Medical Lasers Market - Share Assessments for the Regional and Country Level Segments

ALISO VIEJO, Calif. - Feb. 14, 2020 - PRLog -- The increasing adoption of medical lasers in esthetic medical procedures, surging prevalence of age-related ophthalmic disorders, and technological advancements are some of the reasons behind the growth of the medical lasers market.

In 2016, the market generated a revenue of $5.1 billion, and it is predicted to attain a size of $12.1 billion by 2023, progressing at a CAGR of 13.4% during 2017–2023 (forecast period). Medical lasers use sharp, focused light to remove or treat tissues. Laser is short for light amplification by stimulated emission of radiation.

Based on product, the medical lasers market (http://bit.ly/2YSarfF) is categorized into solid-state laser, and diode, gas, and dye laser systems. Out of these, in 2016, the solid-state laser system category registered the dominating revenue share of 38.2% in the market, and it is predicted to maintain its dominance during the forecast period. This is attributed to the higher reliability, lower cost, smaller design, and prolonged life span of these systems. Additionally, the heavy adoption of these systems in dermatology treatment is being witnessed as another key factor behind its dominating position.

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On the basis of application, the medical lasers market is mainly classified into dermatology, dentistry, urology, and gynecology. Among these, during the historical period (2013–2016), the dermatology classification led the market in terms of revenue, and it is expected to continue leading it during 2017–2023. This is ascribed to the growing volume of various esthetics treatments. Besides, the increasing patient awareness and rate of minimal and non-invasive treatments are predicted to contribute to the growth of this classification during the forecast period.

People are now ready to spend good money on medical procedures to improve their appearance and look younger. As per the United States Census Bureau, out of the 289.0 million people in the U.S., around 121.0 million need some form of vision correction. Similarly, as per the American Academy of Facial Plastic and Reconstructive Surgery, approximately 80.0% of board-certified facial plastic surgeons reported a rise in the number of non-invasive cosmetic procedures, as consumers are looking forward to delay the effects of aging.

Thus, it can be concluded that the growing popularity of medical esthetics treatments and technological developments are playing a significant part in the growth of the market.