Global Medical Laser Market - Focused Insights 2024-2029

MARKET INSIGHTS

The global medical lasers market was valued at USD 5.30 billion in 2023 and is expected to reach USD 11.69 billion by 2029, growing at a CAGR of 14.10% during the forecast period. The market is primarily driven by the growing demand for aesthetic and cosmetic procedures among young adult and aging populations. Increasing attention and awareness regarding physical/body appearance has led to an increasing number of people opting for medical laser-based treatments. Conversely, the growing popularity of minimally invasive surgeries and the craze for cosmetic procedures among young adults create huge market growth opportunities.

Medical lasers are modern medicine in the rapidly evolving healthcare industry. They are clinical tools that have revolutionized the diagnosis and treatment of certain health conditions. Medical lasers use precisely focused light sources to remove or treat tissues. They allow medical professionals to accomplish more complex tasks and reduce the risk of procedures. From precision surgical interventions to cutting-edge dermatology procedures, medical lasers have become essential to medicine.

RECENT VENDORS ACTIVITIES

Product Launched:

1. In 2024, Iridex Corporation launched its next-generation Iridex 532 and Iridex 577 lasers in the US on its 35th anniversary. Both lasers harness several treatment modes, including Iridex's patented MicroPlus Technology, continuous wave, and an intuitive touchscreen interface.
2. In 2024, Meridian Medical launched an ophthalmic laser line in the US market with FDA approval for the ME Q family lasers. Conversely, two other medical lasers are MR Q SLT and MR Q Spine.
3. In 2024, BIOLASE- one of the leading dental technology companies- launched the all-tissue laser system Waterlase iPlus Premier Edition for dental care. This laser includes several integrated tools that enhance the user's and the patient's experience.
4. In 2023, Acclaro Medical launched UltraClear Laser-Coaring. This first-of-its-kind laser allows tissue coring to improve deep scars, wrinkles, and several age-associated issues with all skin types.
5. In 2023, International Medical Laser launched a new laser accessory, partnering with DEKA Trio. This accessory is used for scar revision and treatment.
6. Cynosure launched PicoSure Pro in 2022, the most advanced tattoo and pigment removal system. This system offers three times the absorption ratio of melanin to blood, making it the ideal wavelength for skin revitalization.
7. In 2021, Solta Medical launched the Clear + Brilliant Laser system in the US market, delivering more comprehensive and customized treatments for skin issues.

Merger, Acquisition, Partnership, and Expansions in Medical Laser Industry:

1. In 2024, Cynosure and Hahn & Company, which has recently acquired Lutronic, announced a merger for a strategic combination of Cynosure and Lutronic. This partnership helped to become one of the leading medical aesthetics companies, with a presence in around 130 countries.
2. In 2024, Summus Medical Laser partnered with Regenmed to establish a real-world evidence program (RWE). This program will support care providers by developing and sharing best practices for improving patient care and recovery. 
3. In 2023, the International Medical Laser Company announced a partnership with DEKA Trio to feature a scanner for scar revision and treatment.

Expansion:

1. In 2023, Alma Lasers (a Sisram Medical Company) opened the 5th Alma Academy. The company also announced a major global expansion as part of Alma's Consumer-Centric Strategy.

KEY TAKEAWAYS

1. Market Growth: The global medical lasers market was valued at USD 5.30 billion in 2023 and is expected to reach USD 11.69 billion by 2029, growing at a CAGR of 14.10% during the forecast period.
2. By Laser Type: The diode laser devices segment had the highest market share, 44%, due to their smaller size, cost-effectiveness, and robustness in diagnostic imaging and testing.
3. By Power: The low-power medical lasers segment shows the highest growth of 14.74% as they are commonly used for non-invasive treatments that penetrate low-power laser beams to stimulate healing and minimize pain.
4. By Application: The diagnosis, therapy & surgery segment holds the largest market share due to its increase in wide application range, accuracy, and less risk for patience.
5. By Procedures: The ophthalmology segment dominates and has the largest market share. The growth is due to the increased prevalence of various eye diseases.
6. By End-Users: The physician offices segment shows the fastest growth as they are widely distributed in lower settings that offer various medical laser treatments at affordable prices.
7. By Geography: North America dominates the global medical lasers market, with a 38% share due to the prevalence of eye-related disorders and the rise in cosmetic and aesthetic procedures.
8. Growth Factor: The global medical lasers market is set to grow due to increasing minimally invasive surgeries and increasing application areas for medical lasers.

