Allied Market Research published a report, titled, "Medical Laser Market by Product Type (Solid-State Laser Systems, Gas Laser Systems, Dye Lasers Systems, and Diode Laser Systems), Application (Ophthalmology, Dermatology, Gynecology, Dentistry, Urology, Cardiovascular, and Others), and End User (Surgical, Cosmetic, and Dental): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global medical laser industry garnered $6.94 billion in 2018, and is estimated to reach $16.22 billion by 2026, growing at a CAGR of 10.8% from 2019 to 2026.
Drivers, restraints, and opportunities-
High adoption of medical lasers for cosmetic
surgeries, rise in incidence of various chronic diseases globally, and increase
in technological advancements drive the growth of the global medical laser
market. On the other hand, high cost of the medical lasers and lack of
acceptance for new technology impede the growth to some extent. Nevertheless,
expanded applications of lasers across clinical areas are expected to create a
number of opportunities in the industry.
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The solid-state laser systems segment to lead the
trail by 2026-
Based on product type, the solid-state laser
systems segment contributed to more than one-third of the global medical laser
market share in 2018, and is expected to dominate by the end of 2026. This is
attributed to the safe use of solid-state laser system and the quality output
provided by it. At the same time, the diode laser systems would grow at the
fastest CAGR of 13.6% during 2019–2026. Diode lasers are less expensive, more
compact, and use less power as compared to other types of lasers, which has
driven the segment growth.
The dermatology segment held the largest share in
2018-
Based on application, the dermatology segment
accounted for nearly one-third of the global medical laser market revenue in
2018, and is anticipated to retain its dominance till 2026. Increase in demand
for procedures that provide aesthetic importance boosts the growth of the
segment. The cardiology segment, on the other hand, would cite the fastest CAGR
of 12.8% throughout the forecast period, owing to the development of advanced
medical laser treatment techniques and increase in occurrence of heart diseases
across the globe.
North America to rule the roost in terms of
revenue-
Based on geography, North America held
the highest market share in 2018, garnering more than two-fifths of the global
medical laser market. This is due to upsurge in number of cosmetic surgeries,
increase in geriatric population, and rise in the risk of developing ophthalmic
disorders that lead to increase in the demand for medical laser in this
province. Simultaneously, the region across Asia-Pacific is projected
to register the fastest CAGR of 12.3% during the study period. This is
attributed to high population base, high disposable income of people, and rise
in awareness regarding the adoption of medical lasers as a replacement for
invasive surgery.
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Leading market players-
- Lumenis Ltd.
- Syneron Medical Ltd.
- Boston Scientific Corporation
- CryoLife, Inc.
- Koninklijke Philips N.V.
- Novartis AG
- Biolase Inc.
- IRIDEX Corporation
- Bausch & Lomb Holdings, Inc.
- Ellex Medical Lasers Ltd.
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