Growing demand for minimally invasive surgeries and increasing prevalence of chronic diseases drive the global medical laser market

calendar_today 04 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global medical laser market was pegged at ~US$ 3.9 billion in 2021. The global medical laser market is expected to witness a CAGR of ~15.20 % from 2022 to 2030.  

Medical lasers treat or remove tissues by directing a high-wavelength light source in a single direction. A laser can cause transmission, scattering, reflection, re-emission, and absorption when it strikes human tissue. The laser reduces the risk of inflammation and bleeding during the surgical procedure. Medical lasers are applied in dermatology and plastic surgery, wound healing, nerve stimulation, dentistry, cancer therapy, and ophthalmic surgeries. Diode lasers have been used extensively in many surgical procedures, including soft tissue cutting, coagulation, and thermal cancer therapy. There are several photosensitizers available in wavelengths that correspond to laser absorption. 

Trans myocardial revascularization (TMR) is a surgical procedure that uses a unique carbon dioxide (CO2) laser to create tiny pores or streams through the heart muscle and into the lower left chamber (left ventricle). These new blood vessels increase oxygen-rich blood flow to the heart, minimizing the symptoms of myocardial ischemia,  a sign of coronary artery disease. In the United States, cardiac disease is the leading cause of death for men, women, and people of all races and ethnicities. The Centers for Disease Control and Prevention (CDC)states that in the United States, approximately 697,000 people will die from heart disease in 2020. Between 2017 and 2018, the United States spent roughly US$ 229 billion on medication costs and healthcare services and lost productivity due to cardiovascular disease deaths. Coronary heart/artery disease is the most common cardiovascular disease; nearly 382,820 Americans died in 2020. About 20.1 million adults aged 20 and up were affected by coronary artery disease (about 7.2 percent). The increasing burden of cardiovascular diseases is fueling the global medical laser market.

Increasing chronic kidney disease (CKD) and nephrolithiasis incidences fuel the global medical laser market. According to the World Kidney Organization 2020, chronic kidney disease currently affects approximately 850 million people worldwide. The global burden of CKD is rising, and it is expected to become the fifth leading cause of years of life lost by 2040. Chronic kidney disease is a significant source of unanticipated healthcare costs. According to the National Kidney Foundation, more than half a million people go to emergency rooms for kidney stone problems each year. One in ten people will have a kidney stone at some time in their lives. The increasing burden of kidney stones fuels the demand for a laser lithotripsy procedure. The laser lithotripsy procedure is used to break down kidney stones in the urinary tract, and it is minimally invasive and reduces healing time.

The application base of medical lasers in dentistry is also witnessing considerable expansion. Increasing the prevalence of oral and dental diseases such as root canal infections, gum diseases, biopsies, wisdom teeth extraction, etc., is in increasing demand. Lasers are used in surgical and dental procedures and act as a cutting instrument or tissue vaporizer. It is also used in teeth-whitening procedures; the laser acts as a heat source and boosts the effectiveness of tooth-whitening agents. The advantages of medical lasers in dentistry are reduced procedural pain, faster healing time, less damage to surrounding tissue, and a lower chance of infection.

However, high uptake and maintenance costs, expensive laser surgical procedures, and risks associated with laser surgery are restraining the growth of the global medical laser market. Medical laser devices are costly and cost between US$ 100,000 - US$ 300,000, depending on the therapeutic area and nature of the laser. For instance, a professional laser hair removal machine costs around US$ 100,000. According to the American Society of Plastic Surgeons' 2019 data, the estimated price for hair removal by laser is US$ 287 per session. However, an initial session costs around US$ 400 – US$ 600, and mostly 4-6 sessions are required for hair removal treatment, costing around US$ 2,000 - US$ 3,000.

North America dominated the global medical laser market, followed by the Asia Pacific. North America's dominance in the worldwide market can be attributed to the increasing prevalence of chronic diseases and cancers in the region, the growing geriatric population, and increasing numbers of ambulatory centers. Furthermore, favorable reimbursement policies for laser surgical procedures, the presence of key players, and an increase in chronic diseases in the region are driving the North American medical laser market. 

Some prominent global medical laser market players are Alcon Laboratories Inc., American Medical Systems Inc., AngioDynamics Corp., Bausch & Lomb Holdings, Biolase Inc, CANDELA CORPORATION, Cardiogenesis Corporation Inc, Cynosure Inc., El.En. S.p.A., Ellex Medical Lasers Ltd., IRIDEX Corporation, Lumenis Ltd., Novadaq Technologies Inc., Photomedex Inc., Sisram Medical Ltd., Spectranetics Corporation, Syneron-Candela, and Topcon Corporation, among others.

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