The Medical Laser Fibers Market size is projected to reach US$ 2,410.42 million by 2031 from US$ 823.57 million in 2022. The market is expected to register a CAGR of 12.9% in 2023–2031. Increased adoption of advanced medical laser fibers over conventional lasers are likely to remain key Medical Laser Fibers Market trends.
Minimally invasive surgeries (MIS) continue to be a crucial part of general surgery as a viable option for conventional open surgery and laparoscopic techniques. Laser-assisted minimally invasive surgeries are becoming a standard in multiple applications as it help to reduce the duration of the recovery and reduce morbidity. Modern medicine increases the use of lasers for the treatment of different pathologies owing to the surging interest in minimally invasive procedures. Lasers are very commonly used in the fields of gynecology, urology, ophthalmology, dentistry, dermatology, and others. For instance, as per an article published by myvision.org, LASIK is one the most commonly performed laser-based eye procedures in the US, and over 20 million LASIK procedures will be performed in 2022. Moreover, as per American Society of Plastic Surgeons (ASPS) there were 1,798,253 of laser hair removal cases reported worldwide.
Medical laser fibers are specialized fibers designed to deliver laser energy at target tissues with precision making them essential tools of minimally invasive procedures in the healthcare industry. These fibers have wide application areas such as urology, ophthalmology, dermatology, gastroenterology, oncology, and others. The increasing prevalence of chronic disorders has increased the demand for minimally invasive surgeries followed by technological advancement in medical laser fibers to reduce side effects and increase the efficiency of the overall treatment. Moreover, increasing demand of medical laser fibers from developing economies along with surging product launches is expected to create ample opportunities during the forecast period. However, increased adoption of advanced laser fibers over conventional lasers is expected to drive the market growth.
With the advancing field of photonics, fiber lasers have continued to be a preferred choice by medical professionals for many uses including diagnostics and therapeutic applications. These fibers have been adopted rapidly primarily due to their physical characteristics that consist of a fiber waveguide structure. A wide variety of wavelengths generated through fiber lasers as well as the diversity of physical mechanisms used in pulse generation also underpins and supplements the flexibility of fiber laser technology.
The market players are launching innovative medical laser fibers in the market that is likely to boost its adoption and aid in the growth of the global medical laser fibers market. For instance, in August 2023, InnoVoyce launched a new 300-micron fiber designed to deliver greater flexibility and control during vocal repair procedures. With the assistance of a new delivery system, physicians can improve the control and precision required to target treatment areas while minimizing the risk of damage to surrounding tissue.
The emerging markets in developing countries are creating more opportunities for the major market players to expand their businesses. Most of the major players focus on emerging markets such as China, India, and others. As these countries have large populations with huge patient pools and increasing technological advancement along with new product launches are expected to anticipate market growth.
Furthermore, the growing healthcare sector in these regions is likely to enhance the growth prospects for the medical laser fibers market. For instance, the increasing number of corporate hospitals like Apollo Group, Max, Fortis, and others in India is likely increasing professionalism as well as lead to the emergence of the latest medical technology. Moreover, the Gulf countries in the Middle Eastern region are also extensively focusing on improving the healthcare facilities in their region with substantial investments towards it. For instance, the government of the United Arab Emirates (U.A.E.) is opening up policies to gain foreign investments to improve the healthcare standard and boost the healthcare industry. Therefore, all the above-mentioned factors are expected to create ample opportunities for the medical laser fibers market during the forecast period.
Key segments that contributed to the derivation of the Medical Laser Fibers Market analysis are type and application.
The geographic scope of the Medical Laser Fibers Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the Medical Laser Fibers Market owing to the increase in demand by the surging geriatric population suffering from BPH, the rise in the number of chronic diseases like kidney diseases, cardiovascular diseases and others, and the presence of key market players offering various laser fibers. In addition, the increase in the adoption of laser treatment for aesthetics and ophthalmology in the regions is likely to stimulate the growth of the medical laser fibers market in North America. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Medical Laser Fibers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Laser Fibers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 823.57 Million |
| Market Size by 2031 | US$ 2,410.42 Million |
| Global CAGR (2023 - 2031) | 12.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medical Laser Fibers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medical Laser Fibers Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Medical Laser Fibers Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for medical laser fibers:
The “Medical Laser Fibers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: