The global medical lasers market is anticipated to gain impetus from the rising demand for aesthetic laser procedures, especially in the developing nations. Laser therapy is a medical treatment that uses intense beams of light for burning, cutting, or destroying a tissue. LASER stands for Light Amplification by Stimulated Emission of Radiation and is used for various diagnostic treatments. As per a report by Fortune Business Insights, titled, “Medical Laser Market Size, Share &COVID-19 Impact Analysis, By Type (Surgical Lasers, Dental Lasers, Aesthetic Lasers, and Others), By Product (Laser Systems, and Consumables), By End Users (Hospitals, and Specialty Clinics), and Regional Forecast, 2020-2027,” the value of this market was USD 4.37 billion in 2019 and is likely to rise at a CAGR of 13.9% to reach USD 10.57 billion between 2020 to 2027.
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Increasing Demand for Minimally Invasive Surgeries to Bode Well for Market
The increasing prevalence of cosmetic procedures such as lip augmentation, rhinoplasty, facelift, liposuction, breast augmentation, and others stands as a key factor propelling the medical laser market growth. Additionally, the rising prevalence of coronary artery diseases, age-related macular edema, coronary artery diseases, and other diseases is also adding fuel to the growth of the market. This coupled with the advent of innovative technology and the integration of aesthetic medical laser procedures are likely to aid in the expansion of the market in the forecast period.
On the contrary, factors such as the high cost of laser surgeries may pose a major drawback to the market. This, coupled with the side effects of medical lasers such as acne, infection, scarring, changes in skin color, redness, itching, and others may also hamper the overall growth of the market. Furthermore, the current corona virus pandemic is also creating new challenges for the market.
Nevertheless, the increasing popularity of procedure-specific aesthetic laser systems for various skin and beauty related treatments is attracting a large number of the female population, thereby creating lucrative growth opportunities for the market.
Aesthetics Segment Earned Dominance Attributed to Increasing Number of Minimally Invasive Surgeries
With respect to segmentation by type, the aesthetics segment emerged dominant in 2019with 47.1% medical laser market share. The growth of this segment is attributed to the increasing number of cosmetic minimally invasive surgeries.
Players Focusing on Establishing Brand across Geographies to Earn Lion’s Share
The global market for medical lasers is semi-consolidated as only a few top companies are holding prominent shares. Some of the players are engaging in establishing their brand presence and offering a wide range of products in various fields, such as ophthalmology, aesthetics, and surgical areas. The other players in this market are focusing on strengthening their distribution channel and expanding their geographical presence to gain a significant position in the competitive landscape.
Prominent Industry Developments of the Market for Medical Laser Include:
February 2020 – Clear Skin PRO was launched by Alma Lasers for delivering an estimated 3,000 ml of non-ablative laser energy per pulse. This will help improve the aesthetic laser sector portfolio of the company.
January 2020 – Lumen is disclosed a new platform called the Light Sheer Quattro during the 22nd International Master Course on Aging Science (IMCAS) conference. The Light Sheer is meant for laser hair removal for all types of skin.
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Author’s Bio –
Name: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.https://jumbonews.co.uk/