Medical Laser Market to be Worth $17.3 Billion by 2031

Medical Laser Market Size, Share, Forecast, & Trends Analysis by Type (Device Type (Solid-state Lasers, Gas Lasers, Dye Lasers, Diode Lasers), Fiber Type (Disposable Laser Fibers, Reusable Laser Fibers)), Application (Device, Fiber), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Medical Laser Market by Type (Device Type (Solid-state Lasers, Gas Lasers, Dye Lasers, Diode Lasers), Fiber Type (Disposable Laser Fibers, Reusable Laser Fibers)), Application (Device, Fiber), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the medical laser market is projected to reach $17.3 billion by 2031, at a CAGR of 17.6% from 2024–2031. The growth of the medical laser market is driven by the increasing number of cosmetic procedures, rising preference for minimally invasive procedures, and increasing prevalence of eye disorders. However, the high cost of medical lasers and stringent safety regulations restrain the growth of this market.

Furthermore, the growth of medical tourism is expected to generate growth opportunities for the stakeholders in this market. However, risks associated with lasers are major challenges impacting the growth of the medical laser market.

The medical laser market is segmented by type (device type (solid-state laser devices (neodymium yttrium aluminum garnet laser devices (Nd:YAG), erbium yttrium aluminum garnet laser devices (Er:YAG), holmium yttrium aluminum garnet laser devices (Ho:YAG), alexandrite laser devices, potassium titanyl phosphate laser devices, ruby laser devices), gas laser devices (CO2 laser devices, excimer laser devices, argon laser devices, helium-neon (he-ne) laser devices, krypton laser devices, metal vapor (copper and gold) laser devices), diode laser devices, dye laser devices), fiber type (disposable laser fibers, reusable laser fibers)), application (device application (dermatology, ophthalmology, urology, dentistry, cardiology, gynecology, other device applications), fiber application (general surgeries, urology, dermatology, gynecology, cardiology, dentistry, other fiber applications)). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the medical laser market is segmented into device type and fiber type. In 2024, the device type segment is expected to account for the larger share of the medical laser market. However, the fiber type segment is projected to register a higher CAGR during the period.

Based on device type, the medical laser devices market is segmented into solid-state laser devices, gas laser devices, diode laser devices, and dye laser devices. In 2024, the solid-state laser devices segment is expected to account for the largest share of above 45% of the medical laser devices market. The large market share of this segment is attributed to the increasing use of solid-state lasers in medical applications, such as treatment processes for scar removal, melisma treatment, and skin resurfacing, which has encouraged various healthcare facilities to adopt these lasers for performing treatments. Various advantages associated with solid-state lasers, such as high efficiency compared to gas lasers, simple construct than to other lasers, and economical nature of solid-state lasers, are driving the growth of this segment.

However, the diode lasers segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to the preference for these lasers in various surgical procedures, such as hair removal, soft tissue cutting, aesthetic procedures, dental surgeries, coagulation, and thermal cancer therapy. Diode lasers deliver wavelengths ranging from 810 to 1064 nm. They are compact and portable solid-state units.

Based on fiber type, the medical laser fibers market is segmented into disposable laser fibers and reusable laser fibers. In 2024, the disposable laser fibers segment is expected to account for the larger share of above 75% of the medical laser fibers market. The large market share of this segment is attributed to the increasing use of laser fiber in diagnostic procedures, rising demand for non-invasive surgical procedures, the effective cost of disposable laser fibers, and the increasing number of urologic and plastic surgery procedures. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on application, the medical laser market is segmented into device application and fiber application. In 2024, the device application segment is expected to account for the larger share of the medical laser market. However, the fiber application segment is projected to register the highest CAGR during the period.

Based on device application, the medical laser devices market is segmented into dermatology, ophthalmology, urology, dentistry, cardiology, gynecology, and other device applications. In 2024, the dermatology segment is expected to account for the largest share of above 31% of the medical laser devices market. The large market share of this segment is attributed to the increasing number of cosmetic surgeries simultaneously increasing the use of medical lasers in these treatments and increasing integration of AI technology for dermatology applications. These lasers are used for various treatments, such as vascular lesions, pigmented lesions and tattoos, hair removal, facial wrinkles, scars, sun-damaged skin, and skin cancers.

However, the urology segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to the rising number of kidney diseases, increasing urinary tract infections, the growing elderly population, and rising chronic kidney disorders. Different types of lasers are used in urology, such as KTP:YAG (potassium titanyl phosphate), LBO:YAG (lithium borate), diode lasers, holmium (Ho):YAG, and thulium (Tm):YAG lasers, among others.

Based on fiber application, the medical laser fibers market is segmented into general surgeries, urology, dermatology, gynecology, cardiology, dentistry, and other fiber applications. In 2024, the general surgeries segment is expected to account for the larger share of above 27% of the medical laser fibers market. The large market share of this segment is attributed to the growing prevalence of colon cancer, appendicitis procedures, pancreatic cancer, and small and large intestine cancers. Medical laser fibers perform highly efficient surgeries and reduce the risk of cross-contamination between surgeries, increasing the demand for medical laser fibers.

However, the cardiology segment is projected to register the highest CAGR during the forecast period. Cardiovascular surgeons use various types of laser fibers, such as Nd:YAG, holmium, and CO2, to treat patients suffering from heart disease, heart attack, stroke, or blood clots and individuals at high risk for developing these problems. The better outcomes and high efficiency of medical laser fibers have accelerated the demand for laser fibers in this segment.

Based on geography, the medical laser market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of above 45% of the medical laser market. The market growth in North America is driven by the presence of major vendors in the region, technological advancements in medical devices, government investments to promote innovation in the healthcare segment and the exponential growth of aesthetic/cosmetic procedures. The aging population in the U.S. is creating the need for major surgeries related to geriatric populations, such as ophthalmic surgeries, including cataracts, glaucoma, cardiovascular surgeries, and urological surgeries, driving the demand for medical lasers in this region.

However, Asia-Pacific is projected to record the highest CAGR of above 24% during the forecast period. The growth of medical tourism in most Asian countries, rising disposable income, growing awareness and adoption of minimally invasive aesthetic procedures, government support to provide better medical infrastructure, and the arrival of several medical device manufacturers in the region support the market growth in the region. In countries such as China and Japan, government bodies are introducing policies to support the standardization of the aesthetic medicine industry.

Key Players

The key players operating in the medical laser market are Lumenis Ltd. (Israel), Fotona d.o.o. (Slovenia), BIOLASE, Inc. (U.S.), IRIDEX Corporation (U.S.), Cutera, Inc. (U.S.), Alna-Medicalsystem AG & Co. KG (Germany), Bausch & Lomb Incorporated (U.S.), Boston Scientific Corporation (U.S.), Alcon, Inc. (Switzerland), Stryker Corporation (U.S.), Alma Lasers (Israel), biolitec AG (Germany), Bluecore, Inc. (South Korea), Cynosure LLC (U.S.), PhotoMedex (U.S.) and Spectranetics (U.S.) MED-Fibers, INC.(U.S.), Clarion Medical Technologies (Canada), Olympus Corporation (Japan).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of the type and application?
What is the historical market size for the medical laser market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the medical laser market?
Who are the major players in the medical laser market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the medical laser market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the medical laser market, and how do they compete with other players?

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