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The medical laser systems market share is expected to increase by USD 3.07 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 12%.
This medical laser systems market research report extensively covers medical laser systems market segmentation by product (diode laser systems, dye laser systems, gas laser systems, and solid laser systems), type (aesthetic lasers, surgical lasers, therapeutic lasers, and diagnostics lasers), and geography (North America, Europe, APAC, South America, and MEA). The medical laser systems market report also offers information on several market vendors, including Alcon Inc., Bausch Health Companies Inc., Candela Corp., Carl Zeiss AG, Cynosure Inc., IRIDEX Corp., Johnson & Johnson, Lumenis Ltd., Olympus Corp., and Stryker Corp. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The rising incidents of chronic diseases is notably driving the medical laser systems market growth, although factors such as the stringent government regulations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical laser systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Medical Laser Systems Market Driver
One of the key factors driving growth in the medical laser systems market is the rising incidents of chronic diseases. Increasing cases of chronic conditions including cardiovascular diseases, diabetes, obesity, skin disorders, eye-related diseases, urological disorders (kidney stones removal), and gynecological diseases worldwide are one of the major drivers in the market. Various government initiatives, awareness programs by NGOs, and inclination toward non-invasive treatment procedures, and collaboration of vendors with a hospital to offer medical laser systems at the optimum price, are expected to attract end-users for better diagnosis and treatment of various chronic diseases, which will have a positive impact on the market.
Key Medical Laser Systems Market Trend
The R&D and new product launches is a medical laser systems market trend that is expected to have appositive impact in the coming years. The vendors in the market are focusing on R&D activities to periodically develop new products and improving the operational efficiency of the existing product portfolio to sustain in the intense competition. Any medical device that enters the market must undergo regulatory approval, which helps the manufacturers increase their product line, increase market share, which, in turn, increases their revenue. An increasing number of product launches can help clinicians to choose from a wide variety of medical laser systems. Also, as the number of products seeking approval is increasing, therefore there is an opportunity for the market to grow at a rapid pace.
Key Medical Laser Systems Market Challenge
The stringent government regulations will be a major challenge for the medical laser systems market during. Medical laser systems offered by vendors are subject to government regulations such as FDA in the US, CE marking in Europe, and other regulations in different regions and countries worldwide. Commercialization of these products with different technologies is a challenging process as some products come under class IV (tests are subject to the greatest level of scrutiny) under the FDA regulations. Medical laser systems classified under the Class IV category in the EU are considered high-risk devices. These devices require premarket approval from notified bodies, including private organizations recognized by the European Free Trade Association. The radiation safety performance standard is mandatory, and products must comply with the requirements of the standard.
This medical laser systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio ctageoirzes the global medical laser systems market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical laser systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the medical laser systems market encompasses successful business strategies deployed by the key vendors. The medical laser systems market is fragmented and the vendors are deploying growth strategies such as product bundling, which includes combining two or more products or services to compete in the market.
Alcon Inc. - The company offers LenSx Laser, a clinically proven femtosecond platform that creates reproducible cataract outcomes.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medical laser systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the medical laser systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Procedure
Market Segmentation by Application
Market Segmentation by End-user
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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