DUBLIN--(BUSINESS WIRE)--The "Global Medical Laser Systems Market: Analysis By Product Type, By Application, By End User, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global medical laser systems market was valued at US$2.95 billion in 2021, and is projected to be worth US$5.79 billion in 2026. Laser therapy is a medical procedure that involves cutting, burning, or dissolving tissue with a strong laser beam. A medical laser is a non-invasive, high-intensity light source that can be used to treat tissue and promote rapid healing without scarring or discoloration.
The medical laser systems market is expected to rise due to rising demand for aesthetic laser operations in developing countries. The American Society for Aesthetic Plastic Surgery (ASAPS) estimates that the American population spends more than US$13 billion on aesthetic treatments such as acne prevention, body contouring, dermal resurfacing, and other procedures. The medical laser systems market is determined to grow at a CAGR of 14.49% over the analyzed period of 2022-2026.
Impact Analysis of COVID-19 and Way Forward:
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.
Market Dynamics
Growth Drivers
- Rising Prevalence of Cardiovascular Diseases
- Rapid Urbanization
- Increasing Old Age Population
- Increase in Healthcare Expenditure
- Increasing Cosmetic Treatments
- Increased Prevalence of Eye Diseases
Challenges
- Stringent Safety Regulations
- High Costs Involved
Market Trends
- Use of AI in Healthcare
- New Product Launches
- Growing Demand for Minimally Invasive and Outpatient Treatments
- Technological Advancements in Laser Systems
Competitive Landscape:
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:
- BIOLASE, Inc
- Boston Scientific Corporation
- Alcon Inc.
- Stryker Corporation
- Iridex Corporation
- Artivion, Inc
- Nova Eye Medical Ltd. (AlphaRET)
- Cynosure Inc
- Bausch + Lomb Corporation
- Candela Medical
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.
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