Medical Laser Systems Market
According to the report, the global medical laser systems market was valued at ~US$ 2 Bn in 2019 and is projected to expand at a higher CAGR during the forecast period. A medical laser system uses laser technology in medical treatments, diagnosis, and other medical therapies. Medical laser systems use light sources for the treatment of various indications. The laser utilizes narrow wavelengths, thereby emitting coherent light, which helps in performing efficient minimal invasive surgical procedures. Different types of medical laser systems available in the market are solid-state lasers, gas lasers, fiber lasers, diode lasers, femtosecond lasers, hydrogen lasers, nitrogen lasers, metal vapor lasers, and others. Nd:YAG is a solid-state laser widely preferred in cataract, cosmetic, and tumor removal surgeries. Excimer laser is a gas laser widely acceptable for atopic dermatitis, alopecia areata, and scientific research.
The global medical laser systems market is driven by rise in prevalence of chronic diseases, high unmet needs in terms of disease epidemiology and rise in demand for cosmetic surgeries, surge in demand for innovative medical lasers, increase in geriatric population, rapid adoption of medical laser devices in developing countries, and shift in government focus toward providing better healthcare facilities.
North America dominated the global medical laser systems market in 2019 and the trend is anticipated to continue during the forecast period. The region’s dominance can be ascribed to the presence of key players, technological advancement, rise in burden of patient population with chronic surgeries, increase in demand for minimal invasive procedures, access to advanced surgical procedures, and surge in awareness about innovative medical laser systems. However, high cost of medical lasers in surgical procedures such as cosmetics or cancer therapy is likely to restrain the global medical laser systems market during the forecast period.
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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.
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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.
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Mergers & Acquisitions and Launch of Innovative Products by Key Players to Drive Global Market
The global medical laser systems market is consolidated in terms of number of players. The market is dominated by key players with strong geographic presence and broad medical laser portfolio. Key players operating in the global medical laser systems market include LASOS Lasertechnik GmbH, Fujikura Ltd., Modu-Laser, Zeiss, BIOLASE, Inc., Alcon, IRIDEX Corporation, Candela Corporation, Cynosure, Lumenis, and Bausch & Lomb.
Mergers & acquisitions and launch of innovative medical lasers are the major strategies adopted by key players operating in the medical laser systems market. For instance, in February 2020, Zeiss introduced ZEISS Crossbeam Laser, which provides cross-section workflow, thereby integrating the gallium ion FIB, femtosecond laser, and field emission SEM in one device. Moreover, in October 2018, Carl Zeiss Meditec acquired IanTECH, Inc. to strengthen its cataract surgery product portfolio. This acquisition enabled the company to utilize IanTECH, Inc.’s technology with Carl Zeiss consumables and equipment to manage cataract.
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