New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global Medical Laser Fibers Market is expected to witness significant growth at a CAGR of 6.9% during the forecast period of 2023-2030. This growth is attributed to the rising implementation of minimally invasive surgeries globally.
According to a recent report by Consegic Business Intelligence, the medical laser fibers market is poised for strong expansion and is expected to reach USD 1,369.00 million by 2030. The market, which was valued at USD 805.84 million in 2022, is projected to grow at a compound annual growth rate of 6.9% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the medical laser fibers market.
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Fiber lasers is evolved as one of the most significant applications of fiber laser technology. Its versatility makes them very effective for both surgery and diagnostic imaging offering a high level of accuracy, precision, and safety. The key advantage of the fiber laser is its contactless process, but its compactness, high efficiency, and easy use are essential benefits for medical applications.
Global Medical Laser Fibers Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 1,369.00 Million |
| CAGR (2023-2030) | 6.9% |
| By Type | Reusable Laser Fibers, and Disposable Laser Fibers |
| By Product Type | Thulium Laser Fibers, Holmium Laser Fibers, and Others |
| By Application | Dermatology, OB/GYN, Plastic Surgery, Urology, Vein Treatment, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Clarion Medical Technologies Inc., Lumenis Be Ltd., biolitec AG, BD, Boston Scientific Corporation, Olympus Corporation, Cook, Richard Wolf GmbH, IPG Photonics Corporation, and Surgical Lasers Inc. |
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Global Medical Laser Fibers Market Segmentation Details:
Based on Type, in 2022, the reusable laser fibers segment contributed the largest market share in the medical laser fibers market. Reusable fibers while being more costly upfront, there is a large potential for substantial savings, bringing costs down over time. Thus, the segment generated large revenue in 2022.
Based on Product Type, in 2022, the thulium laser fibers companies segment contributed the largest market shares in the medical laser fibers market, this is owing to the better endoscopic vision, lesser stone retropulsion, and slightly better stone-free rates.
Based on Application, in 2022, the dermatology companies segment contributed the largest market shares in the medical laser fibers market. This is owing to the increasing number of cosmetic surgeries simultaneously increasing the usage of medical lasers in these treatments and driving the segment growth.
Based on Region, in 2022, North America accounted for the largest share contribution of 39.50% to the market growth. The technological advancement in medical devices as well as a rapid rise in ophthalmic surgeries such as cataracts. Major cosmetic surgeries such as breast augmentation, liposuction, eyelid surgery, nose reshaping, tummy tuck, and facelift. Therefore, the aforementioned factors are contributing to the growing demand for medical laser fibers in the region.
Competitive Landscape
As per the research, Clarion Medical Technologies Inc., Lumenis Be Ltd. and Cook among others are the major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the medical laser fibers market is expected to grow considerably due to increasing surgical procedures all around the world. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
Recent Developments
- In May 2021, Lumenis Ltd. announced a partnership with the prestigious Harrods Wellness Clinic. Harrods will equip its aesthetic clinic with the Stellar M22.
- In January 2021, OmniGuide Holdings, Inc. launched a new OTO-U CO2 laser system fiber. This fiber is used in ENT and otology surgeries and enables surgeons to reach narrow areas with more precision, resulting in improved procedures.
Key Market Takeaways
- Based on type, the reusable laser fibers segment accounted for the highest market share in the medical laser fibers market statistics in 2022.
- Based on product type, the thulium laser fibers segment accounted for the highest market share in the medical laser fibers market statistics in 2022.
- Based on application, the dermatology segment accounted for the highest market share in the medical laser fibers market statistics in 2022.
- Asia Pacific is expected to grow at the fastest CAGR of 7.3% during the forecast period.
- North America accounted for the highest market share of 39.50% and was valued at USD 318.30 million and is expected to reach USD 544.45 million in 2030.
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List of Major Global Medical Laser Fibers Market:
- Clarion Medical Technologies Inc.
- Lumenis Be Ltd.
- biolitec AG
- BD
- Boston Scientific Corporation
- Olympus Corporation
- Cook
- Richard Wolf GmbH
- IPG Photonics Corporation
- Surgical Lasers Inc.
Global Medical Laser Fibers Market Segmentation:
- By Type
- Reusable Laser Fibers
- Disposable Laser Fibers
- By Product Type
- Thulium Laser Fibers
- Holmium Laser Fibers
- Others
- By Application
- Dermatology
- OB/GYN
- Plastic Surgery
- Urology
- Vein Treatment
- Others
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Frequently Asked Questions in the Medical Laser Fibers Market Report
- What was the market size of medical laser fibers in 2022?
- In 2022, the market size of medical laser fibers was USD 805.84 million.
- What will be the potential market valuation for medical laser fibers by 2030?
- In 2030, the market size of medical laser fibers is expected to reach 1,369.00 million.
- What is the key restraint hampering the growth of the medical laser fibers market?
- High cost of medical lasers in surgical procedures such as cosmetics or cancer therapy is a significant factor restricting the market growth.
- What is the dominant segment in the medical laser fibers market by type?
- In 2022, the reusable laser fibers segment accounted for the highest market share in the overall medical laser fibers market.
- Based on current market trends, which geographical region contributed the largest share of the market?
- North America accounted for the largest market share in the medical laser fibers market.
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