The medical laser is a non-invasive and less intense accurately intensive light source to eradicate or treat tissue which provides fast healing and rarely scarring and discoloration. The global medical lasers market is growing at a significant rate, due to the escalating need for medical lasers utilized for the treatment of several diseases and escalating need for non-invasive treatments.
Different products such as diode laser systems, solid-state laser systems, dye laser systems, and gas laser systems contributed to the medical lasers market size. The market has witnessed high demand for solid-state laser systems due to its wide uses in surgeries such as dermatology, ophthalmology, cardiology, gynecology, dentistry, and urology.
Insight by Product
On the basis of product, the market is subdivided into diode laser systems, solid-state laser systems, dye laser systems, and gas laser systems. Of all products, solid-state laser systems accounted the largest share in the market due to its wide uses in surgeries such as dermatology, ophthalmology, cardiology, gynecology, dentistry, and urology.
The solid-state laser systems are further subdivided into neodymium: yttrium-aluminum-garnet laser (Nd:Yag), potassium titanyl phosphate laser systems, erbium: yttrium-aluminum-garnet laser (Er:Yag), alexandrite laser systems, holmium: yttrium-aluminum-garnet laser (Ho:Yag), and ruby laser systems. Among all neodymium: yttrium-aluminum-garnet laser (Nd:Yag) segment accounted the largest share in the market, as it is used in dental surgeries, diabetic retinopathy, and for the management of acute angle- closure glaucoma, posterior capsular opacification, peripheral iridotomy, and for surgical iridectomy.
The gas laser system is further subdivided into CO2 laser systems, excimer laser systems, metal vapor (copper and gold) laser systems, argon laser systems, krypton laser systems, and helium-neon (He-Ne) laser systems.
Insight by Application
On the basis of application, the market is subdivided into dermatology, cardiology, gynecology, ophthalmology, urology, dentistry and others. Among all applications, the dermatology application accounted the largest share in the medical lasers market due to a mounting number of aesthetic procedures.
The dermatology segment is further subdivided into skin resurfacing, pigment treatment, and hair removal. Among all the resurfacing segment accounted the largest share in the market. The ophthalmology segment is further subdivided into refractive error surgery, glaucoma surgery, cataract surgery, and others.
The cardiology segment is further subdivided into congenital heart disease, hypertrophic cardiomyopathy, coronary artery disease, ventricular and supraventricular arrhythmias, and others. The urology segment is further subdivided into lithotripsy, and tissue ablation
Insight by End User
The different end users of the market are cosmetic, dental and surgical. Among all end users, the cosmetic segment accounted the largest share in the medical lasers market due to a mounting number of aesthetic procedures and escalating need for non-invasive treatments.
Mounting age-related ophthalmic disorders, technological advancements, the escalating need for medical lasers used for the treatment of various diseases, projection in healthcare settings, escalating demand for non-invasive treatments, and mounting acceptance of medical aesthetics treatments are the primary growth drivers for medical lasers market.
Widening applications of medical lasers, and expanding per capita healthcare expenditure are also facilitating the growth of the medical lasers market.
Strict regulatory requirements and disappointment associated with medical lasers are the major challenges for the growth of medical lasers market.
Globally, the manufacturing companies trying to enter the medical lasers market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest medical lasers market as in the region the prevalence of skin and chronic diseases is increasing. In addition, the mounting need for cosmetic surgical procedures, advanced reimbursement policies and the presence of major established players in the region, are also up surging growth of the North American medical lasers market.
Asia-Pacific is observed to witness the fastest growth in the market, due to mounting healthcare expenditure. In addition, technologically advanced laser treatment, improving healthcare infrastructure, and expanding medical tourism are also creating a positive impact on the medical lasers market growth in the region.
Key players in the medical lasers market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2018, Lumenis Ltd launched SPLENDOR X a solid state laser system at the 2018 American Society of Dermatological Surgery. BIOLASE, Inc., Lumenis Ltd., Syneron Medical Ltd., Boston Scientific Corporation, Novartis AG, Valeant Pharmaceuticals International, Inc., Ellex Medical Lasers Ltd., CryoLife, Inc., and PhotoMedex, Inc. are the key players offering medical lasers.