The surgical lasers market is expected to grow from US$ 3,863.46 million in 2022 to US$ 6,031.09 million in 2028, with an estimated CAGR of 7.7% from 2022 to 2028.
The use of lasers in the surgical industry has been flourishing rapidly over the years. The demand for technologically advanced laser products has been substantially growing. The global surgical lasers industry players are experiencing a higher demand for LASIK post-pandemic. Rapid advancement in laser technology and the high prevalence of vision impairment will foster the global surgical lasers market growth through 2028. As per the World Health Organization (WHO), over 2.2 billion people have a distance or near vision impairment globally. This factor could proliferate the need for LASIK eye surgery, which accounts for 90–95% of all laser vision correction surgeries. Developments in laser technology designed to target serious ailments like cancer will also add impetus to the industry expansion. In 2021, the Engineering and Physical Sciences Research Council provided a US$ 1.6 million fund to the Heriot-Watt University in Edinburgh for developing a new laser system to help surgeons distinguish and remove cancer cells without damaging nearby tissues. Such noteworthy investments in the treatment of targeted diseases will also fuel the requirement for surgical lasers machines in the coming years.
MARKET DYNAMICS
Increasing demand for minimally invasive or noninvasive procedures and rising patient inclination toward reduced hospital stays are the factors pushing manufacturers to develop products and equipment that are technologically advanced and offer faster recovery. This is boosting the competitive rivalry with new product launches. For instance, in July 2018, Candela Corporation received the US Food and Drug Administration approval for Vbeam Prima, a Pulsed Dye Laser (PDL), which is used for a wide range of skin conditions such as rosacea; acne; facial; leg and spider veins; scars; port wine stains; warts; stretch marks; and wrinkles.
MARKET SCOPE
The "Global Surgical lasers Market Analysis to 2028" is a specialized and in-depth study of the surgical lasers market with a special focus on the global market trend analysis. The report aims to provide an overview of the surgical lasers market with detailed market segmentation by type, procedure, and application. The global surgical lasers market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading surgical lasers market players and offers key trends and opportunities in the global surgical lasers market.
Strategic Insights
MARKET SEGMENTATION
The global surgical lasers market is segmented based on type, procedure, and application. Based on type, the market is segmented into carbon dioxide (CO2) lasers, argon lasers, ND:Yag (Neodymium:Yttrium-Aluminum Garnet) lasers, diode lasers, and other surgical lasers connected sensors. In terms of the procedure, the market is segmented into open surgery, laparoscopic surgery, and percutaneous surgery. Further, based on application, the market is segmented into ophthalmology, dermatology, dentistry, urology, cardiology, gynecology, oncology, and other applications.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global surgical lasers market based on various segments. It also provides market size and forecast estimates from 2022 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), South & Central America and the Middle East & Africa (MEA). Each region's surgical lasers market is later subsegmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in each country.
From the regional perspective, North America dominated the global surgical lasers market with ~38% market share in 2021. The dominance can be attributed to the growing awareness of advanced aesthetic procedures. The key surgical lasers manufacturers in the region include Lumenis Be Ltd, Cynosure, Alma Lasers, Abbott, Boston Scientific Corporation, IPG Photonics Corporation, Spectranetics Corporation (Koninklijke Philips N.V.), biolitec AG, BISON MEDICAL, and Fotona. These suppliers witness constant demand from Hospitals and Ambulatory Surgery Centers (ASCs). The below figure showcases the revenue growth trend in the global surgical lasers market:
Source: The Insight Partners Analysis
The report analyzes factors affecting the global surgical lasers market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis highlighting the factors affecting the global surgical lasers market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic caused major disruptions in cancer care, owing to delayed diagnosis and treatment. Treatment pathways were altered to lower the risk of infection during surgery and radiation therapy, which created a hindrance to the steady growth of the industry in 2019- 2020. However, the gradual increase in the acceptance of refractive surgery, post-crisis, may help the industry regain traction in the coming years. The high emphasis on public health and safety amid the pandemic indirectly influenced people to re-evaluate their eye health. Situations such as these have given rise to the deployment of laser vision correction procedures, thus, contributing to the overall industry dynamics. Thus, the decline in laser surgical procedures for major applications in 2020 is one of the major factors for the revenue loss in the global surgical lasers market.
MARKET PLAYERS
The reports cover key developments in the global surgical lasers market including organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players in the global surgical lasers market are anticipated to have lucrative growth opportunities in the future with the rising demand for surgical laser. Below is a list of a few companies engaged in the surgical lasers market.
The report also includes the profiles of key surgical lasers market companies and their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
- Lumenis Be Ltd
- Cynosure
- Alma Lasers
- Abbott
- Boston Scientific Corporation
- IPG Photonics Corporation
- Spectranetics Corporation (Koninklijke Philips N.V.)
- biolitec AG
- BISON MEDICAL
- Fotona
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.