Medical Laser Systems Market to Grow at 8.5% CAGR, Reaching $1 Billion by 2031

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Medical Laser Systems Market to Grow at 8.5% CAGR, Reaching $1 Billion by 2031

The global medical laser systems market is expected to experience significant growth, with a strong compound annual growth rate leading to a substantial increase in value over the next decade. Surgical laser sales are also anticipated to see a notable rise. In the US, the medical laser systems market is growing rapidly, driven by the widespread impact of conditions like acne, which affects millions of people, and the increasing popularity of cosmetic procedures.

The global market for medical laser systems was estimated to be worth $4 billion in 2020 and is projected to increase at a compound annual growth rate (CAGR) of around 8.5% to reach $7.5 billion by 2031, per Fact.MR's market analysis. By 2031, it is anticipated that surgical laser sales would surpass $1 billion.

In 2020, the US market for medical laser systems was projected to be valued around $1.1 billion. In the United States, acne affects more than 50 million people annually, according to the American Academy of Dermatology. Statistics show that over 17.7 million cosmetic procedures were carried out in the US in 2018.

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How Are Growing Investments in R&D Driving the Demand for Medical Laser Systems?

Since the invention of the first laser nearly 60 years ago, laser technology has advanced significantly. Continuous technological innovations and a focus on discovering new laser applications have led to their widespread use across various industries. Over the years, advancements in laser technology have been pivotal in transforming the modern healthcare sector.

Although the core principles of light remain unchanged, rapid progress in technology and innovative laser designs have introduced a variety of new laser types. Recent innovations include holmium-doped lasers, fully silicon-based lasers, and flying microlasers, among others.

Breakthroughs in photonics, combined with increased research and development efforts, have significantly boosted the adoption of medical laser systems in the past decade—a trend expected to persist in the coming years.

Country-wise Analysis

U.S. Demand Outlook

The U.S. market was valued at $1.1 billion in 2020. Acne affects 50 million people annually, and 17.7 million cosmetic procedures were performed in 2018. Cataracts, impacting 20 million Americans (17% of the population), are expected to reach 30 million cases by 2028, driving demand for ophthalmic laser systems.

China's Growth Potential

China's medical laser systems market is forecasted to hit $1.7 billion by 2031. With a large population and rising chronic diseases, demand has surged. Healthcare spending at 6% of GDP and rapid growth in medical equipment, improved infrastructure, rising cancer cases, and hospital expansion are key growth drivers.

Competitive Landscape

Key players with significant market share are actively working to grow their customer base.

In 2019, ELT Sight, Inc. acquired the intellectual property and assets of MLase AG’s excimer ophthalmic laser system designed for glaucoma surgery.
In 2020, DEKA M.E.L.A. srl signed an exclusive distribution agreement with Cartessa Aesthetics to promote its Luxea aesthetic platform device, a multi-modality intense pulsed light and laser system, within the U.S. market.