The medical lasers market will reach USD 12,327.8 million by 2026, with a CAGR of 15.9 percent, predicts Fortune Business Insights. The ability of medical lasers to treat damaged or targeted tissues, through a minimally invasive procedure, has led to a huge demand across the world. The use of laser radiation comes with certain challenges; recent scientific advancements will favor the growth of the global medical lasers market in the forthcoming years. Resulting from the high demand, there have been numerous technological advancements in the manufacture of this equipment and will constitute an increase in the market value in the upcoming years. Growing applications of medical lasers have led to numerous clinical trials, which in turn has aided the growth of the global medical lasers market in recent years. Like these, there are several other factors that will account for the growth of this market in the coming years.
The introduction of new medical lasers, with procedure-specific applications, and innovative technology integration in these medical laser systems, are some of the major factors projected to drive the market growth during 2019 to 2026. The increasing number of cosmetic procedures, combined with market players offering innovative systems, are factors propelling the global medical laser market sales in 2018. A comparatively higher cost of laser systems is driving the rising preference of healthcare settings toward the purchase of refurbished systems, especially in emerging countries. This has been a major restraining factor for the growth of the global medical lasers market.
North America dominated the global medical laser market revenue in 2018 and is projected to show the same trend over the forecast period of 2019 to 2026. The increasing demand for minimally invasive medical procedures, high preference for cosmetic procedures, and high adoption rate of novel technologies in the US, are the primary factors responsible for the higher market share in North America in the global market.
Some of the leading companies that are operating in the global market are Lumenis; Fotona; Ellex Medical Lasers; Biolase; Sisram Medical; IRIDEX Corporation; Candela Corporation; and Topcon Corporation.