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Meticulous Research®, a premier global market research company, has released a detailed 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.”
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1.1.1 Market Growth and Key Drivers
According to this latest publication, the global medical laser market is anticipated to reach $17.3 billion by 2031, growing at a CAGR of 17.6% from 2024 to 2031. The market’s expansion is fueled by the increasing demand for cosmetic procedures, a rising preference for minimally invasive treatments, and the growing prevalence of eye disorders. However, the high cost of medical lasers and stringent safety regulations present notable challenges to market growth.
1.1.2 Opportunities and Challenges
The flourishing medical tourism sector is poised to offer significant growth opportunities for market stakeholders. Nevertheless, the inherent risks associated with laser procedures remain a considerable challenge impacting the market’s growth trajectory.
1.1.3 Market Segmentation
The medical laser market is segmented based on type, application, and geography, providing a comprehensive analysis of industry competitors at regional and country levels.
1.1.3.1 By Type:
- Device Type: Solid-state laser devices (including Nd,Er,Ho, Alexandrite, KTP, Ruby), Gas laser devices (CO2, Excimer, Argon, He-Ne, Krypton, Metal Vapor), Diode laser devices, Dye laser devices.
- Fiber Type: Disposable laser fibers, Reusable laser fibers.
1.1.3.2 By Application:
- Device Application: Dermatology, Ophthalmology, Urology, Dentistry, Cardiology, Gynecology, and others.
- Fiber Application: General surgeries, Urology, Dermatology, Gynecology, Cardiology, Dentistry, and others.
1.1.4 Key Insights
- Device Type: Solid-state lasers are projected to dominate the market with a 45% share in 2024, driven by their extensive use in medical treatments such as scar removal and skin resurfacing. Diode lasers are expected to register the highest CAGR due to their applications in hair removal, soft tissue cutting, and dental surgeries.
- Fiber Type: Disposable laser fibers are set to hold a dominant 75% market share in 2024, propelled by their increasing use in diagnostic procedures and non-invasive surgeries. This segment is also anticipated to grow at the highest CAGR during the forecast period.
- Application: Dermatology leads the device application segment with a 31% share in 2024, owing to the surge in cosmetic surgeries and AI integration in dermatological treatments. Urology is expected to witness the highest growth rate due to rising kidney diseases and urinary tract infections.
1.1.5 Regional Analysis
- North America: Expected to capture a 45% share in 2024, driven by technological advancements, substantial government investments, and a growing aging population necessitating major surgeries.
- Asia-Pacific: Anticipated to record the highest CAGR of 24%, fueled by the growth of medical tourism, increasing disposable incomes, and supportive government policies for medical infrastructure development.
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1.1.6 Leading Market Players
Key players in the medical laser market include 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.), Spectranetics (U.S.), MED-Fibers, INC. (U.S.), Clarion Medical Technologies (Canada), and Olympus Corporation (Japan).
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