The global market for Medical Lasers accounted for $4.94 billion in 2015 and is expected to grow at a CAGR of 14.8% to reach $12.98 billion by 2022. Technological advancements in laser technology have created excessive applications in the medical field. Factors such as smaller incisions, less pain and speedy recovery are boosting the technology adoption. Some of the significant factors contributing to the market growth include aging population, rising incidences of eye disorders and increasing importance of aesthetics. However factors such as stringent safety regulations and high rate of failure are inhibiting the market growth. The increasing demand for laser treatments and increased disposable incomes in emerging economies will create opportunities for medical lasers market. The medical lasers are used in wide range of applications such as diagnostics and cosmetic procedures.
Among the product types, solid state laser systems segment is expected to grow at the highest CAGR during the forecast period due to its usage in applications such as tattoo removal, periodontology and skin treatment. North America has the largest share in this market followed by Europe, where as Asia Pacific will be the fastest growing market during the forecast period due to rise in disposable income and increasing healthcare expenditure, mainly in China and India.
Some of the prominent players in the medical lasers market are Alcon Laboratories, Inc., Lumenis, Spectranetics, IRIDEX, Syneron Medical, AngioDynamics Corp., Photomedex, Biolase Inc, Cardiogenesis Corporation, American Medical Systems, Inc., Bausch & Lomb Holdings, Inc, Ellman International, Palomar, A.R.C. LASER and Dornier MedTech.
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Solid state lasers
Erbium Yttrium Aluminum Garnet Laser (Er:Yag) Systems
Holmium Yttrium Aluminum Garnet Laser (Ho:Yag) Systems
Neodymium Yttrium Aluminum Garnet Laser (Nd:Yag) Systems
Potassium Titanyl Phosphate Laser Systems
Metal Vapor (Au & Cu) laser
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