Market Trends of Medical Laser Industry
Ophthalmology is Expected to Hold a Significant Market Share Over The Forecast Period
Laser eye surgery is a medical procedure where the eye's surface is altered using a laser. This improves or corrects astigmatism, long-sightedness, and short-sightedness. It can also help people overcome presbyopia. The increasing burden of optical disorders such as myopia (nearsightedness), hyperopia (far-sightedness) astigmatism (distorted vision), and presbyopia, among others around the world are expected to be the major driving factor for the growth of the ophthalmology segment during the forecast period of the study.
According to the data updated by the WHO in October 2022, approximately 2.2 billion people around the world have near or distant vision impairment, and about 1 billion of these cases of vision impairment could be prevented or has yet to be addressed. In addition, as per the article published by Healio in May 2022, there were around 19.5 million cases of children with myopia in the United States in 2021 and the nationwide prevalence of Myopia was 36.1%. Due to the high prevalence of eye-related diseases, the demand for medical lasers is anticipated to grow during the forecast period.
The rising technological advancements and launches by market players significantly contribute to market growth. For instance, in April 2022, Lumibird Group, the parent company of Quantel Medical, launched the Capsulo Nd: YAG laser. Also, in June 2022, Iridex Corporation a provider of innovative ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases received regulatory clearance from National Medical Products Administration (NMPA) to market and sell its Cyclo G6 platform for the treatment of glaucoma diseases in China. Such approvals and launches of technologically advanced products are expected to accelerate the segment's growth during the forecast period.
Thus, the aforementioned factors such as the high burden of ophthalmic diseases, and rising launches and approvals of ophthalmic lasers are likely to boost the segment growth over the forecast period.
North America Holds the Largest Share of the Market and it is Estimated to Follow the Same Trend over the Forecast Period
North America is expected to register healthy growth owing to factors such as the rising demand for aesthetic procedures, product approvals, and launches along with the high concentration of market players in the region.
The rising number of cosmetic procedures in the region is expected to boost the demand for medical lasers during the forecast period. For instance, according to the Aesthetic Plastic Surgery National Databank's 2021 report, a total of 431.5 thousand skin treatments deploying combination lasers were performed in the United States in 2021, representing a growth of 55% as compared with the previous year.
Furthermore, in March 2021, Solta Medical business launched the next-generation Clear + Brilliant laser in the United States. The Clear + Brilliant Touch laser delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths. By seamlessly switching between two wavelengths with the Original and Perméa handpieces, physicians can now more easily deliver a more complete treatment during a single appointment.
Additionally, in July 2021, Alma received US FDA 510(k) clearance for Alma Hybrid, one of the first laser platforms to include an ablative 10,600 nm (CO2) laser and a non-ablative 1570 nm laser for skin resurfacing. Also, in April 2022, Acclaro Corporation launched UltraClear, a laser technology system in the country. The emergence of such advanced lasers is contributing to the market growth in the country.
Therefore, owing to the rising demand for cosmetic procedures utilizing medical lasers and launches of technologically advanced lasers, the North American region is expected to register significant growth during the forecast period.
