Surgical Lasers Market Size is slated to expand substantially between 2022 and 2028, as a result of the increasing awareness about the benefits of laser surgery for treating varied conditions, including piles, due to less bleeding and quick healing. Likewise, the global burden of chronic diseases such as cancer will also impel industry demand during the forecast timeline, given the significant adoption of laser therapy to destroy tumor cells. Laser surgery refers to a type of surgery that adopts special light beams instead of instruments like scalpels to conduct surgical procedures. Laser light can either be delivered continuously or intermittently, as well as be used with fiber optics for treating certain areas of the body that are difficult to access.
Rapid advancement in laser technology and the high prevalence of vision impairment will foster the global surgical lasers market trends through 2028. As per the WHO, over 2.2 billion people have a distance or near vision impairment globally. This factor could proliferate the need for LASIK eye surgery, which accounts for 90%-95% of all laser vision correction surgery. Developments in laser technology designed to target serious ailments like cancer will also add impetus to industry expansion. In 2021, the Engineering and Physical Sciences Research Council provided a $1.6 million fund to the Heriot-Watt University in Edinburgh for developing a new laser system to help surgeons distinguish and remove cancer cells without damaging nearby tissues. Such noteworthy investments in treatment of targeted diseases will also fuel the requirement of surgical laser machines in the upcoming years.
With regards to the application spectrum, the surgical lasers market from the dentistry segment will record considerable remuneration by 2028. Growth from this segment can be credited to the myriad advantages of laser treatment over traditional drill dentistry, such as reduced pain, faster recovery, and low blood loss. Moreover, the increased incidence of periodontitis among adults in the United States will further boost the demand for surgical laser solutions in the dental sector.
Europe is projected to emerge as a lucrative revenue prospect for the surgical lasers market by 2028. This regional growth is driven by the increasing ageing population, coupled with the rising burden of ophthalmic disorders, including visual impairing cataracts, in the UK. According to data from Laser Eye Surgery Hub, over 30% of people aged 65 years or older in the country have a cataract in one or both eyes, which could stimulate the acceptance of laser-assisted cataract surgery in the coming years.
Some of the major players operating in the industry include Spectranetics Corporation (Philips Holding USA Inc.), IPG Photonics Corporation, Carl Zeiss Meditec, Inc., BISON MEDICAL Co., Ltd., Biolitec AG (BioMed Technology Holdings Ltd.), Alma Lasers (Sisram Med), Abbott Laboratories, Lumenis, Cynosure, and Boston Scientific Corporation, among others. These companies are implementing varied strategies such as new product launches and collaborations to expand their business footprint across the competitive market. For instance, in March 2021, Boston Scientific entered an agreement with an affiliate of BPEA (Baring Private Equity Asia). This deal was inked with an aim to acquire Lumenis’ surgical business, including its premier laser systems.
The ongoing coronavirus pandemic caused major disruptions in cancer care owing to delayed diagnosis and treatment. Treatment pathways were altered to lower the risk of infection during surgery and radiation therapy, which likely created a hindrance to the steady growth of the industry over the past year. However, the gradual increase in the acceptance of refractive surgery, even during the crisis, may help the industry regain traction over the coming years. The high emphasis on public health and safety amid the pandemic has indirectly influenced people to reevaluate their eye health. Situations such as these have given rise to the deployment of laser vision correction procedures, thus contributing to the overall industry dynamics.
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