forecast period. For instance, in June 2021, according to the World Health Organization, an estimated 17.9 million people died from CVDs in 2020, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Over three-quarters of CVD deaths take place in low and middle-income countries. Out of the 17 million premature deaths (under the age of 70) due to Non-communicable diseases in 2020, 38% were caused by CVDs.

Based on Product Type, the medical laser systems market is segmented into Diode Lasers, Solid State (Crystal), Gas Lasers, and Dye Lasers. Out of which, the gas lasers segment is expected to dominate the global medical laser systems market during the forecast period and this is due to the high incidence of sun damage, wrinkles, scars, warts, birthmarks, and other skin conditions as well as for the treatment for skin diseases in surgeries.

Based on Application, the medical laser systems market is segmented into Dermatology, Ophthalmology, Gynecology, Urology, Dentistry, Cardiovascular, and Others (Gastroenterology, Rheumatology, and Traumatology). The dermatology segment is expected to dominate the market over the forecast period and this is owing to the advances in technology, lower treatment costs, and rising average expenses associated with delivering healthcare to a population.

Based on Region, the medical laser systems market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The North America segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of chronic diseases and increasing product launches from the key market players.

The growing number of cosmetic procedures

The growing desire for non-invasive, painless medical procedures is anticipated to be advantageous for the sector. Additionally, opportunities for market expansion can be found in the numerous activities taken by healthcare organizations to promote medical tourism. Growing disposable incomes and the desire for laser therapy in developing countries both encourage market expansion in the future year. Additionally, there is space for expansion due to the emergence of multi-specialty hospitals that provide a variety of treatments and payment choices. For instance, in June 2020, Cynosure, Inc. a developer and manufacturer of light-based aesthetic and medical treatment systems, announced the U.S., European, and Australian launch of the Elite iQ platform, the next generation of the Elite+ Aesthetic Workstation that allows for faster treatments with higher max energy compared to previous generation devices. The Elite iQ platform leverages Skintel, the aesthetic industry's only live Melanin Reader, to offer customized laser hair removal treatments and permanently reduce unwanted hair for all skin types, anywhere on the body including the face, back, chest, arms, underarms, bikini area, and legs.