New Delhi: As per a new report published by Fact.MR – a market research and competitive intelligence provider, the market for medical laser systems is poised to surge at a CAGR of around 8.5% and top US$ 7.5 Bn valuation by 2031.
Medical laser systems consist of a wide variety of monochromatic lights with a specific wavelength that have strong emissions and are highly concentrated. The characteristics of laser lights are defined by their power, wavelength, and pulsed or continuous wave operation. Laser lights are best known for laser tissue interaction: photothermal reactions, photochemical reactions, and photoablation.
Medical lasers are medical devices that use precisely focused light sources to treat or remove tissues and are used in medical diagnosis and treatments such as photodynamic therapy, laser-assisted procedures, photomedicine, and light therapy. Medical lasers are used in a broad range of applications such as dermatology, ophthalmology, gynecology, dentistry, and many more.
Medical lasers can be used for very precise surgical procedures due to their specific wavelength, which is focused in a narrow beam and creates a very high-intensity light. Rising demand for advanced laser-based treatments for eye disorders and increasing use of medical laser treatments for chronic diseases are major factors contributing to growth of the global medical laser systems market.
Key Takeaways from Market Study
Global medical laser systems market to top US$ 7.5 Bn by 2031.
Aesthetic lasers projected to reach around US$ 3.5 Bn by 2031.
Ophthalmic lasers projected to record around 5% CAGR over the next 10 years.
Market in Japan to record 4% CAGR over the forecast period of 2021- 2031.
China forecast to reach a projected market size above US$ 2 Bn by 2031.
Market in Canada projected to expand at above 6% CAGR over the next 10 years.
“With advancements in laser technology, strides taken by photonics in the past decade, growing number of research activities, and collaborations between medical and research institutes have propelled the demand for medical laser systems,” says a Fact.MR analyst.
Top companies are adopting several organic and inorganic strategies to strengthen their position in the market. Most are focusing on expanding their production facilities and acquiring other businesses.
A great deal of investments is being made towards R&D projects aiming at developing innovative and advanced medical laser systems. This will further create growth opportunities for market players over the coming years.
In 2018, Alcon Inc. launched software and hardware enhancements to the WaveLight Refractive Suite. These new software updates enhance the graphical user interface of the Suite’s WaveNet Planning Station, EX500 Excimer Laser, and the FS200 Femtosecond Laser.