Medical Laser Market Trends

Growth Drivers

• Growing Dental Problems in the Global Population- As of 2020, nearly 65% population of the USA observed visiting dentists while the prevalence of dental visits by children was found to be the highest, estimated to be around 85% in a similar year. The dentistry segment is projected to have a higher demand for lasers since they are utilized to reshape the gums and to remove the root canal. Other procedures performed in dentistry that requires lasers are dentinal hypersensitivity, bleaching, restorative removal, curing, caries prevention, and others. Hence, such a higher demand for lasers is expected to hike the growth of the market during the forecast period.
• Rising Inclination of Tattoos in the Younger Generation- In 2021, approximately 55% of adults in the United States were observed to have at least 1 tattoo, while around 6% of geriatrics were noticed to have 1 tattoo.
• Increasing Requirement for Minimally Invasive Surgeries- For instance, nearly 250,000 cholecystectomies are performed every year across the globe. Additionally, the rate of repair of inguinal hernia was estimated to be around 8 per 100,000 individuals in the United States.
• Significant Demand for Lasers in Dermatology- The skin treatment segment was projected to generate a revenue of approximately USD 0.60 billion in 2022.

Challenges

• Possibility of Side Effects owing to Laser Surgeries

• Higher Cost Associated with the Treatment

• The expensive expense of medical laser therapy prevents it from being widely used in both rich and developing nations. As an illustration, the price of LASIK eye surgery can range from USD 1,050 to USD 4,050 per eye. Furthermore, in the United States, the average cost of LASIK surgery in 2020 was USD 2,600 per eye, which was more expensive than in 2019.

• Requirement for Higher Initial Investment