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Medical Lasers Global Market Report 2021: COVID 19 Growth And Change to 2030

Medical Lasers Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6071103
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the medical lasers market are El.En. S.p.A., Ellex Medical Lasers Ltd, Lumenis, Alcon Laboratories Inc., AngioDynamics Corp., American Medical Systems Inc., Biolase Inc, Bausch & Lomb Holdings, Cardiogenesis Corporation Inc, and Boston Scientific.

The global medical lasers market is expected to grow from $4.993 billion in 2020 to $5.546 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.645 billion in 2025 at a CAGR of 12%.

The medical lasers market consists of sales of medical lasers and related services by entities (organizations, sole traders, and partnerships) that manufacture medical lasers.Medical lasers are devices that treat or remove tissues using precisely focused light sources.

Medical lasers find their applications in several surgical procedures including eye surgery, cosmetic surgery, dental procedures, and other general procedures.

Major players operating in the market are focusing on developing new innovative products with advanced techniques in order to serve the healthcare professionals and their patients better. For instance, in April 2019, Lumenis Ltd., an energy-based medical device company based in Israel, introduced Legend Pro+, a new skin rejuvenating technology and a unique multi-application platform powered by clinically proven and complementary technologies. Similarly, in July 2019, Ra Medical Systems, a USA-based medical laser company, announced the launch of Pharos, a new dermatology excimer laser for the treatment of psoriasis, atopic dermatitis, and vitiligo. Pharos offers better comfort and visibility of the treatment site and is designed to improve physician and patient experience.

The medical lasers market covered in this report is segmented by product type into solid state laser systems; gas laser systems; dye laser systems; diode laser systems, and by application into surgical; cosmetic; dental.

In December 2019, Lumibird Group (Quantel Medical), a France-based company that specializes in medical lasers, announced the acquisition of Ellex’s laser and ultrasound business for $69 million.The acquisition is expected to expand Lumibird Group’s product portfolio with Ellex’s laser and ultrasound technologies for the diagnosis and treatment of ocular diseases.

Both companies focus on strengthening the portfolio for diagnostic devices including ultrasound and laser products. Ellex is an Australia-based company engaged in manufacturing ophthalmic lasers and ultrasound systems.

The increased demand for minimally invasive procedures contributed to the medical lasers market’s growth during the period.The surge in aesthetic and cosmetic procedures propelled the demand for minimally invasive surgeries worldwide.

According to the International Society of Aesthetic Plastic Surgery’s survey on aesthetic and cosmetic procedures performed in 2018, there were 10,607,227 aesthetic and cosmetic surgical procedures performed across the globe in 2018.Moreover, according to the American Society of Plastic Surgeons (ASPS), in 2018, approximately 18 million individuals underwent surgical and minimally invasive cosmetic procedures in the USA.

Thus, the high usage of medical lasers to perform minimally invasive aesthetic and cosmetic surgeries increases the demand for medical lasers.

The high cost of surgeries limits the growth of the medical lasers market.The high cost of treatments involving medical lasers limited the adoption and demand for lasers used to perform minimally invasive surgeries.

For instance, the average cost of LASIK surgery performed in the USA was $2,246 per eye in 2019, higher than the cost of surgery in 2018, which was $2,199 in 2018. Therefore, the high and increasing cost of surgeries is likely to act as a restraint to the growth of the medical lasers market.

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