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The medical lasers systems market is projected to reach US$ 5,834.02 million by 2028 from US$ 2,398.60 million in 2021; it is expected to grow at a CAGR of 13.5% from 2021 to 2028.

The increasing prevalence of eye disorders is one of the most key factors driving the growth of the market. Corneal diseases are the second-leading cause of blindness globally, after cataracts. According to the report released by the American Academy of Ophthalmology, cataracts affect more than 24.4 million Americans aged 40 and older. Also, diabetic retinopathy affects nearly 7.7 million Americans aged 40 and older. To avoid this, laser vision correction through medical lasers systems is the most common surgical procedure. Additionally, advances in laser ablation profiles have resulted in a better quality of vision, including better night vision. Thus, the rising prevalence of eye disorders globally raises the demand for medical lasers.

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Lumenis Be Ltd.; Ellex Medical Laser (Noval Eye Medical); Koninklijke Philips N.V., BIOLASE, Inc.; Boston Scientific Corporation; Bausch Health Companies Inc.; Alcon Inc.; Iridex Corporation; Candela Medical; and CryoLife, Inc. are among the leading companies operating in the medical lasers systems market.

Based on product type, the medical lasers system market is segmented into diode lasers, solid-state lasers [holmium yttrium aluminum garnet (Ho: YAG) lasers, erbium yttrium aluminum garnet (Er: YAG) lasers, n yttrium aluminum garnet (Nd: YAG) lasers, potassium titanyl phosphate (KTP), alexandrite lasers, and ruby lasers], gas lasers [co2 laser, argon laser, krypton laser, metal vapor (Au and Cu) laser, helium-neon laser, and excimer laser], and dye lasers. The solid-state lasers segment would account for the largest market share during 2021–2028.

North America is likely to continue its dominance in the medical lasers systems market during 2021–2028. The US holds the largest share of the market in North America and is expected to continue this trend during the forecast period. According to the statistics released by the Centers for Disease Control and Prevention (CDC), around 610,000 deaths are recorded due to heart diseases in the US, which is 1 in every 4 deaths associated due to cardiovascular diseases. Additionally, the growing trend of aesthetic purposes, such as hair laser removal treatment and laser skin treatment, is likely to influence the market growth during the forecast period. Furthermore, according to the Skin Cancer Foundation report, approx. 10,130 deaths are recorded due to melanoma every year in the US. Also, the American Academy of Dermatology (AAD) report states that one in three Americans visit dermatologists, and one in every four is affected by skin disease every year. Medical lasers systems help in rapid diagnosis and treatment for skin disorders. All such factors are driving the medical lasers systems market growth.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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With age, ophthalmic diseases can lead to significant health problems. Among the geriatric population, age-related macular degeneration results in the most common ophthalmic diseases, such as loss of central vision, glaucoma, retinal detachment, cataracts, and diabetic retinopathy. For instance, as per the American Institute of Ophthalmology report, almost 24.4 million people under the age of 40 undergo cataract surgery, and nearly half of all Americans undergo cataract surgery by the age of 75. This has resulted in the potential adoption of new technology, such as femtosecond lasers, in cataract surgery involving a large upfront investment and promises to improve patient outcomes.

As per the National Center for Biotechnology Information (NCBI) report, the COVID-19 pandemic has a significant impact on the global health economies. The impact of the pandemic accounted for sluggish growth for the overall market as adoption of medical lasers among healthcare facilities is negative on the overall medical laser systems market in terms of adoption. As medical laser system procedures generally gain a large market in terms of dermatology practices and laser hair removal practices COVID-19 brought the majority of these procedures to halt. According to research conducted by the Commonwealth Fund report, during the first week of both April and May, the hardest-hit medical specialties including dental, Ophthalmology, ENT, and dermatology experienced a strong decline beyond 50%.

With COVID-19 lockdowns, all dermatology practices and medspas stopped such medical laser system treatments experienced the strongest decline in terms of procedures performed in hospitals.  For instance, in March 2020, the UK introduced a country-wide lockdown that came into effect from March 23rd, 2020. Since then, clinics offering laser and intense pulsed light services have remained closed for business.  With a strategy to relax COVID-19 lockdown has been discussed and implemented worldwide with vaccination drive proving helpful, many medical lasers practitioners have resumed their medical lasers systems services. But, the NCBI report states that the decision when to start doing non-emergency laser and other energy-based procedures should be taken in mind by the medical practitioners depending on the availability of PPE for frontline healthcare providers dealing with COVID-19. Also, till the time there is an inadequate supply of PPE or a reported number of cases, medical laser systems procedures should be avoided.

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