Selbyville, Delaware, According to the research report titled ‘Global Surgical Laser Market Size study, by Type, by Procedure Type, by Application and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global surgical laser market was valued at USD 2.2 billion in the year 2019 and is expected to grow with a CAGR of 5.5% between 2020 and 2027.
Rising adoption of surgical lasers in cardiology, ophthalmology, dermatology, oncology and laparoscopic surgeries is a major factor driving the market growth. Inclination towards adopting non-invasive procedures is also fueling the expansion of surgical laser market.
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For the record, surgical laser is a medical device which is employed for treating bleeding blood vessels as well as to remove the contaminated tissues by utilizing a high-energy light beam instead of surgical instruments. Various laser wavelengths and delivery systems can be used to eliminate, vaporize, or cut targeted tissues.
Increased pervasiveness of ophthalmic and cardiovascular disorders along with escalating public-private investments are stimulating the industry outlook. In fact, according to AHA (American Heart Association), the number of deaths due to cardiovascular diseases was recorded at 17.6 million in 2016 and is predicted to reach 23.6 million by 2030.
The emergence of COVID-19 pandemic has compelled various medical technology companies to focus on developing treatment for coronavirus, which in turn has hampered the demand for surgical lasers across the globe. Besides, high costs associated with laser surgeries and lack of favorable reimbursement policies may act as restraining factors to overall market growth.
Fotona d.o.o., Bison Medical Co. Ltd., Biolitec AG, Spectranetics Corporation, Boston Scientific Corporation, Abbott Laboratories Inc., Alma Lasers Ltd., Cynosure Inc., IPG Photonics Corporation, and Lumenis Ltd. are the major contenders in global surgical laser market.
Considering the geographical landscape, North America accounts for a significant market share presently and is estimated to showcase modest growth in the ensuing years. Growing occurrence of chronic conditions and high concentration of medical device manufacturers are augmenting the regional market outlook.
On the other hand, Asia-Pacific surgical laser industry is poised to accumulate appreciable returns during the study duration. Rising prevalence of chronic disorders coupled with improving healthcare infrastructure are facilitating the business scenario in Asia-Pacific.
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