SELBYVILLE , Del., Oct. 27, 2021 /PRNewswire/ -- The medical laser market size is anticipated to record a valuation of USD 11.5 billion by 2027, according to the most recent study by Global Market Insights Inc.Expanding adoption of medical lasers for treatment several diseases such as peripheral artery disease, heart disorder, gastrointestinal tumors, GI hemorrhage and malignant tumors stones among others will drive the market growth.
Increasing adoption of medical tourism will be one of the important factors boosting product demand in the coming years. Various healthcare providers are taking steps to promote medical tourism and the benefits that such programs can provide. For instance, the Government of the Netherlands is continually promoting and marketing its established healthcare industry in order to attract overseas patients and medical tourists. Medical tourism for cosmetic treatment is gaining vast popularity. With growing applications of laser system in various aesthetic procedures including fat reduction, hair removal, facial rejuvenation among others, the product demand will accelerate during the forecast timeframe.
Growing demand for laser lipolysis has been witnessed during the recent years as fat reduction has experienced notable procedural growth across the globe. Laser treatment breaks up and removes fat cells from different areas such as under the chin, jowls and neck or areas with loose skin. Furthermore, ablative lasers help in vaporization of the top layers of damaged skin. Such procedures involve minimal risk of post-procedural complications as well as are completed within short timeframe. However, the significant deployment cost of some equipment and further maintenance expenditure is expected to limit product adoption to certain extent across healthcare centers, especially in underdeveloped and undeveloped countries.
Dye laser systems segment is projected to witness 19.4% growth rate through 2027. The demand for dye laser systems has increased to treat patients suffering from dermatological and cardiological conditions, vascular lesions and others. Increasing prevalence of kidney disorders coupled with applicability of dye laser in treating them will further augment the segment growth.
Ophthalmology segment will reach USD 2 billion revenue in 2027. Increase in prevalence of ophthalmic disorders leading to preference for procedures including LASIK will influence the segment expansion. Moreover, several advantages associated with use of lasers such as safety, accuracy and cost-effectivity make lasers very useful ophthalmic tool.
Specialty clinics segment is estimated to attain a CAGR of 19% through 2027. Specialty clinics offer range of focused services for various therapeutic areas. Furthermore, clinics provide effective treatment and well-developed healthcare facilities in the presence of expertise for the better outcomes. Hence, improving infrastructure and growing investment for expansion will provide ample opportunities to the industry players. Further, increasing awareness and preference towards specialty clinics due to highly specialized services and shorter admission span will subsequently impact the segment revenue.
Europe medical laser market accounted for more than 26% of revenue share in 2020. Development of innovative technologies along with their substantial penetration and adoption in the region positively impacts the revenue. Furthermore, increasing technological advancements and research & development activities to minimize complications and impart optimal results will drive the regional growth. Growing development of dermatological clinics and cosmetic facilities in the Europe deploying medical laser systems for surgeries will spur the regional value.
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Prominent companies engaged in the global medical laser market are Candela Corporation, Cutera, Cynosure, Boston Scientific Corporation (BSC), Biolase and Alcon Laboratories among others. Players are engaged in expansion strategies with the help of product launch partnerships and collaboration agreements.
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