Global Laser Surgical Equipment Market, by Laser Types (Carbon Dioxide (CO2) Lasers, Argon Lasers, Nd: YAG (Neodymium: Yttrium-Aluminum-Garnet) Lasers, & Other Laser Types), By Application (Angioplasty, Cardiovascular Surgery, Cancer Diagnosis & Treatment, Dentistry, Cosmetics, Lithotripsy, Urology, Medical Imaging, Ophthalmology, Other Applications), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global laser surgical equipment market in 2020 is estimated for more than US$ 2.3 Bn and expected to reach a value of US$ 3.4 Bn by 2028 with a significant CAGR of 5.2%.
As per the report, Laser surgery can be defined as a surgery in which lasers are used to operate surgery and to cut tissue by focusing on a narrow beam and by creating high-intensity lights. Presently, lasers are used in many applications in the healthcare industry such as, for the treatment of cancer, plastic surgery, removal of kidney stones, and many other applications mainly related to skin problems.
In comparison to other surgical procedures, laser surgery does less damage to the skin tissue and is more accurate and less painful and scarring, all the above features of laser surgery helping to propel the demand for laser surgical equipment in comparison to other surgical procedures.
The increasing incidence of chronic diseases and advancement in technology are some of the major factors that are expected to drive the growth of the market in the near future. However, the high cost of laser surgery and lack of skilled professional are some of the factors that are expected to hinder the growth of the laser surgical equipment market
Furthermore, Meridian Market Consultants (MMC) Study identifies that, In terms of regional segmentation, the market is segmented into six regions i.e. North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. The North America laser surgical equipment market is expected to dominate the market during the forecast period.
Owing to the availability of advanced technology in the region and the availability of skilled professionals in comparison to other regions are some of the major factors which are expected to propel the growth of the market in the region.
Also, favorable medical reimbursement, availability of novel surgical technologies, availability of key players of cosmetic laser equipment manufacturers in the region, and increasing clinical trials are some of the other factors which are expected to propel the growth of the market in the region during the forecast period.
The Asia Pacific followed by the Latin America region is expected to grow at the highest CAGR during the forecast period owing to the increase in geriatric population and increasing prevalence of chronic diseases in these regions. Developing economies such as India, China, Mexico, and Brazil is becoming key focused countries for investment from the key player, due to the availability of a large pool of targeted patients in these countries, which is also one of the major factors for the highest growth rate of these regions during the forecast period.
MMC Study identifies some of the key participating players in the Laser Surgical Equipment market globally are DEKA, Ellex Medical Laser Limited, HOYA Corporation, Johnson & Johnson Surgical Vision, Inc., klsmartin, Lumenis, Valley Surgical, and others.
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