Medical Lasers Market worth $8.3 billion by 2028

Medical Lasers Market in terms of revenue was estimated to be worth $4.8 billion in 2023 and is poised to reach $8.3 billion by 2028, growing at a CAGR of 11.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The market is experiencing substantial growth, driven by the increasing preference for laser procedures among the elderly population. With age, there is a growing inclination to preserve a youthful appearance, resulting in a higher demand for cosmetic treatments like skin resurfacing, acne treatment, and scar removal. Additionally, ongoing advancements in medical laser technology have enhanced the safety and accessibility of these procedures, making them more appealing to older individuals. This trend mirrors a larger societal change towards embracing aging with energy and self-assurance, playing a significant role in the market’s expansion.

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Solid-state lasers systems segment to register significant growth rate over the forecast period of 2023-2028.

Based on the technology, the global Medical Lasers Market is segmented into solid-state laser systems, gas laser systems, pulsed dye laser systems, diode laser systems, and other technologies. The solid-state laser systems segment is anticipated to register the highest growth rate over the forecast period. The solid-state laser systems segment accounted for the highest share of the Medical Lasers Market in 2023.

The aesthetic/cosmetic applications segment accounted for the largest share of the medical lasers market, by application in 2023.

Based on application, the medical lasers market is segmented into aesthetic/cosmetic applications, dermatology applications, urology applications, ophthalmology applications, dental applications, ob/gyn applications, oncology applications, cardiovascular applications, and other applications. aesthetic/cosmetic applications segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.

Factors such as the Growing interest in cosmetic procedures among males of the medical lasers market drive the growth of the market.

The clinics, hospitals, and medical spas segment accounted for the largest share of the medical lasers market, by end user, in 2023

Based on end user, the global medical lasers market is segmented into hospitals and surgical centers, dermatology clinics and dental clinics, medical and beauty spas, home use and self care and other end users. The hospitals and surgical centers segment accounted for the largest share of the market in 2023. The growth of this segment is propelled by a noteworthy increase in the number of hospitals and a rising elderly population.

The Asia Pacific market to register the highest growth in the market during the forecast period

The Asia Pacific Medical Lasers Market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. There is a continuous increase in the adoption of high-end equipment in this region. The growth opportunities for key players are substantial, driven by enhancements in healthcare systems and government initiatives aimed at modernizing healthcare infrastructure.

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Medical Lasers Market Dynamics:

Drivers:

1. Technological advancements in medical laser technology
2. Increasing number of non-surgical cosmetic procedures
3. Rising demand for minimally invasive surgical procedures
4. Increasing incidence and prevalence of targeted diseases
5. Favorable reimbursement scenario

Restraint:

1. High cost of medical laser products and treatment
2. Stringent safety regulations

Opportunities:

1. Growth of medical tourism
2. Growing applications of laser-based devices in diverse clinical areas

Challenge:

1.  Risks associated with lasers

Key Market Players of Medical Lasers Industry:

As of 2023, prominent players in the Medical Lasers Market are Boston Scientific Corporation (US), Johnson & Johnson Vision Care, Inc (US), and Alcon Inc (Switzerland), Alma Lasers (Israel), Lumenis Be Ltd. (Israel), Cutera, Inc. (US), and among others.

A breakdown of the primary participants referred to for this report is provided below:

• By Company Type: Tier 1–40%, Tier 2–34%, and Tier 3–26%
• By Designation: Director-level–20%, C-level–20%, and Others–60%
• By Region: North America–30%, Europe–40%, Asia Pacific–20%, Latin America-08%, Middle East and Africa-02%

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Medical Lasers Market – Key Benefits of Buying the Report:

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall medical lasers market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

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