MARKET TRENDS & DRIVERS

Rapidly Emerging New Technologies in Medical Laser

The medical laser industry is continuously evolving with advanced technology development. The rising R&D in medical laser technologies creates a huge pace for market growth. Some emerging technologies are Pico Lasers, Nanosecond Lasers, and Fractional Lasers, which also widen the application areas for medical lasers. For tattoo removal, nanosecond lasers offer next-level advantages and efficiency. Pico laser technology is rapidly gaining popularity for skin rejuvenation treatments. Fractional laser technology for acne scar treatment continues to grow with counting research and innovations that enhance patient results and satisfaction.

Low-light Laser Therapy a Promising Future Solution

Low-light laser therapy (LLLT) is promising several future applications in the medical laser industry. With the development of new technologies and the growing demand for minimally invasive procedures, LLLT lasers are expected to become more prevalent in the upcoming years. Some emerging factors could play a vital role in low-level lasers. Several major trends with LLLT are expected to deliver huge market growth opportunities. LLLT applications in pain management, neurodegenerative disorders, sports medicine, skin conditions like psoriasis, acne, certain types of cancer, and others are expected to deliver significant growth opportunities.

Growing Volume of Cosmetic Procedures

The cosmetic sector witnessed the continued rise of medical aesthetics and surgical procedures with advanced equipment. Non-abrasive laser treatment is popularizing in the cosmetic industry. Across the numerous offerings of the cosmetic sector, treatments for anti-aging, acne, and removal of unwanted hair have continued to gain significant traction in recent years. They are expected to rise significantly in the coming years. The cosmetic industry has experienced a huge rise in the number of laser treatment centers operated by highly trained, qualified, and accredited cosmetic laser specialists. Increasing prevalence of cosmetic issues due to pollution, unhealthy lifestyles, and other factors accelerating significant demand for cosmetic laser procedures.

INDUSTRY RESTRAINTS

High Cost of Laser-based Treatments

A wide range of treatments and procedures are performed using medical lasers. These include expensive cosmetic, aesthetic, and surgical procedures. High-cost cosmetic procedures may reduce the preference for laser-based treatment, negatively impacting the demand for medical lasers. The cost of various cosmetic procedures varies between places and is also based on the equipment used. Certified doctors and professionals charge more for these procedures in their clinics, thus intensifying the cost structure competition of these treatments. This may lower the adoption of laser-based cosmetic procedures.

SEGMENTATION INSIGHTS

INSIGHTS BY LASER TYPE

The global medical lasers market by laser type is segmented into diode laser devices, gas laser devices, solid-state laser devices, and dye laser devices. The diode laser device segment accounted for the largest market share of 44%. Diode medical lasers are highly popular in medical applications due to their smaller size, cost-effectiveness, and robustness, from diagnostic imaging to testing to surgical treatments and the latest aesthetic treatments. Diode laser devices are widely used in aesthetic (acne, hair & wrinkle removal, laser skin surfacing, pigment lesions, tooth whitening), diagnostics (MRI), photodynamic therapy (age-related macular degeneration-AMD, cancer treatment, and wound healing), and surgical treatment (dental treatments, urology, general surgery, and microsurgery). These wide applications accounted for higher demand for diode lasers.

