Fact.MR – A Market Research and Competitive Intelligence Provider: The global medical laser systems market is projected to grow at a steady pace with a CAGR of 8.5% during the assessment period 2021 to 2031, as per a study by Fact.MR.
Global medical laser systems market to top US$ 7.5 Billion by 2031: Fact.MR
The study of the medical laser systems market discloses key growth drivers boosting the market growth. The market research report also provides insights into medical laser systems demand outlook in terms of product type and application. As per Fact.MR, surging adoption of laser-based treatments for chronic diseases to remain the chief growth driver
Fact.MR – A Market Research and Competitive Intelligence Provider: The global medical laser systems market is projected to grow at a steady pace with a CAGR of 8.5% during the assessment period 2021 to 2031, as per a study by Fact.MR. Owing to the rising consumer preference for minimally invasive surgeries across the globe, the market for medical laser systems is estimated to reach a valuation of US$ 7.5 billion by 2031 in comparison to US$ 4 billion registered in 2020.
Medical laser systems are expected to reach a market value of US$ 7.5 billion by 2031, up from US$ 4 billion in 2020, due to a growing customer preference for minimally invasive surgeries around the world.
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Hospitals and specialized clinics around the world are progressively using medical laser systems for a variety of medical applications, including cancer treatment, cardiovascular treatment, dermatology, ophthalmology, urology treatment, and dentistry, among others. Laser lithotripsy, according to the National Institute of Health (NIH), is a frequently utilized therapy for the treatment of urinary-related diseases such biliary stones.
As a result, the increased prevalence of diseases like cancer, arthritis, heart attacks, diabetic retinopathy, and others, combined with rising desire for less invasive therapies, is expected to fuel market expansion.
Solid-state lasers are expected to be the most popular application category in the next years, according to Fact.MR. The market for solid-state lasers is expected to expand at a CAGR of 6% during the forecast period, owing to benefits such as high dependability, cheaper buying costs, small compact design, and long life duration.
“Leading players and research institutes are focusing on adopting advanced technologies such as photonics to explore potential benefits of novel laser technologies in medical applications such as ophthalmic, dental, diagnostic, and others. This will result into skyrocketing demand for medical laser systems in the coming years,” says the Fact.MR analyst.
Key Takeaways:
- The market in the United States is predicted to achieve a valuation of US$ 1.1 billion in 2021, owing to the growing usage of medical laser systems in cosmetic operations.
- On the strength of rising occurrences of chronic and cardiovascular diseases in China, the market is expected to reach US$ 1.7 billion by 2031.
- Due to rising technological innovation in the medical scene, the Japanese medical laser systems market is expected to grow at a CAGR of 4% over the forecast period.
- Demand for ophthalmic lasers is expected to expand at a CAGR of 5% through 2031, owing to the rising prevalence of eye-related illnesses such as retinitis pigmentosa and diabetic retinopathy.
- Surgical lasers are predicted to dominate the market in 2021, accounting for over 40% of the market share.
Key Drivers
- The market for medical laser systems is being fueled by a growing customer preference for minimally invasive surgical treatment.
- The market is being driven by the rising prevalence of ophthalmic, urologic, and chronic disorders around the world.
- Increased investment in healthcare and an increase in the number of hospitals are driving medical laser system sales.
Key Restraints
- A high rate of laser-based treatment failure is a factor limiting medical laser system sales.
- The market’s growth is being hampered by the high maintenance costs associated with medical laser equipment.
- The market’s growth is being stifled by the long validation process for medical laser equipment.
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Competitive Landscape
Some prominent players operating in the medical laser systems landscape are aiming at establishing collaboration, agreement, merger & acquisition to expand their customer base share. For instance,
- In 2020, DEKA M.E.L.A. srl, a company based in Italy, announced entering into an exclusive distribution agreement with, an American laser equipment supplier, Cartessa Aesthetics to market its novel aesthetic platform device named, Luxea. The products is a multi-modality laser platform and intense pulsed light system.
- In 2019, ELT Sight, Inc. announced acquiring the IP and assets of Medical technology manufacturer in Germering, Germany, MLase AG to utilize its Excimer ophthalmic laser system for glaucoma surgery.
Leading players in the medical laser systems market profiled by Fact.MR are:
- Biolase Inc.
- Bausch & Lomb Holdings
- Cardiogenesis Corporation, Inc.
- Lumenis Ltd.
- IRIDEX Corp.
- Novadaq Technologies, Inc.
- Photomedex, Inc.
- Spectranetics Corporation
- Syneron-Candela
- Alcon Laboratories, Inc.
- AngioDynamics Corp.
- Fotona
- American Medical Systems, Inc.
- Elforlight Ltd.
More Valuable Insights on Medical Laser Systems Market
Fact.MR, in its new report, offers an unbiased analysis of the global medical laser systems market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the medical laser systems market with detailed segmentation:
- Product
- Diode Medical Laser Systems
- Dye Medical Laser Systems
- Gas Medical Laser Systems
- Solid State Medical Laser Systems
- Application
- Aesthetic Medical Lasers
- Ophthalmic Medical Lasers
- Surgical Medical Lasers
- Dental Medical Lasers
- Diagnostic Medical Lasers
Key Questions Covered in the Medical Laser Systems Market Report
- The report offers insight into medical laser systems demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the medical laser systems market between 2021 and 2031
- Medical laser systems market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Medical laser systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
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Medical Device Contract Manufacturing Market Insights - To meet the growing demand for medical devices around the world, manufacturers are turning to innovative technology. The drive toward miniaturization has pushed OEMs and contract manufacturers to create small equipment for minimally invasive procedures.
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Source: Fact.MR