Surgical Lasers Market Trends

Growth Drivers

• Surging Cases of Chronic Diseases Worldwide with Rising Geriatric Population - The data released by the World Health Organization shows that cancer is the foremost cause of death worldwide, which accounted for nearly 10 million deaths in 2020.The rising prevalence of chronic diseases such as cancer, and cataracts, along with the demand for minimally invasive surgeries is estimated to promote the use of surgical lasers on large scale over the forecast period. The prevalence of chronic diseases such as diabetes, heart disease, and high blood pressure is growing day by day owing to the practice of a sedentary lifestyle and physical inactivity.
• Globally Increasing Number of Surgical Procedures Owing to Rising Road Accidents - It is observed that around 300 million major surgeries are performed annually worldwide, of which around 45 to 50 million are performed in the United States and 25 million in Europe.
• Increasing Healthcare Spending with the Growing Patient Population - As per the data from the World Bank, the current healthcare expenditure of the world grew from 9.7% of GDP in 2018 to 9.83% in 2019. 
• Rise in the Occurrence of Ophthalmic Disorders such as Cataracts - As per the Association for Research in Vision and Ophthalmology, it was estimated that 15.2 million people aged over 50 years were blind, and 78.8 million had MSVI due to cataracts in 2020. Compared to 2000, cataract blindness cases increased by 29.7%, while MSVI cases increased by 93.1%.
• Growing Adoption and Awareness of Cosmetic Procedures to Gain Aesthetic Look - As per the data from the American Society of Plastic Surgeons (ASPS), approximately 17.7 million cosmetic procedures were performed in the United States in 2018. Furthermore, the source mentioned that these procedures have increased by 200% since 2000.

Challenges

• High Procedural Costs Associated with the Surgery
• Surgical procedures are highly expensive and do not completely cover under insurance. Surgical care expenditure accounts for 50% of medical expenses in hospitals. Medical beneficiaries only cover about 15% of medical costs which burdens the poor. Replacements of organs include blood transfusion, medications, surgical equipment, sophisticated healthcare facilities, and skilled professionals all these are highly expensive increasing the cost of surgical procedures and hindering market growth.
• Safety Concerns Related to the Use of the Surgical Lasers
• Limited Reimbursement for Medical Expenses