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Medical Lasers Market Overview
The global medical lasers market was valued at $5.1 billion in 2016 and is projected to grow at a CAGR of 13.4% during the forecast period. This growth would be mainly led by increasing demand for medical lasers used in the treatment of various diseases, rising number of aesthetic procedures, and growing demand for non-invasive treatments. Among the various medical laser systems, solid-state laser systems held the largest share in the global market, with a 38.2% contribution in 2016. Solid-state laser systems have wise applications in surgeries such as, ophthalmology, gynecology, dermatology, dentistry, cardiology, and urology.
GLOBAL MEDICAL LASERS MARKET, BY END USE, $M (2016-2023)
Among different solid-state laser systems, Nd:YAG systems are the most commonly utilized product type in the medical lasers market, with 47.1% share in 2016, globally, due its large application base. Nd:YAG systems are widely used for the treatment of posterior capsular opacification, peripheral iridotomy, acute angle- closure glaucoma, and for surgical iridectomy; in dental surgeries; and in diabetic retinopathy.
Medical lasers find application in dermatology, gynaecology, ophthalmology, urology, cardiology, dentistry, and others. There has been a significant increase in the use of these devices in dermatology, particularly in skin resurfacing. The rising number of aesthetic procedures has further spurred the demand for laser systems in the medical lasers market. According to the American Society of Plastic Surgeons (ASPS), around 14.2 million minimally invasive cosmetic procedures were performed in the U.S. in 2015.
On the basis of end use, cosmetic held the largest market share in the global market, with a 48.5% contribution in 2016. Increasing number of aesthetic procedures and growing demand for non-invasive treatments are some of the major factors fostering the growth of the cosmetics segment. According to the Plastic Surgery Statistics Report 2016, published by the ASPS, around 11,674,754 non-surgical procedures, 1,035,783 laser hair emoval procedures, and around 316,886 laser skin resurfacing procedures were performed in 2016 in the U.S.
North America held the largest share in the medical lasers market in 2016, followed by the Europe. The North American medical lasers market is primarily driven by increasing demand for cosmetic surgical procedures, presence of key established players in the region, developed reimbursement policies, and high prevalence of chronic and skin diseases. During the forecast period, the market is expected to register fastest growth in Asia-Pacific. This growth can be attributed to increasing healthcare expenditure, growing medical tourism, and increasing awareness on technologically advanced laser treatments.
Medical Lasers Market Dynamics
The major factor leading to the growth of the medical lasers market is the technological advancements. The latest advancements in the laser technology have led to an increased number of its applications in medical industry. These advancements in laser provide benefits such as, small incisions, decrease in the intensity of pain and fast recovery after the any surgical or cosmetic procedure. Also, a notable increase in the application of laser technology for various cosmetic treatments such as hair removal, skin rejuvenation and body contouring. Additionally, laser devices have become more advanced with the introduction of small hand-held diode lasers.
Rising prevalence of chronic and skin diseases and growing aging population are other major factors contributing to the growth of the medical lasers market. Globally, aging population plays a major role in the growth of the market. Old age is associated with loss of fibrous tissue and reduced vascular and glandular network in the layers of skin. The appearance and characteristics of skin alters, leading to wrinkles, dryness, pigmentary alteration, and sagging of the skin.
The developing countries, such as India and China, are expected to have a larger geriatric population base, as compared to the developed countries, such as the U.S. According to the United Nations Department of Economic and Social Affairs (UN-DESA), the population of individuals above 60 years of age in China would be 437 million, 324 million in India, 107 million in the U.S., and 58 million in Brazil, by 2050. The rising aging population across the globe leads to the increasing adoption of medical lasers thus, supporting the growth of the overall medical lasers market.
With growing medical tourism and increasing appearance-consciousness in people, developing economies have emerged as potential market, providing ample growth opportunities to the players in the medical lasers market. According to a report published by the International Society of Aesthetic Plastic Surgery (ISAPS), around 420,454 surgical aesthetic procedures and 515,033 non-surgical aesthetic procedures were performed in India in 2015.
Medical Lasers Market Competitive Landscape
The key players in the medical lasers market are acquiring other players to enter the aesthetic market and launch new laser systems. In March 2017, Hologic Inc., a manufacturer and supplier of diagnostic products, imaging systems, and gynecological surgical products, acquired Cynosure Inc., a developer and manufacturer of light-based aesthetic and medical systems, for $66 per share in cash. Similarly, in April 2017, Lumenis Ltd. launched PiQo4, an advanced laser technology for tattoo removal, skin pigmentation treatment, birthmark removal, vascular lesions and lentigo treatment, skin resurfacing, and discoloration treatment.
Some of the key players in the medical lasers industry include Biolase Inc., Boston Scientific Corporation, Cryolife Inc., Ellex Medical Lasers Limited., Lumenis Ltd., Photomedex, Inc., The Spectranetics Corporation, Syneron Medical Ltd., and Valeant Pharmaceutical International, Inc.