Laser therapy can be described as a medical procedure that involves cutting, burning, or dissolving tissue with a powerful laser beam. An intrusive, high-intensity light source known as a medical laser can be used to treat tissue and hasten recovery without leaving scars or discolouration.
Due to the increased demand for aesthetic laser procedures in developing nations, the market for medical laser systems is anticipated to grow. Aesthetic treatments include acne prevention, body contouring, dermal resurfacing, and other operations cost an estimated US$13 billion, according to the American Society for Aesthetic Plastic Surgery (ASAPS). The global medical laser systems market is anticipated to reach US$3.86 billion in 2023, growing at a CAGR of 14.47% during the forecast period.
North America accounted for the largest share in the global medical laser systems market. The dominance is due to the growing need for minimally invasive medical operations, a strong preference for cosmetic procedures, and a fast pace of adoption of novel technology. Furthermore, Asia Pacific is predicted to experience the fastest growth in the coming years, due to improved healthcare infrastructure and an increase in the number of laser centres. Within Asia Pacific, China accounted for the largest share.
Top Impacting Factors:
Driver: Rising Prevalence of Cardiovascular Diseases
Cardiovascular diseases (CVDs) are expected to remain the leading cause of morbidity and mortality for the foreseeable future. A major cause of heart attack and stroke is fat buildup around blood vessels, which restricts blood from flowing to the heart or brain. Strokes can also be caused by bleeding arteries or blood clots in the brain. These disorders necessitate specialized operations, and medical laser systems are utilized to suture the wounds. As a result, the increased prevalence of CVDs have always required the use of cardiovascular devices for diagnosis and treatment, which has propelled the medical laser systems market in the past few years.
The cost of cardiovascular surgeries, cataract treatment and dental procedures is usually quite high. The laser systems and equipment are costly and require a lot of upkeep. Furthermore, the laser systems necessitates the use of highly skilled and efficient surgeons. Because the treatment requires skilled surgeons and pricey equipment, not every hospital or institution can provide it. In order to pass on their costs to the patients, hospitals charge excessively high treatment fees. The treatment is often out of reach for persons in the low and moderate income groups. Thus, due to high cost, not everyone suffering, is able to get the laser surgery done. This offers a significant impediment to the medical laser systems market's growth.
Clinical lasers, computer science, medical imaging, spectroscopy, robotics, and biochemistry innovations are being incorporated into multi-media and virtual reality medical systems. These devices are intended to help doctors with diagnosis and minimally invasive surgery. Over the last 30 years, laser system engineering has progressed significantly in terms of reducing the size, cost, power, and cooling needs of surgical lasers, as well as inventing specialized delivery devices for specialty surgical applications. Compact lasers will be merged with other technologies in the future, including computers, medical imaging, robotics, and telemetry.
The COVID-19 Analysis:
The COVID-19 pandemic has emerged as the world's most pressing concern. Because the pandemic has put a strain on healthcare systems all across the world, prioritizing scarce resources was critical to reducing hospital admissions. As a result, most hospitals and surgical centers considered cancelling or delaying elective surgeries, throughout the healthcare field, including the dermatology, ophthalmology, gynecology, dentistry, cardiology and urology. According to the Society of Thoracic Surgeons Adult Cardiac Surgery Database and Johns Hopkins COVID-19 database, there was a 52.7% reduction in adult cardiac surgery volume and a 65.5% reduction in elective cases in the US. Healthcare systems restored to normal after the vaccination schedule was established and the rate of transmission was reduced, and laser treatments began at a better pace. As a result, COVID-19 had a short-term detrimental impact on the medical laser systems market.
Analysis of Key Players:
The global medical laser systems market is fragmented. Market players have implemented sustainable growth techniques in the market. Companies like Iridex Corporation, Lumenis Be Ltd., Candela Medical, BIOLASE, Inc., Alcon Inc., and Iridex Corporation have implemented numerous strategies that have aided the company's growth and, as a result, have brought about significant market changes. The key players of the global medical laser systems market are:
Mergers, new product launches, acquisitions, and collaborations are among the strategic activities that the corporations are pursuing in order to increase their market positions. For example, Candela Medical announced the launsh of the Frax Pro system in July 2021, BIOLASE, Inc. in May 2021, launched Waterlase Pediatric Dental Academy (WPDA) for Waterlase paediatric dentists and Boston Scientific Corporation announced the acquisition of Lumenis Ltd. in March 2021.