INSIGHTS BY POWER

The global medical laser market by power is categorized into high-power and low-power. The low-power segment shows significant growth, with the fastest-growing CAGR of 14.74% during the forecast period. Low-power medical lasers have significant potential and witnessed continued advancements and innovations. Low-power laser therapies are commonly used for non-invasive treatments that penetrate low-power laser beams to stimulate healing and minimize pain. These lasers are becoming popular in managing various medical conditions, such as chronic pain, weight loss, and nociceptive pain reduction. Several studies are being conducted on low-power lasers to enhance medical outcomes. Furthermore, with the increasing demand for minimally invasive procedures and the development of new technologies, using low-power lasers in medicine is expected to become more prevalent.

INSIGHTS BY APPLICATION

The global medical laser market by application is segmented into diagnosis & therapy and surgery and aesthetics. The diagnosis & therapy segment holds the largest market share. The wide application range, technology advancements, and effectiveness make them more popular. In addition, in medical imaging, medical lasers are beginning to replace X-ray imaging, which poses less risk for the patients and has proven more accurate. These factors contribute to higher segmental growth over other segments. The demand for medical lasers is also increasing in oncology, neurology, urology, and metabolic disease diagnosis. Cancer has become a major sector of medical lasers. More than 20 million annual cancer cases registered across the world are major opportunities for medical lasers in diagnosis.

INSIGHTS BY PROCEDURES

Based on the procedure,the ophthalmology segment holds the largest global medical laser market share. The increased prevalence of various eye diseases drives the demand for medical lasers in eye disease diagnosis and effective treatment deliveries. The available significant patient population boosts the demand for medical lasers in ophthalmology procedures. Globally, more than 32 million laser eye treatments are delivered annually, and this number is estimated to be in 2022 by Focus Clinic Article. Furthermore, in the US and the UK, around 700,000 and 400,000 LASIK procedures were performed annually, reported in 2023. Several areas within ophthalmology use laser surgery to treat eye conditions other than vision problems. However, vision correction is among the most popular procedures that use lasers for treatment. The growing burden of eye diseases and the rising adoption of laser eye treatment have contributed to huge revenue growth of the segment in the global medical laser market.

INSIGHTS BY END-USERS

The physician offices market segment shows prominent growth based on the end-users, with the highest CAGR during the forecast period. Physician offices are widely distributed in lower settings that offer a wide range of medical laser treatments at affordable prices. Physicians' offices encompass various specialty clinics, including eye and dental practices. Eye clinics, in particular, are seeing a surge in demand for laser treatments like LASIK surgery. The growing prevalence of eye conditions across different age groups—young, adult, and elderly—has significantly fueled the need for such procedures. Laser treatments are becoming popular in the dental field because they are less painful and require fewer medical interventions, encouraging more patients to opt for these advanced techniques.

GEOGRAPHICAL ANALYSIS

North America accounted for over 38% of the global medical lasers market share. The US dominates the region due to the significant volume of cosmetic, ophthalmic, dental, and other minimally invasive and non-invasive procedures with medical lasers. Major factors contributing to the growth of the market in this region include the growth in the prevalence of eye-related disorders, rise in the number of cosmetic and aesthetic procedures, increase in minimally invasive surgical procedures, expansion of medical tourism, and adoption of advanced laser-based treatments. In North America, the high expenditure on cosmetic care and personal appearance demand for various aesthetics boosts the demand for non-invasive or minimally invasive cosmetic procedures and increases medical laser' use.

COMPETITIVE LANDSCAPE

The global medical laser market report consists of exclusive data on 49 vendors. The market is highly fragmented. Some major companies dominate the market. However, there are significant growth opportunities for new entrants. Though the market is dominated by major players, many investigational and small companies are coming into existence with innovative medical lasers and associated technologies. Bausch + Lomb, Candela Corporation, Koninklijke Philips, Boston Scientific Corporation, CYNOSURE LUTRONIC, Fotona, Cutera, El.En. SPA, IRIDEX Corporation, and Shanghai Fosun Pharmaceutical are some leading companies accounting for significant market shares in the global medical lasers market. These vendors continuously focus on M&As and expand their product portfolio both through organic & inorganic growth strategies.