The global medical laser market is expected to reach $8.3 billion by 2028, representing an 11.5% compound annual growth rate (CAGR) over the next five years, according to a new report by MarketsandMarkets. Key factors driving this growth include an increase in non-surgical cosmetic procedures utilizing medical lasers and a shift towards minimally invasive medical devices.

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The rise of non-surgical treatments like laser therapy and microdermabrasion for cosmetic concerns including signs of aging is fueling growth. These procedures offer fast recovery times and natural-looking results across age groups with minimal risk and scarring. As patients increasingly prefer options viewed as convenient, accessible and customizable, demand is surging.

Growth is also attributed to patients favoring devices that are less invasive. Medical lasers present a lower risk alternative with quicker patient recovery versus traditional surgery. This "dual interaction" of greater awareness and acceptance of minimally invasive options makes medical lasers ripe for high growth through 2028, says the market research firm.

By the technology segment, solid-state laser systems accounted for the majority share of the medical lasers market in 2023. Advancing precision capabilities and desire for better sensitivity are driving utilization growth in tools like this.

In application segments, aesthetic and cosmetic uses like skin rejuvenation are expected to see the highest CAGR over the forecast period. Factors like precise targeting fuel adoption of innovations in these applications.

Hospitals and surgical centers dominated end-user segments with the largest market share in 2023. Rising use of automated systems for earlier disease detection and diagnosis are driving segment growth as clinics digitize workflows.

Geographically, North America led global market share last year. Rapid expansion of the elderly demographic and growth of dedicated aesthetic imaging centers will propel the regional market higher, says the report.

While a lucrative opportunity, medical laser companies face considerable regulations and safety standards as a key market challenge. These constraints ensure patient protections but can deter new entrants facing high compliance costs. As emerging companies navigate this landscape, incumbent leaders like Lumenis, Alma Lasers and Cynosure retain dominant positions.

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Overall industry experts predict abundant room for growth in coming years as medical lasers gain traction across clinical specialties like dermatology, urology and ophthalmology while also continuing an upward trend in aesthetic medicine.