Portland, OR, Feb. 12, 2020 (GLOBE NEWSWIRE) -- The global medical laser industry was pegged at $6.94 billion in 2018 and is estimated to reach $16.22 billion by 2026, growing at a CAGR of 10.8% from 2019 to 2026. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.
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Increase in the adoption of medical lasers for cosmetic surgeries, a rise in the incidence of various chronic diseases globally, and surge in technological advancements have supplemented the growth of the global medical laser market. Whereas, high cost of medical lasers and lack of acceptance of the new technology impede market growth. On the other hand, expanded applications of lasers across clinical areas are projected to provide lucrative opportunities in the near future.
The global medical laser market is segmented into type, end-use, application and region. Based on type, the market is categorized into solid-state laser systems, gas laser systems, dye laser systems, and diode laser systems. The solid-state laser systems segment held the largest share in 2018, contributing to nearly two-fifths of the global medical laser market. However, the diode laser systems segment is projected to manifest the fastest CAGR of 13.6% during the forecast period.
Based on end-use, the market is divided into surgical, cosmetic and dental. The surgical segment is expected to register the fastest CAGR of 11.6% through 2026. On the other hand, the cosmetic segment accounted for the highest share in 2018, contributing to more than half of the global medical laser market.
The global medical laser market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market across the North America region held the largest share in 2018, contributing to more than two-fifths of the revenue. However, the market across Asia Pacific is estimated to register the fastest CAGR of 12.3% during the forecast period.
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Key market players analyzed in the research include Boston Scientific Corporation, IRIDEX Corporation, Ellex Medical Lasers Ltd., Syneron Medical Ltd., Novartis AG, Koninklijke Philips N.V., Bausch & Lomb Holdings, Inc, Biolase Inc, Lumenis Ltd, and CryoLife, Inc.
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